Product Innovation – keeps evolving and migrating
Do we invent or innovate products? Technology invention forms the core of Product innovation. Although there are many models of digital cameras, the technology core in each camera model is…
Innovation Economics
35 posts
Reinvention Fuels Disruptive Innovation —making powerful firms and nations vulnerable
Made in China 2021 is a strategic plan for uplifting China from labor and natural resources to an idea economy. This strategy is around the Reinvention of existing products. But…
Evolution of Television
The cumulative effect of dozens of inventors from Europe, Russia, America, and Japan, over a century, culminated in the invention of Television. The evolution of television is also spread over…
Great Ideas Demand a Flow of Ideas
As opposed to the meath f Eureka, invariably, great ideas surface in primitive from. They need a flow of ideas for unlocking the potential.
Redesign Ideas for Incremental Innovation
The competitive market demands continuous quality enhancement and cost reduction. On the other hand, we have to pay more for labor, natural resources, and other inputs. Furthermore, a negative effect…
Fallacy of Economic Growth by Ideas—access to ideas makes poor countries rich
In the discourse of sustained economic growth, experts observe that poor nations are suffering from persistent poverty because they don’t have access to ideas. “Nations are poor because their citizens…
Principles of Innovation Economics in Market Economy
As opposed to labor and natural resources, innovative ideas dominate Wealth creation. Starting from the idea of the automobile to the idea of storing data on semiconductors, there are numerous…
Engineering Economics for Innovation Economy
Engineering has a deep root in physical science. Scientific knowledge forms the core of the technological invention. Engineering is often known as the application of the principles of science and…
Schumpeter’s Creative Destruction Distils from Praxis
This article explains the underpinnings driving Schumpeter's creative destruction. Human beings' innate creative ability of generating and pursuing ideas for getting jobs done better at less cost is the underlying reason for the manifestation of this effect. Along with with the freedom of competition to profit from ideas, we need to increase the knowledge stock for supporting the the creation of flow of ideas for fuelling successive waves of creative destruction.
Disruptive Technology and Innovation Examples
We are all after better products at a lower cost. But how do they show up? The process of Schumpeter’s Creative Destruction is at the core of meeting such a…
Goals of Science and Technology–spell out linkage to wealth creation
What should be the goals of science and technology? Notably, in less developed countries, setting the goals of science and technology is an issue. For sure, science and technology (S&T)…