The impact of technological innovation--Concepts and measurement

Bela Gold

Omega, 1973, vol. 1, issue 2, 181-191

Abstract: Past studies of the economic effects of innovation have been based on inadequate conceptual foundations and their findings may therefore be invalid. In particular, too superficial and too narrow a view has been taken of the impact of innovation on inputs, outputs and production flows. The author argues the need for a deeper and more comprehensive framework for the analysis of innovation, showing resultant interaction among all the inputs and outputs of the system under study. For this, more effective measurements than have hitherto been available are required of output levels, inputs, productivity and unit costs. The paper then examines the deficiencies of currently used indices and indicates the conceptual requirements for more meaningful measurements of innovatory effects.

Date: 1973
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