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Dynamics of the Open Innovation Economy System

In: Business Model Design Compass

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  • JinHyo Joseph Yun

    (Tenured Researcher of DGIST and Professor of Open Innovation Academy of SOItmC)

Abstract

The first purpose of this chapter is to understand the modern economy from the perspective of the technology and the market. The second and main purpose is to find ways to conquer the growth limits of capitalism by connecting and combining the technology and the market. Based on existing studies of the growth limits of capitalism by Marx and Schumpeter as well as recent discussions by Drucker, Rifkin, and Piketty, the Schumpeterian dynamic model of an open innovation economy system (OIES) is proposed as an answer to the research questions posed here. OIES consists of an open innovation economy, a closed innovation economy, and a social innovation economy. The Schumpeterian dynamics of OIES arises from the positive interaction among the open innovation economy, closed innovation economy, and social innovation economy. The Schumpeterian dynamics of the OIES circle are from an open innovation economy, through a closed innovation economy and social innovation economy, and back to an open innovation economy again. In addition, the validation of the model for the Schumpeterian dynamics of OIES is improved by simulating the life cycle of the dynamics of OIES, the low-level OIES dynamics, and the high-level OIES dynamics and by inquiring about a practical economic system corresponding to each simulation situation. Next, through a comparative discussion between the linear steps of Schumpeter 1 and 2, the socialist democracy system, and the Schumpeterian dynamics of an open innovation economic system, the practical and theoretical characteristics of the Schumpeterian dynamics of OIES are clearly defined. Finally, the usage of the Schumpeterian dynamics model is proposed for connections and combinations between technology, market, and society.

Suggested Citation

  • JinHyo Joseph Yun, 2017. "Dynamics of the Open Innovation Economy System," Management for Professionals, in: Business Model Design Compass, chapter 2, pages 17-40, Springer.
    • Handle: RePEc:spr:mgmchp:978-981-10-4128-0_2
    DOI: 10.1007/978-981-10-4128-0_2
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