The field of innovation studies is typically based on the assumption that innovation is good for the economy, and that more innovations will lead to a wealthier and more sustainable economy and society. Since the 1980s, the underlying idea that has motivated the field is that innovation leads to positive economic effects, such as economic growth and employment creation, and does for this reason foster individuals’ welfare by leading to greater wealth. Innovation research has in fact almost exclusively focused on the positive economic effects of new technologies, and how these contribute to solve grand societal challenges, e.g. by spurring firms’ productivity, industries’ international competitiveness and sustainability transition, and the dynamics and performance of national systems. Relatedly, this research has also represented the foundation for R&D and innovation policies, whose underlying rationale has so far predominantly been to foster the creation and diffusion of innovations. More recent approaches, such as systemic and third generation mission-oriented innovation policy, are also implicitly based on the belief that innovations have the ability to address and solve grand societal challenges.
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