Innovation is more than about new products; it is about the creation and diffusion of new processes and methods as well. Innovation can lead to new businesses, new jobs and cleaner environments.
Innovation can be found in several places in the growth statistics of a country. First, there is technological progress embodied in tangible, physical capital, such as better machinery, smarter equipment or greener buildings. Second, there is intangible, knowledge-based, capital, such as software, data, research & development (R&D), design, intellectual property, and firm-specific skills.
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©OECD Yearbook 2015
2015 OECD Yearbook
2015 OECD Forum