Imperatives of creative destruction: a relook at globalisation-growth-innovation nexus for the Indian economy Online publication date: Thu, 10-Aug-2023
by Shikha Gupta; Nand Kumar
International Journal of Business and Globalisation (IJBG), Vol. 34, No. 2, 2023
Abstract: Innovation has been the main driver of the capitalist process. The idea of creative destruction was fuelled on the process of innovation. Yet, there are questions on whether innovation has transformed into growth. A significant reason for the varied impact is the measures of innovation. Thus, the objective of the study is to quantify such measures to understand the innovation performance. To do so, the paper runs a model of innovation regressing innovation proxies like R&D expenditures, patents, human capital on GDP to understand innovation performance. With a particular focus on India, the paper tries to fit in place such measures along with Indian productivity and trade amidst globalisation. The debate around globalisation as a cause or effect of innovation is also stressed upon. Innovation in India may not be akin to the global version of innovation, yet, there is a need to relook what and how we measure innovation.
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