Borisova E.V.Published in:
Creative Economy
– Volume 12, Number 1 (January 2018)

JEL classification: O11, O31, O38

Keywords: development, economic theory, innovation cycle, innovations, planning, strategy


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Abstract:

The article is devoted to the research on theoretical aspects of innovation development of the economy. The increasing role of high-tech industries in the structure of economies and the need to improve competitiveness of domestic economy highlight the expediency of a methodological justification for new development models. The article discusses the nature of innovations in the economic system of society. The paper proves the necessity of developing adequate concepts for innovative development through the analysis of different approaches and identification of the specific characteristics of the modern economic system at the stage of transition to the sixth technological stage. We show that strategic planning plays the key role in innovation cycle management.

Highlights:

Today we need new adequate theoretical concepts of innovative economic development.
The transition to a new technological order requires the transformation in economic relations of the whole society.
Knowledge is one of a major factor for economic growth in all spheres of society. Therefore, the main competitive advantage of the country is its intellectual potential.
We believe that planning is the most important component of the innovation cycle and its starting point.

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