Course Details
Subject {L-T-P / C} : HS5467 : Innovation and Economic Development { 3-0-0 / 3}
Subject Nature : Theory
Coordinator : Dr. Ipsita Roy
Syllabus
Unit I: Economic theories of innovation
- Importance of innovation in economic growth. Endogenous growth and endogenous innovation models.
- The sources and procedures of innovation, standard input and output measures. Introduction to OECD Oslo and Frascati Manuals.
- Theories of the firm, relationship between market structures and incentives for R&D investment and innovation.
- Economic analysis of different stages of innovation processes.
Unit II: Technology and economic development
- Technology transfer, foreign direct investment (FDI), greenfield and brownfield FDI in R&D.
- Structural changes and the impact of innovation.
o Technology and employment
o Role of technical and higher education research institutions in innovation.
o Entrepreneurship and innovation
o Frugal innovation
Unit III: Market failures and policies
- Market failures and innovation.
- Information and appropriability in innovation, positive and negative externalities.
- Brief introduction to intellectual property rights (IPR).
- Public policies and innovation for development, comparison between developed and developing countries.
Unit IV: Application of innovation economics
- Brief introduction to data and global examples on industrial R&D and innovation.
Course Objectives
- To provide students with a basic knowledge of modern theories of innovation economics, technological change and development
- To understand innovation not only technologically, but also in economic terms.
- To have a comprehensive coverage of relevant issues related to innovation with special emphasis on developing countries.
Course Outcomes
Upon completion, students should have an in-depth knowledge of <br />i. the micro processes involved in innovation and its measurements <br />ii. how innovation affects various aspects of economic development <br />iii. the role of research institutions and public universities in innovation <br />iv. government innovation policies particularly relevant for the Indian economy.
Essential Reading
- Jan Fagerberg and David Mowery, The Oxford Handbook of Innovation, Oxford University Press
- Shyama V. Ramani, Innovation in India: Combining Economic Growth with Inclusive Development, Cambridge University Press
Supplementary Reading
- Bronwyn Hall and Nathan Rosenberg, Handbook of the Economics of Innovation, Elsevier
- Jan Fagerberg, Innovation, Economic Development and Policy, Edward Elgar Publishing