Economics of Innovation
Duration
- One Semester or equivalent
Contact hours
- 36 hours
Aims and objectives
This unit aims to introduce students to economic perspectives on innovation including fundamental market failures and policy and organisational responses to these. In a world of finite physical inputs, innovation is the only sustainable source of growth in production and rising living standards. Themes and issues will be covered with reference to seminal literature and key surveys. Students will be introduced to a number of important datasets (using STATA), while developing a robust quantitative toolkit to become proficient at understanding and developing strategy and policy.
Courses with unit
Graduate Certificate of Research and Innovation ManagementUnit information in detail
- Teaching methods, assessment, general skills outcomes and content.
Teaching methods
Face to Face
Seminar 36 hours (12 x 3 hrs)
This unit may be delivered in block or intensive mode. Block mode may consist of blended, intensive and immersive teaching, which can include full day teaching and weekend teaching requirements – as specified in the Unit Outline.
Unspecified learning
Independent Learning (114 hours) 12 x 9.5 hrs)
Assessment
Assignment (Individual) 20-40%
Test (Individual) 30-40%
Test (Individual) 30-40%
General skills outcomes
On successful completion of this unit students will be able to:
1. Integrate the fundamental theories and principles of economics of knowledge, technology and innovation including (a) market failures and (b) innovation policies
2. Critically assess the established and frontier research of intellectual property and its connection to economic growth and firm performance.
3. Demonstrate expertise in use of micro-data in understanding innovation economics.
4. Critically evaluate seminal economic models using datasets and tools which inform management and policy.
Content
- How economies grow and reasons rich countries grow richer
- Role of innovation in firm performance
- Suboptimal socially optimal investment in knowledge with free markets
- Policy and organisational responses to market failures
- Mechanisms in which intellectual property enhances innovation
- Costs and Benefts associated with intellectual property rights
- Factors contributing to scientific progress
- Role of universities and public research in the national innovation system
- Relationship between science and technology
- Spatial concentration of inovation and how it relates to agglomeration forces
Study resources
- Reading materials.
Reading materials
Students are advised to check the unit outline in the relevant teaching period for appropriate textbooks and further reading.