Innovation and Economic Development: A Microeconomic Perspective (Routledge Studies in the Economics of Innovation)

Microeconomic theorists have largely excluded entrepreneurship and innovation from their theoretical analyses and models.In the existing literature, innovative entrepreneurs are hardly mentioned at all, yet it is precisely these entrepreneurs who, through their establishment of innovation-based start-ups, for example, start-ups based on technological innovations, create economic growth and help promote prosperity worldwide.The most recent examples from the digital revolution alone, such as Microsoft, Apple, and TikTok, speak to the importance of innovative entrepreneurship.This book addresses the lack of microeconomic theory concerning the role of innovation as a driver for economic development and explores the topic from multiple perspectives: innovative entrepreneurship, competence, productivity, automation, and the institutional framework. By analysing these five pillars, the book provides a broad idea of how these interactions all impact how the innovation economy continues to thri