CONCEPTUAL FOUNDATIONS OF THE INNOVATIVE DEVELOPMENT: THEORETICAL ASPECT

Abstract

Innovative development is a key factor of success and competitiveness in the modern world, which is dynamically changing. Scientists, politicians, and business entities need to understand the essence of innovations and their impact on economic growth, social progress, and sustainable development. The relevance of scientific research on theoretical approaches to the formation of the principles of innovative development is because the development of effective strategies and state innovation policy requires an understanding of the theoretical principles of innovative development. The work aims to study the basic theoretical provisions of modern theories of innovative development. The factors of the influence of the introduction of innovations on social development have been identified. It has been found that technical progress, competition, and state policy are the basic factors of the effectiveness of innovative activity. It has been established that the famous founders of classical economic theory (XVIII-XIX centuries), who emphasized the importance of updating goods and services, were Adam Smith, David Ricardo and Jean-Baptiste Say; the developers of the theory of evolutionary economics (XX century) also paid attention to the study of the impact of the introduction of innovations on social development, including Joseph Schumpeter, Richard Nelson and Sydney Winter; the founders of the modern theory of innovation systems (XX-XXI centuries) are Christopher Freeman and Bengt-Åke Lundvall. The traditional innovative development model is described as the "triple helix" model. The advantages of the "quadruple helix" concept are substantiated, which is a relatively new approach to understanding and managing innovation processes, which has become widespread in the XXI century. It is emphasized that state policy in the field of innovation should be aimed at the development of human capital. A high level of human capital forms the prerequisites for the sustainable economic development of the state. The theory of human capital should be the basis for the development of effective innovation policy.