This book provides a comprehensive yet accessible introduction to the economics of innovation. The aim of the book is to explore some of the key economic questions about innovation. How can we describe and classify different aspects of innovation? What are the incentives to innovate? How should companies organise themselves to promote innovation? What are the effects of innovation on the economy? Do governments have a role in supporting and guiding innovation?
The first part of this book where Swann makes an introduction to innovation from the history of economic thought taking us through the opinions of the 19 most important thinkers of all time is something that I missed and I have not read in another book before. From here we enter the second part of the book where the basic concepts discussed emanate a different approach that infuses the reader new ideas and ways of seeing reality of innovation. Chapter 7, "network effects and standards" is among my favorites. Perhaps because of the fact that back in year 2000 and attending a economy class of Professor Swann in Manchester the concept gave me much to think about and which I subsequently have worked upon in understanding the great limitations that standards can stress upon innovation. Therefore I recommend this book to anyone wanting to understand the economies of innovation. I assure you that this book will surprise you and provide you with new details, perspectives and knowledge.
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