Management, Marketing, Innovation and Internationalisation
Research Handbooks in Business and Management series
Edited by John R. Bryson and Peter W. Daniels
Contemporary developed economies can be described according to three basic perspectives that are extremely important research objects and economic policy issues. They are service economies, innovation economies, and they aspire to be sustainable development economies. First, whether we like it or not, modern economies are undeniably service economies. The tertiary sector is the main source of wealth and job creation in all developed countries, and emerging economies provide another example of what can be called the Fisher–Clark–Fourastie law, reflecting a sectoral shift of the workforce from the primary to the secondary and then to the tertiary sector. Second, today’s economies are innovation economies, focused on permanent innovation, quality and knowledge. The terms ‘new economy’ or ‘net economy’ are also frequently used. Unlike the first category, this second facet of contemporary economies has mostly positive connotations (at least in economic theory). Innovation and knowledge are considered powerful drivers of socio-economic progress. While this argument is not new, the magnitude and rapidity of innovation and cognitive dynamics are greater than ever. Finally, today’s economies are, or aspire to be, sustainable development economies, and green economies in particular. Thus, environmental issues are no longer considered only militant and utopian concepts but are now a major part of socio-economic and political discourses.
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