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Economics of Technology Innovation for Sustainable Growth – With reference to Sub-Saharan Africa (SSA)

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  • Jackson, Emerson Abraham

Abstract

Innovation economics is geared towards harnessing the good in human ingenuity to bring about dynamic efficiency that result in changed habit formation of consumer choices in the market, together with high quality / performance of goods and services consumed by economic agents. In as much as the worries or concern that innovation bring, given its characteristics of creatively destroying existing ideas or product existence in the market, it can still be seen as the way forward in accumulating wealth creation, while increasing welfare opportunities for those who are ready to embrace change in a fiercely competitive environment. Figure 1 below provide a simple illustration of how cost-reducing innovation and technological change can be utilised to bring about positive gains in producer and consumer surplus (Riley, Online) which eventually result in lower prices, and the scope for an increase in real income of households or individuals.

Suggested Citation

  • Jackson, Emerson Abraham, 2020. "Economics of Technology Innovation for Sustainable Growth – With reference to Sub-Saharan Africa (SSA)," MPRA Paper 101787, University Library of Munich, Germany, revised 27 May 2020.
    • Handle: RePEc:pra:mprapa:101787
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    References listed on IDEAS

    as
    1. Jackson, Emerson Abraham & Jabbie, Mohamed, 2019. "Understanding Market Failure in the Developing Country Context," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 1-10.
    2. Zhu, Xiaoyang & Asimakopoulos, Stylianos & Kim, Jaebeom, 2020. "Financial development and innovation-led growth: Is too much finance better?," Journal of International Money and Finance, Elsevier, vol. 100(C).
    3. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    4. Veiko LEMBER & Ole Helby PETERSEN & Walter SCHERRER & Robert ÅGREN, 2019. "Understanding The Relationship Between Infrastructure Public‒Private Partnerships And Innovation," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 90(2), pages 371-391, June.
    5. Allen, Darcy W.E. & Berg, Chris & Markey-Towler, Brendan & Novak, Mikayla & Potts, Jason, 2020. "Blockchain and the evolution of institutional technologies: Implications for innovation policy," Research Policy, Elsevier, vol. 49(1).
    6. Jackson, Emerson Abraham, 2020. "Importance of the Public Service in Achieving the UN SDGs," MPRA Paper 101806, University Library of Munich, Germany, revised 02 Jun 2020.
    7. Kane, Robert F. & Peretto, Pietro F., 2020. "More apples vs. better apples: Distribution and innovation-driven growth," Journal of Economic Theory, Elsevier, vol. 185(C).
    8. Courage Mlambo & Steven Kayambazinthu Msosa, 2020. "The Effect of Financial Technology on Money Demand: Evidence from Selected African States," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 143-150.
    9. Pustovrh, Ales & Rangus, Kaja & Drnovšek, Mateja, 2020. "The role of open innovation in developing an entrepreneurial support ecosystem," Technological Forecasting and Social Change, Elsevier, vol. 152(C).
    10. Ogundari, Kolawole & Bolarinwa, Olufemi Daniel, 2019. "Does Adoption of Agricultural Innovations Impact Farm Production and Household Welfare in Sub-Saharan Africa? A Meta-Analysis," Agricultural and Resource Economics Review, Cambridge University Press, vol. 48(1), pages 142-169, April.
    11. Fisnik Reçica & Iraj Hashi & Ian Jackson & Besnik A. Krasniqi, 2019. "Innovation and the export performance of firms in transition economies: the relevance of the business environment and the stage of transition," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 38(4), pages 476-506.
    12. Haki Pamuk & Fedes Van Rijn, 2019. "The Impact of Innovation Platform Diversity in Agricultural Network Formation and Technology Adoption: Evidence from Sub-Saharan Africa," Journal of Development Studies, Taylor & Francis Journals, vol. 55(6), pages 1240-1252, June.
    13. Jackson Emerson Abraham, 2017. "Challenges and Optimism for Sustainable Research Capacity in Sierra Leone," Management of Sustainable Development, Sciendo, vol. 9(1), pages 43-46, June.
    14. Jackson, Emerson Abraham & Jackson, Elijah & Jackson, Hudson, 2020. "Nurturing Career Development for human resource sustainable development," MPRA Paper 114161, University Library of Munich, Germany, revised 01 Jan 2020.
    15. Jackson, Emerson Abraham, 2018. "Book Review of Introduction to Dynamic Macroeconomic General Equilibrium Models. (2nd Ed) Wilmington, DE: Vernon Press, 2015. 282pp ISBN: 978-1-62273-030-8 (Hardcover) written by Josh L. Torres," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 6(1), pages 284-289.
    16. Striebing, Clemens & Kalpazidou Schmidt, Evanthia & Palmén, Rachel & Holzinger, Florian & Nagy, Beata, 2020. "Women Underrepresentation in R&I: A Sector Program Assessment of the Contribution of Gender Equality Policies in Research and Innovation," Evaluation and Program Planning, Elsevier, vol. 79(C).
    17. Thierer, Adam & Broughel, James, 2019. "Technological Innovation and Economic Growth: A Brief Report on the Evidence," Annals of Computational Economics, George Mason University, Mercatus Center, March.
    18. Jackson, Emerson Aabraham, 2017. "Hermeneutics of Ceteris Paribus in the African Context," MPRA Paper 97817, University Library of Munich, Germany, revised 05 Oct 2018.
    19. Bertha Vallejo & Banji Oyelaran-Oyeyinka & Nicholas Ozor & Maurice Bolo, 2019. "Open Innovation and Innovation Intermediaries in Sub-Saharan Africa," Sustainability, MDPI, vol. 11(2), pages 1-18, January.
    20. Jamie Peck, 2005. "Struggling with the Creative Class," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 29(4), pages 740-770, December.
    21. Courage Mlambo and Steven Kayambazinthu Msosa, 2020. "The Effect of Financial Technology on Money Demand: Evidence from Selected African States," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 366-373.
    22. Jackson, Emerson Abraham, 2020. "Fostering Sustainable Innovation through Creative Destruction Theory," MPRA Paper 102174, University Library of Munich, Germany, revised 21 Mar 2020.
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    More about this item

    Keywords

    Innovation Economics; TFP; SDG; Sub-Saharan Africa;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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