Identification of innovative determinant in models of economic system cyclical development
Journal Title: Економіка. Фінанси. Право - Year 2019, Vol 6, Issue
Abstract
Introduction. A remarkably important thing in this context is the problem of determining the optimal conditions for the regulation of innovation activity in the present wave-like dynamics of the economic development of the world economy. Despite numerous studies of the cyclical nature of economic development as a whole and the definition of their innovation component, the determination of the interplay and interdependence of innovations and cycles, the problem is determined as a one that has not been sufficiently empirical, is debatable and needs further improvement. The purpose of the study is to analyze the causal relationships between cyclical economic development and the emergence of innovations using the historical method. The paper deals with life cycle stages of cyclical fluctuations and basic innovations; interrelation and correlation between the two aforecited categories analyzed. Results. Special attention is given to the model of the real business cycle and to stochastic theories, further improvements of which are a priority for further research in the field of innovation cycles. The inclusion of the indicator of technical progress in a series of given outwardly is not appropriate and is one of the main causes of cyclical crises is the strictly conditioned periodic renewal of fixed capital, which also occurs periodically under permanent conditions of a non – accidental nature. Conclusion. Without a radical shift in technology and improvement innovations, the renewal of capital is unlikely to happen. Innovation activity is a systemic phenomenon, which is one of the factors that cause cyclical fluctuations of the economy and directly affects the development and reorganization of productive forces. At the stage of renovation of production capacities there is a series of objectively determined factors that slow down this process and cause economic instability.
Authors and Affiliations
Bohdan Oleksandrovych Butko
Keywords
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