Scientific and theoretical fundamentals of innovative development in modern economic science

Abstract

The paper is devoted to the study of the nature of innovative development as a phenomenon of social life and economic system. An understanding of the concept of "development" is presented. The nature of economic development is determined. The main approaches to defining the essence of innovative development are considered. The morphological analysis of the concept of "innovative development" is carried out across such components as content, characterizing features, providing factors, and purpose. On the basis of the conducted morphological analysis, the peculiarities of innovative development at the macroeconomic level in the context of structural improvement of the national economy are determined. The paper emphasizes the crucial role of value-added growth that characterizes innovative development and provides an increase in progressive production of the recent types of technological modes. The nature of innovative development at the microeconomic level is defined as a process of continuous introduction of innovations to update products and increase the competitiveness of enterprises. The factors of providing innovative development at the microeconomic and macroeconomic levels are considered. Peculiarities of understanding innovative development in the globalization context are determined. To branch out and define the commonality between the concepts of innovative, sustainable, inclusive, and institutional development, Euler-Venn circles are built. The paper proves that economic development is the intersection of economic growth and innovative development. Inclusive development is fully within the scope of sustainable development. Sustainable development is the intersection of innovation, institutional development, and economic growth. In general, innovative development refers to the implementation of ideas, knowledge, and research results in the form of a continuous process that changes the systems in which they are implemented, creating a new level of quality.