Innovation and Knowledge Essay -- History, Marx, Schumpeter, Kondratie

For centuries now the subject of innovation has given ground for much discussion and debate. In its wider context economic historians and sociologists have theorised and argued its contribution to economic growth and society in general, nevertheless, many have termed innovation as the ‘engine of growth.’ Therefore, to appreciate the extent of benefit that innovation can offer business this introduction begins with some of these theories. Famous names such as, Karl Marx, Joseph Schumpeter, and Nicolai Kondratieff respectively, which are seen by many as experts in their field have all, in their own manner, cited innovation and technological progress as the stimulus for economic growth. However, it was Marx who first realised that economic growth could be associated to innovation, and innovations and entrepreneurs were the drivers of technological progress. Given that one new innovation by an entrepreneur or inventor can open up a new profit stream which then persuades anot her of their kind to innovate, thus providing new wealth and increasing profits in the economy as a whole, which in turn drives growth. More recently Kondratieff using his ‘long-wave theory of innovation’ demonstrated how innovation was responsible for major eras of economic growth and technological development. He described this as a series of wave-like peaks and troughs each lasting between forty or fifty years, which span prosperity during peak periods of innovation and technological progress, and as this recedes a gradual recession into a trough of depression exists. For instance he observes over the la... ...sign training called the T-shaped designer a new way of design thinking by using design processes and methods to foster innovation and grow business – design is a way of thinking. The stem of the T is the depth of knowledge in their specialist subject while the horizontal cap of the T represents the breadth – their ability to make their method, skills and thinking work in a different context. This has led some American schools and university to change their approach to design schooling. In the United Kingdom new courses from centres of excellence are to be offered with a hands-on and multidisciplinary classes combining management studies, engineering, technology and design creativity. All this is positive for business and UK design as heading into the 21st century the need for innovative products will grow as global business becomes even greedier for new things.