How can innovation economics benefit from complex network analysis?

There is a deficit in economics of theories and empirical data on complex networks, though mathematicians, physicists, biologists, computer scientists, and sociologists are actively engaged in their study. This paper offers a focused review of prominent concepts in contemporary thinking in network research that may motivate further theoretical research and stimulate interest of economists. Possible avenues for modelling innovation, considered the driving force behind economic change, have been explored. A transition is needed from the analysis in economics of the transaction to the explicit examination of market structure and how it processes, or is processed by, innovation.