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Relationship between Entrepreneurship, Innovation and Economic Development. - Essay Example
Author : cristopher34
Finance & Accounting
Pages 6 (1506 words)
If one takes into consideration the economic developments wrenched in the last three decades, one notices a significant breakthrough as to studying the relationship between knowledge and economic growth on one hand and between innovation and economic growth on the other hand…
Such an analytical approach has furnished ample insight into the interrelationship existing between knowledge, innovation and entrepreneurship. However, it goes without saying that there is a lacuna as to the understanding of the comprehensive relationship between entrepreneurship, innovation and economic growth. The understanding of the relationships between micro economic sources of growth and the consequent macroeconomic outcomes is still too nascent as to the establishment of the relationships between varied interacting forces impacting the economic growth. Hence, in an academic perspective it will be really enlightening to analyze the recent advancements into the understanding of the varied forces influencing the creation of knowledge, the promulgation and diffusion of this knowledge aided by apt innovation and the role played by entrepreneurship in the overall growth process. For its goes without saying that the primary process of knowledge creation has to be continually and commensurately supported by forces originating from innovation and entrepreneurship, which give way to mechanisms that help in the conversion of this knowledge to societal and commercial needs. It is amply relevant as the developing countries of today could learn a lot from the course followed by the developed countries in their quest for economic growth. It will also immensely help the developed countries in the sense that they are faced with the challenging responsibility of devising growth policies in a futuristic context. ...