✅Gs-3 : Economic growth- Nobel Prize for Economics
🅾️Propositional knowledge = knowing what and why (scientific principles, e.g. laws of thermodynamics).
⚜️Prescriptive knowledge = knowing how (practical application, e.g. building a steam engine).
⚜️Sustainable innovation needs both =discovery and its scalable application.
🅾️Creative Destruction= Innovation → new products/processes → economic gains. But it also destroys old technologies, firms, and jobs. Hence, innovation must be paired with reskilling and adaptive policy to manage disruption.
🅾️Optimal R&D Investment- Too little R&D = stagnation. Too much =redundant competition. Aghion–Howitt’s model helps governments find the sweet spot where innovation benefits society even when private firms lose profits.
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🅾️Propositional knowledge = knowing what and why (scientific principles, e.g. laws of thermodynamics).
⚜️Prescriptive knowledge = knowing how (practical application, e.g. building a steam engine).
⚜️Sustainable innovation needs both =discovery and its scalable application.
🅾️Creative Destruction= Innovation → new products/processes → economic gains. But it also destroys old technologies, firms, and jobs. Hence, innovation must be paired with reskilling and adaptive policy to manage disruption.
🅾️Optimal R&D Investment- Too little R&D = stagnation. Too much =redundant competition. Aghion–Howitt’s model helps governments find the sweet spot where innovation benefits society even when private firms lose profits.
🎖Follow @economyhighlights for Economy articles.
@hinduhighlights for News analysis
🎖Please Subscribe : Youtube.com/vikaskanukollu