Historical Beginnings and Economics

A heavy burden is placed on our ability to innovate invoked as it is, like some universal all-pervasive deity. There is an expectation that Innovation will deliver meaningful solutions to all of our local, regional, national or global challenges, however caused, and whatever or wherever they may be. In this chapter the foundations of innovation are explored within the context of etymology and economics in order to determine the relevance of technology and underpinning R&D to national economic growth. In contrasting the limitations of economic theory and models, their role and impact on the development and thinking about innovation is addressed.