Economics of Technology Innovation for Sustainable Growth – With reference to Sub-Saharan Africa (SSA)

Innovation economics is geared towards harnessing the good in human ingenuity to bring about dynamic efficiency that result in changed habit formation of consumer choices in the market, together with high quality / performance of goods and services consumed by economic agents. In as much as the worries or concern that innovation bring, given its characteristics of creatively destroying existing ideas or product existence in the market, it can still be seen as the way forward in accumulating wealth creation, while increasing welfare opportunities for those who are ready to embrace change in a fiercely competitive environment. Figure 1 below provide a simple illustration of how cost-reducing innovation and technological change can be utilised to bring about positive gains in producer and consumer surplus (Riley, Online) which eventually result in lower prices, and the scope for an increase in real income of households or individuals