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Innovation During and Beyond the Economic Crisis

In: Global Financial Crisis and Its Ramifications on Capital Markets

Author

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  • Ayşe Saime Döner

    (Beykent University)

Abstract

Originated in the financial sector, the 2008 economic crisis hit severely the financial side of the economy, but also had drastic impacts on the real sector. The companies were seriously affected by the fall in demand and trade on the one hand, and by the difficulties in credit conditions and access to finance on the other hand. As a result, the economic crisis caused a decrease in companies’ revenues and future investments, which hit directly their R&D and innovation efforts. Nevertheless, as Filippetti and Archibugi (2011) make the remark, the impact of this crisis on innovation didn’t spur enough the interest of economists working in the field of innovation studies. Hence, very few studies analyze the relationship between the economic crisis and innovation (Filippetti and Archibugi 2011; Paunov 2012; Archibugi et al. 2013a, b; Izsak et al. 2013; Hausman and Johnston 2014; Makkonen et al. 2014; Amore 2015). Yet, the relationship between innovation and economic development has been known and discussed since Schumpeter’s (1939) seminal work highlighting innovation as a fundamental factor in business cycles.

Suggested Citation

  • Ayşe Saime Döner, 2017. "Innovation During and Beyond the Economic Crisis," Contributions to Economics, in: Ümit Hacioğlu & Hasan Dinçer (ed.), Global Financial Crisis and Its Ramifications on Capital Markets, pages 643-659, Springer.
    • Handle: RePEc:spr:conchp:978-3-319-47021-4_43
    DOI: 10.1007/978-3-319-47021-4_43
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    Cited by:

    1. Anna Wziątek-Kubiak & Marek Pęczkowski, 2021. "Strengthening the Innovation Resilience of Polish Manufacturing Firms in Unstable Environments," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(2), pages 716-739, June.

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