Frugality in innovation processes: a heuristics-based perspective from the 'informal economy'

Saradindu Bhaduri, Ariane Agnes Corradi, Hemant Kumar and Fayaz Ahmad Sheikh

Chapter 5 in Handbook on Frugal Innovation, 2023, pp 69-82 from Edward Elgar Publishing

Abstract: Despite an initial emphasis on frugal innovation processes, a so-called 'product view' has, dominated the scholarship so far. A vast body of social science scholarship, including certain branches of contemporary decision theory research, however, provides important insights for a process centric understanding of frugality. These studies hint at the critical role of intangible (cognitive) factors, besides physical and material resources, by connecting frugality to intuition, judgment and learning. Drawing upon these scholarships, we analyse the relevance of heuristics in identifying a problem, searching for resources for experimenting, and implementing innovation in the informal economy. These processes reflect ‘need satisfaction’ through the ‘simple search rules' to find solutions to daily problems. A deep understanding of the surrounding knowledge and resource environment is a key to applying these heuristics successfully, which demonstrate a capacity to learn and adapt within the actual environment.

Keywords: Business and Management; Development Studies; Economics and Finance; Innovations and Technology; Sociology and Social Policy; Sustainable Development Goals (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/doi/10.4337/9781788118873.00012 (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:18314_5

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().