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Innovation and Transaction Cost

In: Transaction Cost Management

Author

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  • Chihiro Suematsu

    (Kyoto University)

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).”

Suggested Citation

  • Chihiro Suematsu, 2014. "Innovation and Transaction Cost," Management for Professionals, in: Transaction Cost Management, edition 127, chapter 10, pages 255-262, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-319-06889-3_10
    DOI: 10.1007/978-3-319-06889-3_10
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    Cited by:

    1. Zhi Cao & Yinping Mu, 2022. "Social and Environmental Regulations and Corporate Innovation," Sustainability, MDPI, vol. 14(23), pages 1-17, December.

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