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2017/18 Undergraduate Module Catalogue

LUBS2665 Economics of Innovation

10 creditsClass Size: 66

Module manager: Dr Effie Kesidou

Taught: Semester 1 (Sep to Jan) View Timetable

Year running 2017/18

This module is approved as a discovery module

Module summary

This module examines the importance of innovation for the competitiveness of firms and economies. It analyses how either firms or national economies can stimulate their competitiveness, growth and wealth by using Innovation Policies. You will learn about the importance of various methods of Intellectual Property Protection, the significance of Networks and Clusters and the relationship between Innovation and Entrepreneurship. You will develop the ability to apply the theory in practice and to critically evaluate firms’ innovation strategies and governments’ innovation policies. The first part of the module examines the innovation strategy of the firm, and the importance of clusters and networks for the producer of innovation. The second part, of the module examines theories of demand and consumption in relation so innovation, organizational structure for innovation and policy for innovation.


This module aims to provide students with knowledge and understanding of economic analysis of innovation to explain why innovation is so important to companies and to the economy. It develops some theoretical building blocks for the analysis of innovation and considers several empirical questions about innovation.

Learning outcomes
Upon completion of this module students will be able to:
- Explain economic theories and concepts used in the analysis of markets for innovation
- Identify the appropriate business policies and strategies to meet stakeholder needs within a changing environment
- Give examples of a range of contemporary and pervasive business and management issues

Skills outcomes
Upon completion of this module students will be able to:
- Apply cognitive skills of critical thinking, analysis and synthesis
- Conduct research as part of a team

Subject specific
- Apply economic business models, theories and concepts to pervasive business problems and phenomena
- Create, evaluate and access a range of options, together with the capacity to apply ideas and knowledge to a range of business (e.g. evaluating innovation strategies for small versus large companies) and other situations (e.g. assessing public policies for innovation)


Indicative 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

Teaching methods

Delivery typeNumberLength hoursStudent hours
Private study hours85.00
Total Contact hours15.00
Total hours (100hr per 10 credits)100.00

Opportunities for Formative Feedback

Feedback will be given through the seminars, where students will have the chance to try interpreting and using the ideas covered on the module. Additionally, students will receive personal feedback on their presentations during the seminars. Students will also have the opportunity to ask the Lecturer any questions relating to the course during academic consultation hours.

Methods of assessment

Assessment typeNotes% of formal assessment
Total percentage (Assessment Coursework)15.00

The resit for this module will be 100% by examination.

Exam typeExam duration% of formal assessment
Standard exam (closed essays, MCQs etc)2 hr 00 mins85.00
Total percentage (Assessment Exams)85.00

The resit for this module will be 100% by examination.

Reading list

The reading list is available from the Library website

Last updated: 15/01/2018


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