| Abstract: |
This theory presents the theory of innovation in the attainment of economic
sciences. It equally reviews economic literature and investigates innovation
from different economic models. It first begins with the analysis of views on
classical economics, including Adam Smith and David Ricardo. This is followed
by discussions on theory in innovation today, as handled in the
knowledge-based economy. Analyzing the achievements in economic thought
outlines that innovation's importance and relevance has grown over the last
decade. |