Conceptual Approach to Understand Economic Innovation: Based on the Digital Technology Innovation

Yoo, Inhye; Yi, Chan-Goo

doi:10.35978/jktis.2021.8.24.4.799

Cited by 4 publications

(9 citation statements)

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“…Manufacturers produced products following sequential processes up until the 1990s, but digital transformation has enabled the industry to carry out a series of production activities from product production to marketing and sales at the same time. This has reduced costs and time, giving producers more room to lower product prices [1]. It also allowed businesses to expand their reach by entering new fields of business or converging with other areas.…”

Section: Changes In Businesses and Individuals From A Micro Perspectivementioning

confidence: 99%

Section: Introductionmentioning

confidence: 96%

“…This study is a follow-up to a previous one by Yoo and Yi (2021) [1], which defines the concept of economic innovation caused by digital transformation. Our previous study [1] offers a new definition of the concept of economic innovation capitalizing on changes in the technological environment. However, it does not include discussions on what drivers facilitate and affect innovation and how innovations in the technology, society, and economy sectors are interconnected and interact with one another.…”

Section: Introductionmentioning

confidence: 96%

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Economic Innovation Caused by Digital Transformation and Impact on Social Systems

Yoo

2022

Sustainability

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The purpose of this study is to review studies on innovation and identify factors that affect the acceleration of digital economic innovation. This study also analyzes the impact of economic innovation on social systems. A systematic literature review method was used to analyze the findings of extant studies on digital transformation and economic growth. Results indicate that different drivers trigger economic innovation in different times. Our analyses reveal that digital economic innovation results in changes in the industrial structure and helps productivity improvement and cost reduction in the production sector. Results show that the impact of economic innovation on technology and society spheres interacts with economic innovation. This study contributes to the literature by providing a comprehensive framework of how economic innovation and social systems are connected and how technology, economy, society, and policy sectors coevolve within the enormous framework of social systems.

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Section: Changes In Businesses and Individuals From A Micro Perspectivementioning

confidence: 99%

Section: Introductionmentioning

confidence: 96%

Section: Introductionmentioning

confidence: 96%

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Economic Innovation Caused by Digital Transformation and Impact on Social Systems

Yoo

2022

Sustainability

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“…This is causing extensive upheaval in the fundamentals that support the social and economic environment such as production, consumption, distribution, etc., by reorganizing the production and distribution systems. According to Yoo and Yi (2021), the change in production, labour types, consumption structure, and income and distribution is the result of the digital economy [43][44][45][46].…”

Section: The Key Motive Of Adaptive Social Innovationmentioning

confidence: 99%

“…One of the transformations in distribution structure due to the digital economy is the decline in household income, and this constrains the domestic demand, which is an obstacle in economic growth. In this case, one of the typical government measures is increasing public spending [43]. The rise in public spending impacts on increasing disposable household income, but it is not a sustainable solution [68].…”

Section: Transformation Of Distributionmentioning

confidence: 99%

Adaptive Social Innovation Derived from Digital Economy and Its Impact on Society and Policy

Cho

2022

Sustainability

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The traditional concept of innovation focuses on significant changes in products and services. However, today’s innovation derived from the digital economy environment is transforming our way of life, values, and even social relations. The economic benefits of the digital economy and technology have a wide range of impacts derived from the rapid socio-economic transformation. The negative impact on jobs and incomes is a typical problem that threatens socioeconomic fundamentals. This phenomenon is the reason that we must have a new perspective about innovation that connects technology, economy, society and policy beyond the traditional perspective. Based on the new perspective, this study categorizes social innovations using an expanded concept. One of them is “adaptive social innovation”, and this study focuses on its key motive and impact. In this paper, a theoretical discussion is adopted from integrating discussions in macroeconomics, social psychology, political science, etc. The key motive can be found in transformation of production, consumption, and distribution due to the digital economy. Based on this, the detailed operation mechanism of adaptive social innovation that transforms public perceptions and systems are analysed. At the same time, the process in which formal institutions and the output of adaptive social innovation, affect society and policy was explored.

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Digital Economy and Digital Maturity: A Comprehensive Review

Dridi,

Telmoudi

2024

Lecture Notes in Business Information Processing

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Conceptual Approach to Understand Economic Innovation: Based on the Digital Technology Innovation

Cited by 4 publications

References 0 publications

Economic Innovation Caused by Digital Transformation and Impact on Social Systems

Economic Innovation Caused by Digital Transformation and Impact on Social Systems

Adaptive Social Innovation Derived from Digital Economy and Its Impact on Society and Policy

Digital Economy and Digital Maturity: A Comprehensive Review

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