The Economic Impact of Innovation

Vijay Kumar () and R. P. Sundarraj
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Vijay Kumar: PES University
R. P. Sundarraj: Indian Institute of Technology Madras

Chapter Chapter 2 in Global Innovation and Economic Value, 2018, pp 49-93 from Springer

Abstract: Abstract Economic theories emphasize the critical importance of innovation in sustaining long-run economic growth. That the innovation-intensive industries created highly skilled jobs, had higher wages, were more productive, led exports and enhanced competitiveness during the thick and thin of business cycles is now well established. The link between innovation and economic growth and the effect of innovation on productivity and income is examined. The raging debate on the impact of automation on employment is discussed. Finally, the seemingly waning influence of innovation is analysed.

Date: 2018
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DOI: 10.1007/978-81-322-3760-0_2

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