Faculty News
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Prof. William Baumol is cited for his separate definitions of invention and innovation
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Excerpt from Forbes -- "We should divide 'technological advance' into two sections, as William Baumol (the goto economist on these matters) does. In his definitions, there is invention, which is the creation of spiffy new things. There is also innovation, which is using either these spiffy new things to do interesting things"
Faculty News
—
Excerpt from Forbes -- "We should divide 'technological advance' into two sections, as William Baumol (the goto economist on these matters) does. In his definitions, there is invention, which is the creation of spiffy new things. There is also innovation, which is using either these spiffy new things to do interesting things"