caused due to technological amelioration is referred to as technological unemployment. Many sociologists, social scientists and governments have expressed their concern over the same and have tried to obtain solutions. The following paper is our attempt to track the significance of unemployment caused due to the changes in technology at an aggregate level and derive its nature. Our Paper consists of five sections. The first section explores the theory of Induced Bias in Innovation and derives results
The Influence of Innovations on the Economic Growth While analyzing impact of innovation activity on the economy as a whole, it should be emphasized that the significance of a given issue was first revealed in the 20th century. Thanks to the rapid development of technologies and globalization, which promoted industrialization and knowledge exchange, the researchers concluded that the correlation of economic growth and prosperity and the innovation activity is rather high. There are
Banks that are equipped with a good grasp of the e-banking phenomenon will be more able to make informed decisions on how to transform them into e-banks and to exploit the e-banking to survive in the new economy. Given the e-banking is a financial innovation (Liao and Cheung, 2003) [9], the change may render the organizational capabilities of the traditional banks obsolete. From the resource-based view (Mahoney and Pandian, 1992) [10], in such a context, the banks must constantly reconfigure, renew
How Technology and Innovation Is a Key Factor for SMEs to Grow in India Small & Medium Enterprises (SMEs) are socially and economically important sectors in India that provide 60 million jobs representing 15% of India’s workforce through 26 million enterprises. Due to their unique characteristics and their multi-faceted contributions in terms of technological innovations, employment generation and exports, etc., SMEs have been considered as one of the driving forces of modern economics. Among their
financial innovation has become a top priority the development of commercial banks. In this paper, “Financial Innovation”, the main line, from the implications of financial innovation, character, purpose, effect and in-depth analysis. Modern society, financial development has become an important factor in economic development, with a great driving force. The financial innovation system is the financial development of the internal drive. Therefore, the question of financial innovation system, with
been viewed by researchers as the critical sources of organizational survival and growth in the national economic evolution. Entrepreneurial activities and technological innovation have been widely recognized as crucial factors for national economic development in economies. The theorist Joseph Schumpeter [1] was praised as the “prophet of innovation” [2] since his theory of Economic development has been published. This theory was considered as the first step in the origination of theoretical instruments
2.3 Incremental vs Radical Innovation To summarize, incremental innovation compared to radical innovation: Incremental innovation is based on iterative efforts to provide new benefits, features, and improvements to products in the existing market based on existing technologies (i.e. improvements within a given frame of solutions [X6]). Examples of incremental innovation are improvements of the fuel efficiency of the combustion engines in vehicles, or technological improvements that make it possible
flows. Globalization has a great worldwide effect on the banking industry in any country. Whereby, the economic effect of globalization on the Banking Industry may be positive and negative as well. A political factor plays an important role in any business. There are some factors that the political include: tax policies, stability of government, entry mode regulations,
Innovation is not a new concept. It is as old as humanity itself. There is something naturally “human” about the propensity to think about new and better methods of doing things and try them out in practice. Without it, the world in which we live would look altogether different. The ability to innovate and to offer innovation effectively to the market will be a critical determinant of the global competitiveness of countries over the coming decades. Today, innovation performance is a vital determinant
Drucker, the management consultant and author of “Innovation and Entrepreneurship stated that “…Because its purpose is to create a customer, business has two—and only two functions: Marketing and innovation. Marketing and innovation produce results, all the rest are costs." So the question now is what is innovation? Generally put, an ‘innovation’ is developing a new idea and putting it into practice. Edward Kahn in his book stated that innovation is inherently unstructured, unpredictable, and risky