In this essay, we begin by offering a definition and two examples of market creating innovation that provide a foundation for the historically informed theory that follows. With this definition and the examples in mind, we next assess the two dominant theories of development— essentially, the...

Technology-based innovation is essential to development and economic growth. New technologies are inevitably associated with new risks, of course, and technological advances alone do not ensure social progress. But in the long run, the human capacity to develop new tools and put those tools to...