Beyond economic growth : the role of innovation in shaping social impact

The ultimate goal of economics is to understand and improve social welfare. Nevertheless, the dominant discussion in economics is still centered on production, consumption, and monetary outcomes. Therefore, economic growth has been one of the main goals of politics for the last few decades. As a prominent driver of technological progress, regional and national competitiveness, and ultimately, economic growth, technological innovation is often at the core of these considerations. However, growth and innovation are also increasingly associated with adverse side effects. Moreover, the focus shifted from pure economic towards more inclusive approaches, also considering social effects. Indeed, there is comprehensive evidence for an urgent call to think beyond economic growth from all parts of society. The role of innovation may consequently also be reconsidered to improve people’s quality of life instead of solely fueling pure economic growth. This dissertation addresses several research gaps on the social consequences of innovation. It first explores the influence of universities on a micro and an institutional level. This work further examines the social impact of radical innovations by disentangling the complex relationship between radical innovations and objective well-being. Finally, a new approach to measure the concept of social innovation and thus enable more empirical work in this field is created. The findings show that the potential of universities regarding their social impact is largely unused. Moreover, the social consequences of innovation are often overlooked. They need to be known and properly addressed. This urges policymakers, stakeholders, and researchers to adopt a more nuanced view regarding the effects of innovations and actors of innovation systems. Social considerations need to be included and complement the focus on technological advancement prospectively.