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THEORETICAL PARADIGM OF INNOVATIONS UPON THE MARKET CONDITIONS


The approaches of classics of political economy upon the nature and essence of innovation are observed in the article. The definitions of innovations in the works of prominent economists and their role for the changes in society are generalized. The connection between the long waves of classics of political economy and cycles of modern fluctuations is described. The connection between innovation and trends of economic development is underlined. It shows the importance of innovation in the market conditions.



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Keywords:  innovation, economic development, cycle, long waves, market.

THEORY

Duba Oleksandr
PhD, Ąssociate Professor

 

 

 

 

 

 

 

 

 

 

 

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