Part 5: Social Market Economy – Go for complex production system, facilitate entrepreneurship
Monday, 12 October 2015
Inventions and innovations go hand in hand
Part 4 of the article in this series argued that Sri Lanka should create an ‘innovation economy’, and not just a knowledge economy, by using the research think-tanks at universities and research institutions if it is to deliver sustained prosperity to its people (available at: http://www.ft.lk/article/478857/Part-4--Social-Market-Economy--Universities--research-institutions-as-catalysts-of-an-innovation-economy).
Knowledge creates inventions but inventions alone will not help a nation unless they are used for producing commercially viable goods and services for use by people at home and abroad. That process, it was pointed out, is being completed by entrepreneurs who function as innovators. Hence, inventions and innovations should go hand in hand if the process is to deliver success. What this means is that knowledge without practice is fruitless.
Monday, 12 October 2015Inventions and innovations go hand in handPart 4 of the article in this series argued that Sri Lanka should create an ‘innovation economy’, and not just a knowledge economy, by using the research think-tanks at universities and research institutions if it is to deliver sustained prosperity to its people (available at: http://www.ft.lk/article/478857/Part-4--Social-Market-Economy--Universities--research-institutions-as-catalysts-of-an-innovation-economy).
Knowledge creates inventions but inventions alone will not help a nation unless they are used for producing commercially viable goods and services for use by people at home and abroad. That process, it was pointed out, is being completed by entrepreneurs who function as innovators. Hence, inventions and innovations should go hand in hand if the process is to deliver success. What this means is that knowledge without practice is fruitless.
