Individual case study report
Students choosing this option will produce and submit an individual case study report focussing on an invention or innovation of their choice. Students should demonstrate knowledge and understanding of module content by exploring their chosen invention or innovations contribution to economic development.
Joseph Schumpeter (1934) observed a link between entrepreneurship and economic development, suggesting that truly radical innovations lead to cycles of ‘creative destruction’ that transform industries and markets forever, creating wealth, jobs, and quality of life improvements for citizens. Israel Kirzner (1973) offered a different view, however, suggesting that alert and opportunistic entrepreneurs are the real key to economic development, as they capitalise on the uncertainty inherent in these transformative cycles. Both theories offer insight into the important economic role played by entrepreneurs and the innovations they create. Entrepreneurs are the true change makers in any economy, and when idea and opportunity successfully merge, we all benefit.
Choose any innovation or invention, from any period of time, and carefully examine its contribution to economic development. How has society benefitted from this innovation? Has it made the world a better place? Did it create lasting value? Refer to theory and reading from the module to support your discussion, as well as relevant evidence or data from the real world.
A good report will include the following:
– An introduction
– A clear description of the innovation or invention and its context
– A cogent analysis of the innovations contribution to economic development, including examples to illustrate
– Evidence of reading and engagement with theory from the module
– A conclusion
– Referencing in the Harvard Style