Development, Implementation, Measurement and Management
Chapter 1: A Challenging World
INTRODUCTION In 2009 when this book was written, the economy was in recession and people were asking what went wrong. Part of what went wrong was innovation in financial services which resulted in the release of attractive new products to the market. They diffused rapidly and widely and then lost value. The rest is history, a painful history for those who lost homes, savings and businesses. As the first signs of recovery appear, the question being asked is whether this can happen again. This book looks at innovation, what it is, how it is measured, and how policies are developed and implemented to support it. In doing this, the framework conditions are examined, like market regulation, and the costs of doing business, to see how the present situation could be avoided. However, framework conditions are not just the work of government, as culture and history contribute. The stigma, in some countries, of bankruptcy is an example which reduces the likelihood of taking risk. While innovation has been around since markets began, understanding it and the policies that support it remains a challenge. Once the issues are reviewed, consideration is given to a research agenda for those people who create innovation policy, implement it, measure the activity of innovation in the economy, and provide the statistics and indicators which are used for monitoring and evaluating the effects of policy intervention. The better understanding of innovation and innovation policy may result in better economic and social outcomes from these activities. Part I...
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