ABSTRACT
Adam Smith in Wealth of Nations (1776) 1 identified a concern with the economics of technological change and innovation as a driver of economic growth and wealth of nations. The idea of innovation has a long and complex history both in theory and in practice. 2 Just what is innovation? The term is widely applied to a broad range of concepts, ideas and practices. Why is it important to our societies, to our well-being and to our businesses? 3 How does innovation operate in businesses and in governments which both promote it and regulate it in the public interest? How has our understanding of innovation developed over the past century or two? And where is innovation taking our economies and societies in the future? These are important questions as we find ourselves caught up in the current wave of transformational digital technology innovation. 4
