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The Impact of Innovation into the Economic Growth

Author

Listed:
  • Gerguri, Shqipe
  • Ramadani, Veland

Abstract

Competition between companies differentiates a lot nowadays compared to many years before. They compete in "nicety" that are so small but so important. Companies are trying to achieve competitive advantage in order to help them obtain a better and a stable position in the marketplace. The best way for companies to achieve a competitive advantage is through innovation. This paper addresses the meaning of innovation what does innovation present, types of innovation specifically discussing the right way of usage. In order for companies to get the as more innovations as possible it is necessary for them to be familiar with the process of innovation and its principles which innovation was found on. There are several types of innovation or ways in which companies can achieve innovation in a level of whole organization. This paper discusses the ways how that can be achieved, starting from their products and services, ways of selling, supply ect. Innovation is essential for sustainable growth and economic development. Several core conditions enable innovation and encourage economic growth. In the modern economy, innovation is crucial for value creation, growth and employment and innovation processes take place at the enterprise, regional and national level. Innovation will lead to new businesses as well as to the increased competitiveness of existing enterprises. In this paper are not covered all the characteristics of innovation but it presents a very good basis for a proper usage of innovation and ways of transforming it in competitive advantage for companies. Also this paper identifies the impact that innovation has on economic growth.

Suggested Citation

  • Gerguri, Shqipe & Ramadani, Veland, 2010. "The Impact of Innovation into the Economic Growth," MPRA Paper 22270, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:22270
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    File URL: https://mpra.ub.uni-muenchen.de/22270/1/MPRA_paper_22270.pdf
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    References listed on IDEAS

    as
    1. Robert J. Barro, 2001. "Human Capital and Growth," American Economic Review, American Economic Association, vol. 91(2), pages 12-17, May.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    innovation; competition; economic growth;

    JEL classification:

    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
    • A10 - General Economics and Teaching - - General Economics - - - General

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