Innovation Fundamentals

This lecture explores the economic fundamentals of innovation, emphasizing the process of transforming new ideas into valuable products, processes, or business models. It delves into the importance of economic discovery, adoption, and diffusion of innovations, highlighting the role of experimentation and market validation. The instructor discusses the distinction between business and social innovation, showcasing how innovations are tested and adopted in both economic and societal contexts. Additionally, the lecture examines the origins of new ideas, the impact of technological and indigenous innovations, and the significance of economic effects resulting from successful innovations.