Innovations and Growth

In the modern technology-intensive industries of today investments in R&D and knowledge capital have played a crucial role as engines of growth. The evolution of industry has been profoundly affected by innovations in product design, process of production and software development, which have helped some firms to enhance their core cornpetence and managerial efficiency. This has also intensified the pressure of competition, which has been called a state of hypercompetition by the experts in industrial organization theory and management science.