Innovation, happiness, and growth

Abstract

Purpose – The purpose of this paper is to discuss the role of innovation in society. It explores the relationship between societal happiness and economic growth and how innovation is linked to both issues. Design/methodology/approach – The paper briefly discusses the concept of innovation and the instrumental role that innovative people play in generating wealth and sustaining confidence and dedication among the widest possible segment of society. Findings – Based on economic logic and social perspectives, it is argued that innovation is not merely an economic issue but also a social factor that is characteristically linked to societal wellbeing and the position of a nation in the global marketplace. Originality/value – The paper offers a unique perspective on innovation and argues that it is a fatal mistake to view innovation as independent of the social and political aspects of any society. The paper sets the stage for an effective dialogue by which the essence of innovation, optimism, and economic growth can be recognized and reflected on as interrelated issues.