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Innovation, Entrepreneurship, and the Economy in the US, China, and India by Harini Mittal, Zhijie Gao, Rajiv Shah

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Chapter 20

An Economic Model

Abstract

In this chapter, we draw from the previous two chapters and discuss ways to address not only innovation but also potentially entrepreneurship, in an economic model, drawing from techniques used in the fields of finance, physics, and engineering. While we invoke these phenomenological techniques to explain the survival and success of some of these ventures and their impact on economic growth, in either a start-up or a corporate environment, we draw upon analogies to other natural phenomena to attempt to provide a plausible explanation for these spurts in the economy.

Keywords

Coherence

Disorder-to-order transition

Fokker-Planck equation

Hermann Haken

Ilya Prigogine

Ito process

Jump diffusion

Nonlinear ...

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