The new growth theories - The new growth theories 26 What...

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The new growth theories 26. What is the difference between major innovations and incremental innovations? In economics, business and government policy,- something new - must be substantially different, not an insignificant change. In economics the change must increase value, customer value, or producer value. Innovations are intended to make someone better off, and the succession of many innovations grows the whole economy. The term innovation may refer to both radical and incremental changes to products, processes or services. The often unspoken goal of innovation is to solve a problem. Innovation is an important topic in the study of economics, business, technology, sociology, and engineering. Since innovation is also considered a major driver of the economy, the factors that lead to innovation are also considered to be critical to policy makers. Learning or the accumulation of knowledge over time – in other words experience – is what incremental innovations are all about Incremental innovation are e.g. the 1,000 acts of doing small changes to combinations and work practices that make up billions of dollars of savings over time
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