OECD Observer
Better innovation for better lives

Innovation has always been a foundation of our economies. From the invention of the wheel to the Industrial Revolution, via air transport, the internet and medicines, innovation leads to change, progress, and hope. In today’s world, which is still reeling from the crisis and looking for new, stronger, more inclusive and sustainable ways forward, policies for fostering innovation are more relevant than ever.

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

See also:

2015 OECD Yearbook

2015 OECD Forum