Innovation, Research, and Development
The frequency of innovations is a matter of great importance to a technological society. The rate at which innovations are adopted has a great effect on the economic position, defense posture, and general well-being of a modern nation. If that rate is too slow, the nation falls behind in international competition, its products and processes become obsolete, growth slows down, and jobs are lost. If it is too fast, the population cannot adjust to the rapid changes, industry finds it hard to recover investments from previous innovations, and confusion makes long-range planning impossible. A great deal of effort has therefore been expended on trying to understand the frequency of innovation and its relation to economic trends.
KeywordsTechnological Change Small Firm Large Firm Market Index Economic Success
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