Innovation and Transaction Cost

Chihiro Suematsu
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Chihiro Suematsu: Kyoto University

Chapter 10 in Transaction Cost Management, 2014, pp 255-262 from Springer

Abstract: Abstract Innovation is indispensable to increase sales through matching new market needs and new technologies, in order to revitalize the saturated economy. This is a significant issue shared among the developed countries. However, it is difficult to define innovation because its meaning tends to be taken widely due to its versatile importance. The classic definition of innovation advocated by Joseph A. Schumpeter back in 1934 is used in almost every study on the topic. Innovation, according to Schumpeter, is “a new combination of means of production—that is, as a change in the factors of production (inputs) to produce products (outputs).”

Keywords: Transaction Cost; Reduce Transaction Cost; Successful Innovation; Village Community; Business Innovation (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/978-3-319-06889-3_10

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