The motivation of this book is simple, yet fundamental: No complete understanding of the modern economy is possible without a thorough grounding in the field of innovation as an economic activity.
The book, as its title emphasizes, aims at helping readers to gain a comprehension of two inextricably linked issues: challenging innovation and the future of human work. To this end, the book integrates a triad of topics: innovation as an economic activity, modus operandi of an innovation-driven economy, and the persistent progression toward automation of human jobs.
The main message conveyed by this book is that a creative economy will converge to an economy governed by smart machines aka robots, but will produce benefits if addressed in a rational manner.
As to the salient features of this book,
- Accessibility: Accessible to readers with only cursory knowledge (if any) in economics
- Style: Adherence to a discursive, non-mathematical style
- Brevity: Covers material in a succinct, easily understandable manner, drawing upon real world examples
- Appendices: Each chapter is supplemented with appendices that elaborate upon pertinent real world examples and applications
- Self-contained: All the key concepts are defined and exemplified within the book
- Applicability: Uses examples that resonate with a wide audience of readers concerned about the advance of robots
- Non-mathematical diagrams: Provides accessible and readily understandable figures/graphs
- Protective stance: Contains a rational response to the march of the robots which is useful for workers of all ages
Understanding the Creative Economy and the Future of Employment
Chapter 1 A Bird's-eye View of the Economy and Economics Concise Preview 1 1. What is an Economy? 2 2. What is Economics? 5 3. Guiding Insights 10 4. Economic Predictions 11 Chapter Summary 12 Appendix A: Innovation as a Problem Area of Economics 14 Appendix B: The Invisible Hand and Innovation 17
Chapter 2 What a Creative Economy Is and How It Works Concise Preview 21 1. Introduction 22 2. Defining Characteristics of a Creative Economy 22 3. A Narrative Model of Economic Evolution 24 4. Innovation as an Economic Activity: A Three-dimensional Model 26 5. The Essentials of a Creative Economy: Ideas and Human Capital 27 6. The Mechanics of a Creative Economy 29 Chapter Summary 31 Appendix C: Ideas and Human Capital as Economic Products 33 Appendix D: Creative Economy and Endogenous Growth Theory 38
Chapter 3 Creativity and Intellectual Property Concise Preview 43 1. Introduction 44 2. Creative Thinking 44 3. Intellectual Property 48 Chapter Summary 56 Appendix E: Further Aspects on Creative Thinking 59 Appendix F: Further Aspects on Intellectual Property 62
Chapter 4 Innovation Environment Concise Preview 65 1. Introduction 66 2. Innovation Infrastructure 66 3. Clusters 67 4. Competitive Advantage: Domestic and International 70 viii 5. Venture Capital 70 Chapter Summary 74 Appendix G: Miscellaneous Points on the Innovation Environment 79
Chapter 5 Microeconomic Aspects of Innovation Concise Preview 83 1. Introduction 84 2. Innovation Process and Related Terminology 85 3. The Innovator's Dilemma 90 4. Fast Innovation Approach 93 Chapter Summary 94 Appendix H: Business Innovation and Social Innovation 97
Chapter 6 Looking to the Near Future Concise Preview 101 1. Introduction 102 2. Historical Perspective 103 3. Human Replacement 105 4. Robots: Friends or Foes? 109 5. The Future of Employment: Anticipation Exercises 113 6. Rational Response to the March of Robots 116 Chapter Summary 119 Appendix I: Expert Opinions in Australia and the US 120
Chapter 7 Looking to the Distant Future Concise Preview 125 1. Introduction 126 2. Technological Unemployment Revisited 127 3. Demarcating the Notion of a Robot Economy 132 4. Is the Robot Economy Near? 135 5. The Robot Economy Paradox 137 6. Schumpeter's Famous Prophesy 141 Chapter Summary 143 Appendix J: Technological Progress in the 21st Century 146 Appendix K: The Technological Singularity and the Paradox 152
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