Innovation Process as the Driving Force of Economic Growth
Journal Title: Бізнес Інформ - Year 2013, Vol 10, Issue 0
Abstract
The article is devoted to definition of the functional value of the many-sided phenomenon of the innovation process in ensuring positive dynamics of economic development and appearance of cyclic fluctuations in the market economy. It differentiates component elements of the "innovation process" category and conducts its structurisation. It describes the essence of "novation", "innovation", "innovation activity", "innovation project" and "innovation process" notions. It substantiates the key role of innovation projects in ensuring regular and periodic stimulation of processes of economic growth. It shows their place on curves of the life cycle of goods, which embodies cyclic fluctuations in economy.
Authors and Affiliations
Olexandr Faychuk, Olha Faychuk
Keywords
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