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Economics of Technology Innovation for Sustainable Growth – With reference to Sub-Saharan Africa (SSA)

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  • Jackson, Emerson Abraham

Abstract

Innovation economics is geared towards harnessing the good in human ingenuity to bring about dynamic efficiency that result in changed habit formation of consumer choices in the market, together with high quality / performance of goods and services consumed by economic agents. In as much as the worries or concern that innovation bring, given its characteristics of creatively destroying existing ideas or product existence in the market, it can still be seen as the way forward in accumulating wealth creation, while increasing welfare opportunities for those who are ready to embrace change in a fiercely competitive environment. Figure 1 below provide a simple illustration of how cost-reducing innovation and technological change can be utilised to bring about positive gains in producer and consumer surplus (Riley, Online) which eventually result in lower prices, and the scope for an increase in real income of households or individuals.

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  • Jackson, Emerson Abraham, 2020. "Economics of Technology Innovation for Sustainable Growth – With reference to Sub-Saharan Africa (SSA)," MPRA Paper 101787, University Library of Munich, Germany, revised 27 May 2020.
    • Handle: RePEc:pra:mprapa:101787
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    References listed on IDEAS

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    2. Zhu, Xiaoyang & Asimakopoulos, Stylianos & Kim, Jaebeom, 2020. "Financial development and innovation-led growth: Is too much finance better?," Journal of International Money and Finance, Elsevier, vol. 100(C).
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    11. Fisnik Reçica & Iraj Hashi & Ian Jackson & Besnik A. Krasniqi, 2019. "Innovation and the export performance of firms in transition economies: the relevance of the business environment and the stage of transition," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 38(4), pages 476-506.
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    19. Jackson, Emerson Aabraham, 2017. "Hermeneutics of Ceteris Paribus in the African Context," MPRA Paper 97817, University Library of Munich, Germany, revised 05 Oct 2018.
    20. Bertha Vallejo & Banji Oyelaran-Oyeyinka & Nicholas Ozor & Maurice Bolo, 2019. "Open Innovation and Innovation Intermediaries in Sub-Saharan Africa," Sustainability, MDPI, vol. 11(2), pages 1-18, January.
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    23. Jackson, Emerson Abraham, 2020. "Fostering Sustainable Innovation through Creative Destruction Theory," MPRA Paper 102174, University Library of Munich, Germany, revised 21 Mar 2020.
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    More about this item

    Keywords

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    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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