Nottingham University Business School
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Economics of Innovation

Please note that the following information may be subject to change.

Programme: Undergraduate

Module Code: N12612

Semester: Autumn

Convenor: Cher Li

Credits & Level: 10 credits; Level 2

Pre-requisites: N11606 (Microeconomics for Business A) or N11607 (Business Economics), or an equivalent module from the School of Economics.

Co-requisites: None.

Target Students: Available to all students with the appropriate pre-requisite N11606 Microeconomics for Business A or N11607 Business Economics or an equivalent module from the School of Economics.

Delivery: 11 ninety minute lectures; 2 sixty minute tutorials per semester

Assessment: One 1.5 hour examination. (75%); One group project 2,500 words (25%)

Exam Format:Answer ONE question from Section A and ONE question from Section B. All questions carry equal marks. Both sections to contain THREE questions each.

Summary of Content Innovation in the History of Economic Thought; Basic Concepts in the Economics of Innovation; Intellectual Property; Economics of Networks; Standards and Dominant Designs; The Entrepreneur; Innovation, Demand and Consumption; Clusters, Innovation and the Division of Labour; Innovation, Competitiveness and Trade; Innovation, Growth and Wealth Creation; Policy for Innovation.

Aims To help students understand the economic analysis of innovation, and why innovation is so important to companies and to the economy. Economics of Innovation develops some theoretical building blocks for the analysis of innovation, but also looks at several empirical questions about innovation.

Key Words: Economics; Innovation; Technological Change.

Learning Objectives & Outcomes Knowledge and understanding
This module develops a knowledge and understanding of:
  • The development, access and operation of markets for resources, goods and services
  • The development of appropriate policies and strategies within a changing environment to meet stakeholder interests
  • Taking innovative business ideas to create new products, services or organisations including the identification of Intellectual Property and appreciation of its value
  • A range of contemporary and pervasive business and management issues including (at the time of writing) business innovation, e-commerce, creativity and enterprise, knowledge management, sustainability, globalization, business ethics, values and norms.
Intellectual skills
This module develops:
  • The ability to analyse facts and circumstances to determine the cause of a problem and identifying and selecting appropriate solutions
  • The ability to analyse and evaluate a range of business data, sources of information and appropriate methodologies, which includes the need for strong digital literacy, and to use that research for evidence-based decision-making
  • Conceptual and critical thinking, analysis, synthesis and evaluation
Professional practical skills
This module develops:
  • People management, to include communications, team building, leadership and motivating others
  • Commercial acumen based on an awareness of the key drivers for business success, causes of failure and the importance of providing customer satisfaction and building customer loyalty
  • The ability to act entrepreneurially to generate, develop and communicate ideas, manage and exploit intellectual property, gain support and deliver successful outcomes
  • The ability to conduct research into business and management issues, either individually or as part of a team, including a familiarity with a range of business data and research resources and appropriate methodologies.
Transferable (key) skills
This module develops:
  • Communication and listening including the ability to produce clear, structured business communications in a variety of media
  • An awareness of the interpersonal skills of effective listening, negotiating, persuasion and presentation and their use in generating business contacts
  • Self-management and a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time
  • Ability to work with people from a range of cultures
  • Articulating and effectively explaining information
  • Building and maintaining relationships
Knowledge and understanding (Industrial Economics)
This module develops a knowledge and understanding of:
  • The applications of economics. To discover how to apply relevant economic principles and reasoning to a variety of applied topics, in particular in the fields of industrial organisation and managerial economics.
  • Understanding of distinctive economic theories, interpretations and modelling approaches, and their competent use
  • Economic principles and tools addressing the microeconomic issues of decision and choice
  • Economic principles and tools addressing the microeconomic issues of the production and exchange of goods
  • Economic principles and tools addressing the microeconomic issues of the pricing and use of inputs
  • Economic principles and tools addressing the microeconomic issue of the interdependency of markets
  • Economic principles and tools addressing the microeconomic issue of economic welfare
  • Economic policy at the microeconomic level showing an understanding of analytical methods and model-based argument and of different methodological approaches and their strengths and limitations.
  • The nature, sources and uses of qualitative data and an ability to select and apply appropriate methods that economists might use to analyse such data.
  • Have the ability to discuss and analyse government policy and to evaluate the performance of the UK and other economies, past and present.
  • The nature, sources and uses of quantitative data and an ability to select and apply appropriate methods that economists might use to analyse such data.



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Nottingham University Business School

Jubilee Campus
Nottingham
NG8 1BB

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