INNOVATIONS AND DYNAMISM OF ECONOMIC DEVELOPMENT: INNOVATIVENESS OF J.A. SHUMPETER

Abstract

The modern market economy is characterized by dynamism and instability of the processes taking place in the market. The beginning of the new millennium is marked by the creation of a global information society, the emergence of a new technological method of production, and is characterized by a transition from a resource-intensive type of economic development to an innovative one. The main resource of effectively functioning systems is the creative, innovative abilities of people, intellectual capital. The innovative way of development involves the interconnected effective functioning of the scientific, technical, industrial, financial, social, motivational, spiritual spheres, the natural environment of human life and public institutions. Globalization and intellectualization of the economy, accompanied by high rates of innovation in the world economy, are changing the socio-economic structure of modern societies and production processes. It becomes obvious that in order to solve economic problems, new approaches and qualitative progressive changes are needed. The need for the growth of innovative activity is increasingly driven by the need for structural transformation of the economy and ensuring its global competitiveness. The study of the main parameters and consequences of innovations from the standpoint of establishing their links with the characteristics of scientific and technological development is an urgent task in the context of taking these parameters into account in order to establish effective mechanisms for introducing an innovative development model, as well as its adaptation to modern internationalization trends.