New Horizons in Institutional and Evolutionary Economics series
Chapter 9: Creative Industries Over an Innovation Trajectory
Prolegomena This chapter is an edited version of a 2009 paper in Economics of Innovation and New Technology (18(7): 663–73) that examines the role of creative industries services over the three phases of an innovation trajectory – origination, adoption and retention. It suggests an evolutionary model with creative industries as not just another growing sector per se, but as demand-side elements of an economy’s innovation system. 9.1 INTRODUCTION Economic evolution is a dynamic market process in which new ideas, technologies, business models or elements of knowledge enter the economic system, displacing and disrupting the extant structure of such ‘generic rules’ (Dopfer and Potts 2008). Schumpeter (1939, 1942) called this process of sequential and parallel waves of entrepreneur-driven innovation ‘creative destruction’. ‘Creative’ refers to the new ideas. ‘Destruction’ refers to their effect on existing ideas. The process of economic growth and development is not simply a process of expansion and accumulation, but crucially also involves re-coordination and re-configuration of existing activities and structures. This makes economic growth an evolutionary process. Since Schumpeter, analysis of economic evolution has mostly focused on the ‘supply-side’ of the origination and diffusion of new technologies. This tends toward an industrial analysis that for the most part has been predominantly concerned with epochal physical technologies and associated manufacturing sectors (steel, chemicals, microelectronics, biotechnology, and so on), as well as service sector components relating to finance, transport and communication.1 But something fundamental has long been missing from this account, namely analysis of the demand side of innovation....
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