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The Economic Impact of Innovation

In: Global Innovation and Economic Value

Author

Listed:
  • Vijay Kumar

    (PES University)

  • R. P. Sundarraj

    (Indian Institute of Technology Madras)

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.

Suggested Citation

  • Vijay Kumar & R. P. Sundarraj, 2018. "The Economic Impact of Innovation," India Studies in Business and Economics, in: Global Innovation and Economic Value, chapter 0, pages 49-93, Springer.
    • Handle: RePEc:spr:isbchp:978-81-322-3760-0_2
    DOI: 10.1007/978-81-322-3760-0_2
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