innovation economy

Innovation 革新 Gé xīn

a change in the thought process for doing something or "new stuff that is m

ade useful”

Innovation Needed HereInnovation Needed Here

Water PurificationWater Purification Alternative EnergyAlternative Energy Affordable HousingAffordable Housing Ecological TransportationEcological Transportation Education MethodsEducation Methods Internet TechnologiesInternet Technologies Social Networks Social Networks

Innovation Needed Innovation Needed HereHere

Affordable HousingAffordable Housing 负担得起的住房负担得起的住房 Fùdān de qǐ de zhùfángFùdān de qǐ de zhùfángWater PurificationWater Purification 净水净水 Jìng shuǐJìng shuǐAlternative EnergyAlternative Energy 替代能源替代能源 Tìdài néngyuánTìdài néngyuán

Ecological TransportationEcological Transportation 生态交通生态交通 Shēngtài jiāotōngShēngtài jiāotōng

Innovation Needed Innovation Needed HereHere

Education MethodsEducation Methods 教育方法教育方法 Jiào yù fāng fǎJiào yù fāng fǎ

Internet TechnologiesInternet Technologies 互联网技术互联网技术 Hù lián wǎng jì shùHù lián wǎng jì shù

Social Networks Social Networks 社会网络社会网络 Shè huì wǎng luòShè huì wǎng luò

Alternative EnergyAlternative Energy替代能源替代能源 Tìdài néngyuánTìdài néngyuán

Affordable HousingAffordable Housing负担得起的住房负担得起的住房 Fùdān de qǐ de zhùfángFùdān de qǐ de zhùfáng

Affordable HousingAffordable Housing

Water PurificationWater Purification净水净水 Jìng shuǐJìng shuǐ

Ecological TransportationEcological Transportation生态交通生态交通 Shēng tài jiāo tōngShēng tài jiāo tōng

Education MethodsEducation Methods教育方法教育方法 Jiào yù fāng fǎJiào yù fāng fǎ

Internet TechnologiesInternet Technologies互联网技术互联网技术 Hù lián wǎng jì shùHù lián wǎng jì shù

Social NetworksSocial Networks社会网络社会网络 Shè huì wǎng luòShè huì wǎng luò

Innovation Needed HereInnovation Needed Here Improved quality Improved quality Creation of new markets Creation of new markets Extension of the product range Extension of the product range Reduced labor costs Reduced labor costs Improved production processes Improved production processes Reduced materials Reduced materials Reduced environmental damage Reduced environmental damage Replacement of products/services Replacement of products/services Reduced energy consumption Reduced energy consumption Conformance to regulations Conformance to regulations

"It may refer to an incremental emergent or radical and revolutionary changes in thinking, products, processes, or organizations. Contributors to the scholarly literature on innovation typically distinguish between invention, an idea made manifest, and innovation, ideas applied successfully in practice.

In many fields, such as the arts, economics and gIn many fields, such as the arts, economics and government policy, something new must be substovernment policy, something new must be subst

antially different to be innovative. antially different to be innovative.

In economics the change must increase value, cuIn economics the change must increase value, customer value, or producer value. The goal of innostomer value, or producer value. The goal of innovation is positive change, to make someone or svation is positive change, to make someone or s

omething better. Innovation leading to increased omething better. Innovation leading to increased productivity is the fundamental source of increasproductivity is the fundamental source of increas

ing wealth in an economy.ing wealth in an economy.

Innovation is an important topic in the study of Innovation is an important topic in the study of economics, business, entrepreneurship, desigeconomics, business, entrepreneurship, desig

n, technology, sociology, and engineering. n, technology, sociology, and engineering.

Colloquially, the word "innovation" is often synonymoColloquially, the word "innovation" is often synonymous with the output of the process. However, economistus with the output of the process. However, economists tend to focus on the process itself, from the originatis tend to focus on the process itself, from the origination of an idea to its transformation into something usefon of an idea to its transformation into something useful, to its implementation; and on the system within whul, to its implementation; and on the system within wh

ich the process of innovation unfoldsich the process of innovation unfolds

Since innovation is also considered a major driver of the economy, especially when it leads to new product categories or increasing productivity, the factors that lead to innovation are also considered to be critical to policy makers. In particular, followers of innovation economics stress using public policy to spur innovation and growth.