It is taken as axiomatic that innovative activity has been the single, most important component of long-term economic growth. Innovation in products and the processes that supply them is a large element of our rising standard of living. It may seem odd, but official indicators do not show this.
The innovation improved many things even in law; by the existence of innovation the intellectual property law got developed.
The innovation effects the economy, environment and people. We can see that the economy got effected by the new products in market, as years pass by the products have more quality and more intelligence at lower price. The market gets effected by it and so does the economy of a country or nation, as long as there are consumers and demands.
For the Environment, innovation helped nature preservers by adding recyclable and environmental friendly products (unleaded fuel, solar and natural power generation, chemical-free etc..)
to the market. The same thing goes to products against animal testing, there are alternatives now for animal testing that even big brands like "The Body Shop" and "EstÃÂ©e Lauder" use it.
As for the society, innovation made lives easier for the people, by creating and innovating facilities that would ease life, whether it was technical products, hygiene products, transportation, etc.)The modern television, with its LCD screen, digital sound, teletext and remote control, is barely comparable with the one of a generation ago.
Clothes are more resistant to losing their color and need less ironing. Telephones are clearer, faster and carry more services. All these, and many more, make us better off.
In conclusion, scientific management and its introduction for process innovation opened a new door for economic, environmental and social benefits.
Sources:Real lifeEnvironmental Societies ex: EEF