Innovation Case

In this week's readings we also learned about the effects of innovation and technology on the cost of production and how technology affects market structure and real-world competition. It was noted that innovation and technology makes the amount of resources available per unit lower and that they are the key forces behind economic growth in today's world economy. In the readings we also learned that technology supply depends a lot on innovation and the possibilities of a country's innovation potential. Riley (2013) "The recent work of William Baumol (2002) provides support for oligopoly as market structure best suited for innovative behavior. Innovation is perceived as being "mandatory" for businesses that need to establish a cost-advantage or a significant lead in product quality over their rivals" (Revision - Market Structure and Innovation).In this week's readings we also learned about the effects of innovation and technology on the cost of production and how technology affects market structure and real-world competition. It was noted that innovation and technology makes the amount of resources available per unit lower and that they are the key forces behind economic growth in today's world economy. In the readings we also learned that technology supply depends a lot on innovation and the possibilities of a country's innovation potential. Riley (2013) "The recent work of William Baumol (2002) provides support for oligopoly as market structure best suited for innovative behavior. Innovation is perceived as being "mandatory" for businesses that need to establish a cost-advantage or a significant lead in product quality over their rivals" (Revision - Market Structure and Innovation).