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Fostering Sustainable Innovation through Creative Destruction Theory

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  • Jackson, Emerson Abraham

Abstract

The current information age is modelled on the advancement of innovative mindset of creative thinkers, championed through means associated with transformative technologies embodied on events like, high speed internet and payment system, thereby making it possible for transactions to be dealt with almost instantaneously. Such developments are essentially vital, given its prospect for championing growth rate and dynamism in the world economy and also, the need to ensure living conditions are adequately satisfied, particularly in the direction of the Sustainable Development Goals (SDG) earmarked for full implementation in the year 2030. The concept of innovation is widely used in all walks of life - the effort of Schumpeter’s paradoxical term, “creative destruction” became highly prominent in the 1950s, which many economists in recent time have endeavoured to linked with free market economics (Cozzi and Galli, 2019; Benigno and Fornaro, 2018). Creative destruction as proposed by Schumpeter, and also explained by Alm and Cox (Online) is essentially facts about capitalism, which is thought to be a shorthand description of free market’s messy way of delivering progress.

Suggested Citation

  • Jackson, Emerson Abraham, 2020. "Fostering Sustainable Innovation through Creative Destruction Theory," MPRA Paper 102174, University Library of Munich, Germany, revised 21 Mar 2020.
    • Handle: RePEc:pra:mprapa:102174
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    References listed on IDEAS

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    18. 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.
    19. Huffman, Gregory W., 2020. "An analysis of the importance of both destruction and creation to economic growth," Journal of Monetary Economics, Elsevier, vol. 116(C), pages 166-183.
    20. Jackson, Emerson Abraham, 2019. "Global Perspectives on Gender Sensitivity and Economic Benefits," MPRA Paper 101788, University Library of Munich, Germany, revised 27 May 2020.
    21. 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.
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    24. Jamie Peck, 2005. "Struggling with the Creative Class," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 29(4), pages 740-770, December.
    25. Jackson, Emerson Abraham & Jabbie, Mohamed, 2020. "Import Substitution Industrialization [ISI]: An approach to Global Economic Sustainability," MPRA Paper 102316, University Library of Munich, Germany, revised 03 Jul 2020.
    26. Ouafa Sakka & Josée St-Pierre & Moujib Bahri, 2019. "INNOVATION COLLABORATIONS IN LOW-TO-MEDIUM TECH SMEs: THE ROLE OF THE FIRM’S INNOVATION ORIENTATION AND USE OF EXTERNAL INFORMATION," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 23(02), pages 1-34, February.
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    Cited by:

    1. 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.
    2. Zheng, Ye & Gong, Bing, 2024. "Nexus between natural resources and digital economy: The role of geopolitical risk," Resources Policy, Elsevier, vol. 89(C).

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    More about this item

    Keywords

    Creative Destruction; Innovation; Development Economics; Decent Work; Sustainable Development Goals;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • 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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