11 Economics of technology and innovation
Learning objectives
After reading this chapter, you will be able to:
- LO1 Explain the motivation for innovation during a time of crisis.
- LO2 Discuss the process of technological advance, including the stages of invention, innovation, diffusion, and adoption/rejection.
- LO3 Contrast theories of economic growth that model technological advance as an exogenous variable and technological advance as an endogenous variable.
- LO4 Explain why networks enhance the process of innovation.
- LO5 Discuss innovation in a period of transformative change, including technological advances for vaccines and medical care.
- LO6 Address why a pandemic may lead to lasting effects with respect to innovation.
