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APA
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Literature & Language
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English (U.S.)
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Topic:

Economics of Innovation

Essay Instructions:

Respond to the following questions, in an essay that addresses the topics covered in the readings. Remember, from the syllabus, you must use at least one source in addition to the readings; bibliographies are not required; cite readings in footnotes or in the text.
Prepare a short introductory paragraph outlining the topics and purpose of your brief, the body of which responds to the questions (address all of them), and a conclusion which states your own thoughts on the topic and its relevance, in the context of the economy.
FIRMS (1) QUESTIONS:
In the context of innovation within the firm, discuss the perspectives/approaches between specialization and the division of labour in some firms, on the one hand, and the combination and reorganization of previously distinct knowledge and competencies, in other firms, on the other?
What does economic theory have to say about the entrepreneur who personifies creativity and the division of labour? Refer to firms noted in the readings for their creativity, on the one hand, and ability to dampen competition, on the other.

Essay Sample Content Preview:
Economics of Innovation
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Economics of Innovation
Economics of innovation entails implementing new processes, products, or services to enhance business output and client satisfaction. A firm becomes innovative by modifying existing methods of production or introducing new approaches to business operations.
Specialization and division of labor perspective were proposed by Adam Smith to maximize the investment profit margin. The view entails different people getting assigned specific steps in manufacturing a good or service. Adam suggested that specialization increases production through an improvement in quality and increased economies of scale. In comparison, the combination and reorganization of the previous knowledge and competencies involve changing roles and positions of the firm's current human labor and processes (Cezanne & Saglietto, 2015). The reorganization is significant when implemented if the firm is at its strong point and entails a layer by layer change rather than a top to bottom change. Equally, the process sh...
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