This theory presents the theory of innovation in the attainment of economic sciences. It equally reviews economic literature and investigates innovation from different economic models. It first begins with the analysis of views on classical economics, including Adam Smith and David Ricardo. This is followed by discussions on theory in innovation today, as handled in the knowledge-based economy. Analyzing the achievements in economic thought outlines that innovation’s importance and relevance has grown over the last decade.
Cite this paper
Kouam, H. and Kingsley, K. M. (2023). Development of Innovation in Economics. Open Access Library Journal, 10, e236. doi: http://dx.doi.org/10.4236/oalib.1110236.
Smith, A. (1904) Of the Division of Labour. In: Smith, A., Ed., An Inquiry into the Nature and Causes of the Wealth of Nations, Methuen & Co., London.
http://www.econlib.org/library/Smith/smWN1.html
Ricardo, D. (1821) On Machinery. In: On the Principles of Political Economy and Taxation, John Murray, London.
http://www.econlib.org/library/Ricardo/ricP7.html
Say, J.B. (1855) Of the Labour of Mankind, of Nature, and of Machinery Respectively. In: Biddle, C.C., Ed., A Treatise on Political Economy, Lippincott, Grambo & Co., Philadelphia. http://www.econlib.org/library/Say/sayT7.html
Siudek, T. and Zawojska, A. (2014) Competitiveness in Economic Concepts, Theories, and Empirical Research. Acta Scientiarum Polonorum Oeconomia, 13, 91-108.
Boland, L. (1979) Knowledge and the Role of Institutions in Economic Theory. Journal of Economic Issues, 13, 957-962.
https://doi.org/10.1080/00213624.1979.11503714
Grzelak, M.M. (2011) Innowacyjnosc przemyslu spozywczego w Polsce. Ocena, Uwarunkowania, Rozwój. Uniwersytetu Lódzkiego, Lódz.
https://doi.org/10.18778/7525-709-0
Romer, P.M. (1990) Endogenous Technological Change. The Journal of Political Economy, 98, S71-S102. https://web.stanford.edu/~klenow/Romer_1990.pdf
https://doi.org/10.1086/261725