Creativity refers to the invention or origination of any new thing (a product, solution, artwork, literary work, joke, etc.) that has value. “New” may refer to the individual creator or the society or domain within which novelty occurs. “Valuable”, similarly, may be defined in a variety of ways.
The range of scholarly interest in creativity includes a multitude of definitions and approaches involving several disciplines; psychology,cognitive science, education, philosophy (particularly philosophy of science), technology, theology, sociology, linguistics, business studies, and economics, taking in the relationship between creativity and general intelligence, mental and neurological processes associated with creativity, the relationships between personality type and creative ability and between creativity and mental health, the potential for fostering creativity through education and training, especially as augmented by technology, and the application of creative resources to improve the effectiveness of learning and teaching processes.
As SBM student we have to be creative in economic way, economic approaches to creativity have focussed on three aspects – the impact of creativity on economic growth, methods of modelling markets for creativity, and the maximisation of economic creativity (innovation).
In the early 20th century, Joseph Schumpeter introduced the economic theory of creative destruction, to describe the way in which old ways of doing things are endogenously destroyed and replaced by the new. Some economists (such as Paul Romer) view creativity as an important element in the recombination of elements to produce new technologies and products and, consequently, economic growth. Creativity leads to capital, and creative products are protected by intellectual property laws