There are many factors affecting the economical development which is one of the indicators of socio-economical development. The implementation of the innovation strategies at these factors are acknowledged for achieving the requested results. However, the innovation concept is discussed mostly in the economical thought and investigated by different point of views at economy theories. In order to understand how todays economical development approach emerged, the development of the innovation concept through the economical thought process has to be determined. Information obtained shows the economic importance of the concept of innovation and its effects.
The purpose of this study is to determine the significance of the innovation concept at the school of economical thought through the historical process and to investigate the phases of the development of the concept theoratically. This study determined relationships between economy and innovation. To sum up, the analysis in this study has the potential to shed light on the consequences and future of perception of innovation as well as how it affects theories of economy.
Keywords: Innovation, Economical thought, Economical development