The Conception of Innovation on the Central Theoretical Hubs of Economic Thought
International Journal of Social Science and Economic Research, Vol. 4, No. 11, pp. 6703-6731, 2019
26 Pages Posted: 3 Mar 2020
Date Written: November 29, 2019
Innovation seems to be one of the most critical concepts in economics discourse nowadays. However, the contribution of some of the central theoretical hubs to economic science concerning innovation is not always exploited systematically. Therefore, this article aims to present and analyze how some of the most prominent economists in the course of history have approached the issue, as well as to attempt to synthesize this knowledge. In particular, we examine the theoretical contributions of Adam Smith, Karl Marx, and Joseph Schumpeter, as well as some relatively recent theoretical approaches to innovation that appear to draw on the work of these theorists. The central conclusion of this study is that the conceptualization of innovation, either explicitly or implicitly, has deep theoretical roots while, in particular, the finding of the dynamic nature of the phenomenon of innovation seems to have been approached by most of the critical hubs of economic analysis.
Keywords: Innovation, Economic science, Adam Smith, Karl Marx, Joseph Schumpeter, Socioeconomic development, Socioeconomic dynamics
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