Innovation and Technology: Business and economics approaches by Nikos Vernardakis

By Nikos Vernardakis

Innovation has revolutionized the area economic climate, but it is still usually misunderstood. This textbook seeks to explain the character and impression of innovation for either undergraduate and graduate scholars.

Innovation and Technology examines the impression of innovation on either fiscal concept and the genuine global. It addresses the subject on the point of coverage and in addition drills all the way down to supply research of businesses. This publication strikes past the plethora of specialised stories at the topic and formulates a unified and entire strategy, encompassing the topic’s large breadth and scope. concerns equivalent to innovation, wisdom, incentives, info and law are featured.

Designed for MBA, Economics and company scholars, this textbook can be important to these attracted to innovation, entrepreneurship and the economics of know-how.

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This development in globalization is the rise of “value chain” production or vertical production, intended to take advantage of comparative advantage within the process of production. In practical terms, this means that a product is produced in steps, each by a different producer, sometimes with each producer in a different country. Globalization has been on the rise for several decades. Each further step in globalization – starting from trade, then FDI, outsourcing, localization, specialization and, finally, value chain production – has raised the level of interdependence among economies.

This is possibly the first time ever that being able to produce the means of production is not a prerequisite or a main factor in achieving success. The Asian countries, which account for more than 40 percent of world production of electronics, have not benefited as much as countries which have hardly any such production but are heavy users of ICT, such as Australia (OECD 2001: 9). Some or even all of the reasons above have enabled the US economy to benefit much more than the rest from the diffusion of ICT.

A. a. 3 continued Poland Portugal Slovak Rep. Slovenia Spain Russian Fed. Singapore Sweden Switzerland UK US 2000 Receipts Payments Balance 2012 Receipts Payments Balance 188 214 57 12 2388 204 896 5281 3407 19926 43233 1097 581 155 22 3665 184 6233 5635 5336 9218 16468 –909 –367 –98 –10 –1277 20 –5337 –354 –1929 10708 26765 4473 1568 948 317 16125 689 5924 20464 28725 36962 122586 5933 1275 550 660 10592 2053 17075 12437 27383 12534 83957 –1460 293 398 –343 5533 –1364 –11151 8027 1342 24428 38629 Source: Based on OECD (2013).

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