Title Session 1_RS_Types and Stylized Facts (PPT).pptx ✅

INNOVATION: AN ECONOMIC PERSPECTIVE As per Schumpeter, Innovations includes. New consumers’ goods. New markets. New forms of industrial organization that capitalist enterprise creates. New method of production or transportation.
PRODUCT INNOVATION OECD (2005) defines product innovations as “the introduction of a good or service that is new or significantly improved with respect to its characteristics or intended uses.” It includes significant improvements in technical specifications, components and materials, incorporated software, user friendliness or other functional characteristics. Product innovation covers both goods and services. Goods include tangible objects and some knowledge-capturing products over which ownership rights can be established and can be transferred through market transactions. Services are intangible activities that are produced and consumed simultaneously and that change the conditions (e.g., physical, psychological, etc.) of users.