This Element combines the advances of the economics of knowledge
and innovation implementing the Schumpeterian notion of creative
response to understand the determinants and the effects of the rate
and direction of technological and organizational change and its
variance across time and space, firms, and industries. The notion
of creative response provides an inclusive framework that enables
to highlight the crucial role of knowledge in assessing the rate
and direction of technological change and to clarify that no
innovation is possible without the generation of new knowledge,
while the generation of new knowledge augments the chances of
innovation but does not automatically yield the introduction of
innovation. Firms thus are faced with several strategic decisions
to make the creative response possible. The Element elaborates on
the analytical core of the notion of creative response and
articulates its implications for economic policy and strategic
management.
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