Innovation Matters: Exploring the Evolutionary Theory of Economics

We often see innovation as a linear process – from basic research over invention to innovation. But is that how knowledge develops and how innovation works? Could the concept of evolution help elucidate the dynamics better? How would such a perspective explain how knowledge evolves into, adapts to, and underpins societal and economic transformation? And what does that mean in practice, for entrepreneurship, policy, and how society works? Innovation Matters explores these questions with Prof. Jason Potts of the Royal Melbourne Institute of Technology, who explains the importance of understanding the evolutionary nature of knowledge and how this perspective can inform policies that support more experimentation and learning.