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Insight Brochure. Selected clients. In most cases, there comes a time at a business owner's life when they need to raise external money for…. Please share your general feedback. You can start or join in a discussion here. Visit emeraldpublishing. Abstract Purpose This paper aims to survey the existing literature on the causal relationship between market-based financial development and economic growth — in both developed and developing countries, highlighting the theoretical and the empirical evidence. Findings The direction of causality between market-based financial development and economic growth varies from one country to another, depending on various country-specific characteristics, data sets and the methodology used by the researcher.

Please note you might not have access to this content. You may be able to access this content by login via Shibboleth, Open Athens or with your Emerald account. Organizational innovations are, for example, management instruments at the firm level, like eco-audits, which are of increasing importance for innovation Rennings Social innovations are often defined as changes of lifestyles and consumption patterns.

The idea of social innovation is new, but increasing in popularity as policy makers recognize that effective environmental policy-making requires understanding of lifestyle dynamics Duchin Recent trends in research and development for private firms are encouraging open innovation , which may encourage spillover within a national economy. Studies on the role of innovation in economic, social and environmental change show a cross-disciplinary trend. This reflects the facts that no single discipline deals with all aspects of innovation Fargeberg, However, in the academic field, various paradigms in the environmental economics and innovation economics disciplines have prevailed in framing innovation as an engine for the economy, societal progress, and environmental wealth Del Rio et al.

Before we try to identify how innovation towards sustainable development is understood, we summarise shortly the existing disciplines and existing approaches in which innovation is dealt with. Innovations studies distinguish among the environmental eco-innovation and non- environmental innovation. The disciplines dealing with eco-innovation are innovation economics and environmental economics. Within these categorisations, environmental and innovation economics can take various approaches how to regard at innovations: the neoclassical approach and the evolutionary approach feeding the policy debate.

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The neo-classical approach of innovation economics puts knowledge, technology entrepreneurship and innovation at the center of the growth model Solow and drive economic growth towards a knowledge based economy. The main discussion on innovation economics has been whether technological innovation has been driven by technological development technology push or by demand factors market or demand pull. Empirical evidence has shown that both are relevant; however, the pull effects remain restricted to the market economy and do not include societal values and behavioral change towards those innovations.

Another discipline of economics dealing with innovation is environmental economics.

The focus of this discipline is on the market failure framework and environmental externalities. The reliance on market-based instruments and efficiency of those instruments to promote innovations taxes, tradable permits and to correct market failures for eco-innovation has not proved to be effective Del Rio et. This approach suffers from a simple mechanistic stimulus-response model of regulations Smith et al.

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They have a limited value for the analysis of more radical changes of technological systems and societal context towards sustainable development Smith et al, In the s, a reform-oriented school of economics and environmental studies named ecological modernisation gained increasing attention among scholars and policy-makers Huber , Simmonis , Mol et al. As the latter sees the challenge only in predominantly adjusting market based instruments prices, taxes and relies mostly on demand-pull approaches. Methods used at the policy level are transition management, strategic niche management, and time management.

However, the policy effectiveness of the evolutionary approach in cases in which radical or systemic changes are involved is not yet proven ibid. Through many initiatives at the international and national level, there is a general necessity to develop a vision of the relationship between technology development, innovation, the functioning of institutions, and societal progress. The main challenge towards the transition to greener, cleaner and more equitable economic growth is to address the innovation issue not only from an economic, but also from a social and environmental dimension Bleischwitz et al.

This requires, according to the three pillar model of SD, that innovation should be socially, environmentally and economically sustainable, optimizing all of these developments together. The integration of sustainability into innovation polices is not an easy task Hines and Marin Therefore, we first define innovations for SD, and then also the eco-innovation concept and its limitations towards sustainability goals.

Based on the innovation policy paradigms demonstrated in this chapter, this part attempts to conceptually define the framework for innovation in the context of SD. Despite the problematic issues in defining the innovation concept, some generalisations could be made concerning the nature of innovation towards SD. SD emphasises the explicit interest of the normative direction of development, taking into consideration the balanced three-pillar approach economic, environmental and social sustainability.

Hence, the innovations for SD do not remain neutral, and take a normative direction.

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The challenge for innovation does not rest solely on economic benefits and opportunities, but also in the societal changes induced by innovative capacity and the consequences of this for the environmental and social sustainability. Moreover, irrespective of the specific nature of the SD approach under consideration in public strategies e. Based on a recent literature that reflects on redefining innovations from a SD perspective, innovations should rest on following guidelines:. First, innovations for SD should broaden the problem framing to a perspective on system innovation.

Smith et al. This approach suggests that innovative yet isolated technologies, no matter how green, will not contribute to holistic sustainability. The key difference between the green or eco-innovation literature and the system innovation, is in the starting points and focal objectives of each. The problem framing in the green innovation literature is based on making markets more environmental friendly.

This has partly already been the case in the literature; however, further attempts need to be made in order to frame the environmental problems more broadly, beyond cleaner technology at the firm level, to consider entire sectors and lifecycles of products Smith et al. Third, innovations studies and paradigms for SD should take an evolutionary approach as described in sub-section 1.

The evolutionary approaches also include non-market-determinants such as decision making at the firm level, institutional factors, knowledge capabilities, prevailing technology paradigms and regimes Kemp , Moreover, they do not take a deterministic and path dependent view as the neoclassical approach, which helps understand how to improve radical changes toward a resource efficient economy. This means to promote a change in socio-technical systems that can help realise broad social functions more sustainably Vollenbroek, Various actors have to define what should be the balance of economical, environmental and social goals that are to be met.

The approach offered in the literature for this participatory process is the multi-level approach, which provides a straightforward way of ordering and simplifying the analysis of complex large structural transformation in production and consumption demanded by the normative goals of SD Smith et al.

Environmentally oriented innovations, also known as eco-innovations, bring the sustainable development realms of economy and environment into play, and also have an inherent effect on the social part of sustainable development. The concept of eco-innovation is mostly discussed in the literature as the innovation concept that is most embedded in the context of SD.

Eco-innovation is defined as innovation which lessens environmental burdens or contributes to sustainability goals Rennings and is also said to improve the environmental performance of consumption and production activities Del Rio If eco-innovation should be assessed in the context of SD, the concept shows following weaknesses:. First, eco-innovation focuses mostly on the environmental side of the market economy production and consumption of goods and services and does not properly include social innovation. Innovation concepts for SD strive for an approach in which technological solution are linked better with societal values and lifestyles together directing innovation towards progress.

Vollenbroek The routes that eco-innovation is most likely to take today are based on component innovation and incremental ones, i.

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Incremental innovation, understood as the substitution of product and process with more environmental friendly ones, still satisfies a certain existing demand. Therefore, such innovations conform to the existing model of consumption patterns and try to satisfy the current level of demand. Thirdly, the eco-innovation impact in radically changing the whole production system is still not very well elaborated in the literature, as there are many types of eco-innovation. As supported from an empirical study, eco-innovation based only on technological improvements for the purpose of more resource efficiency seems to be biased away from the type of eco-innovations which have the potential to realizing sustainable development Husemann Moreover, even when radical architectural innovation leads to improvement in the production process, the social system with its institutions, cultural settings, and life-style and consumption patterns will set limits to incremental or even radical technological development.

Innovations based on technological improvements do not automatically lead to societal progress, as is implicitly assumed in technology push-oriented policies Vollenbroek The eco-innovations that are most likely to succeed in pushing the economy towards sustainable development will be those ones which include the social and institutional dimension in the innovation of ecology and economy Smith et al.

The most applied incremental innovations, on the other hand, seem to lock social practices into existing trajectories which then become increasingly more costly to break out David Public strategies that aim to better link economic growth and environmental protection are currently focussing on concepts such as resource efficiency, dematerialization of economic growth by factor 5 or 10, absolute decoupling and eco-efficiency.

Despite differences among these concepts, commonalities exist in the recognition of the fact that the promotion of eco-innovation or environmental friendly innovations have the potential to change the way economies and societies consume resources and pollute the environment. Three of these initiatives have potential relevance to innovation, such as: the flagship initiatives on the innovation union , on resource efficiency , and on industrial policy. With regard to resource management, there is no detail yet on how resource efficiency is to be understood or how it can be achieved thorough innovation activities IEEP, With regard to industrial policy, the EU is mostly emphasizing the innovation-driven growth approach, by securing a strong industrial base and ensuring competitiveness.

In the following sub-sections, the innovation flagship initiative will be shortly outlined.