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Innovating: Humans Are Ingenious Animals

In: Why and How Humans Trade, Predict, Aggregate, and Innovate

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  • Maurizio Bovi

    (Italian National Institute of Statistics)

Abstract

Most people recognize the huge gains stemming from innovating efforts (i.e., inventions, technical progress, innovations, and innovation diffusion) for both the individual well-being and systemwide performances. Bovi sketches out why humans engage in innovating and how these endeavors have dramatically transformed humans’ lives in recent times. Scanning the knotty issue of quantifying the outcome of innovating, the chapter illustrates the concept of total factor productivity. It then inspects the Schumpeter’s view on the functioning and destiny of capitalism. His path-breaking notions of creative destruction and technological competition emphasize that innovating is the most important human business, one which makes capitalism a system that not merely grows but ineluctably evolves. Finally, Bovi addresses advantages and disadvantages of conferring monopoly power upon innovators via intellectual property right.

Suggested Citation

  • Maurizio Bovi, 2022. "Innovating: Humans Are Ingenious Animals," Contributions to Economics, in: Why and How Humans Trade, Predict, Aggregate, and Innovate, chapter 5, pages 121-149, Springer.
    • Handle: RePEc:spr:conchp:978-3-030-93885-7_5
    DOI: 10.1007/978-3-030-93885-7_5
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