Technology, Innovations and Industrial Development

Abstract

Technology development, inventions and innovations are at the heart of the contemporary economic development and industrial growth. The continuous internationalization and the fostering of social and business networking are two main forces that change not just society but overall development. Furthermore, they lead to a shift in global aims and objectives. Despite the economies, technologies and political systems, inventions and innovations have never stopped for a while over the last 4 centuries. They are always an instrument that strengthen the state and make life better. To manage overall growth, governments need to shape inventions and innovations in the right direction. Hence, the contemporary industrial policy is based on clear evidence of a strong link between past innovations and growth and expectations about their future dynamic change. The main research question is how innovations, economic development and growth, and National Economic Goals are, or should be, inter-connected. Thus, the paper aims to make a brief review of contemporary research in the field of innovations, industrial growth based on innovations, and innovations strategies. The structure of the paper is as follows: 1. Introduction: the problem and basic concepts; 2. Literature overview: a brief review on the innovations and their role for the economic development; 3. Methodological approach: discussion on evaluating economic growth and its dependence on innovations; 4. Policy recommendations: some main features of the Growth and Innovation Strategy 2020; 5. Conclusions: some remarks on the future development.