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The role of innovation in driving the economy: Lessons from the global financial crisis

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  • Hausman, Angela
  • Johnston, Wesley J.

Abstract

The global financial crisis hit nearly every country in the world, devastating their economies, decimating the financial resources of their companies and citizens, and nearly collapsing the banking systems in their countries. While risky financial instruments and bad home lending practices receive much of the blame for this downturn, too few innovations introduced in the years leading up to the crisis also contribute to this collapse or, at a minimum, deepening the resulting recession. This paper draws on theoretical literature and contemporary media accounts, building the argument for a significant impact of innovations on the economy and its potential role in pulling the US economy out of the financial crisis. The paper develops propositions based on this review and discusses implications for staving off future economic difficulties.

Suggested Citation

  • Hausman, Angela & Johnston, Wesley J., 2014. "The role of innovation in driving the economy: Lessons from the global financial crisis," Journal of Business Research, Elsevier, vol. 67(1), pages 2720-2726.
    • Handle: RePEc:eee:jbrese:v:67:y:2014:i:1:p:2720-2726
    DOI: 10.1016/j.jbusres.2013.03.021
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    References listed on IDEAS

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    1. Dominique Guellec & Sacha Wunsch-Vincent, 2009. "Policy Responses to the Economic Crisis: Investing in Innovation for Long-Term Growth," OECD Digital Economy Papers 159, OECD Publishing.
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