In search of useful theory of innovation

  title={In search of useful theory of innovation},
  author={Richard R. Nelson and Sidney G. Winter},
  journal={African Journal of Science, Technology, Innovation and Development},
  • R. Nelson, S. Winter
  • Published 2009
  • Economics
  • African Journal of Science, Technology, Innovation and Development
This essay presents an overview of the prevailing theoretical literature on innovation, probes the adequacy of existing theory to guide policy regarding innovation, and sketches some directions for more fruitful theorizing. The focus is on the vast interindustry differences in rates of productivity growth, and other manifestations of differential rates of technological progress across industries. It is argued that the most important policy issues involve finding ways to make the currently… Expand
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