markitect-main/examples/infospace-with-history/output/entities/economic-system-innovation.md

Economic System Innovation

Definition

The development and introduction of new approaches, mechanisms, and arrangements within economic systems that improve their effectiveness, efficiency, or adaptability, including the creation of new institutions, policies, and practices that advance economic development.

Source Chapter

Book IV, Chapter 0

Context

Smith's discussion of modern systems and their advantages implies the importance of innovation in economic arrangements and the development of new approaches to economic organization and management.

Economic Domain

General Theory

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