Innovation Process as the Driving Force of Economic Growth

Faychuk Olexandr M. () and Faychuk Olha V. ()
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Faychuk Olexandr M.: National University of Life and Environmental Sciences of Ukraine
Faychuk Olha V.: National University of Life and Environmental Sciences of Ukraine

Business Inform, 2013, issue 10, 66_70

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.

Keywords: innovation process; innovation project; economic growth; economic cycle (search for similar items in EconPapers)
Date: 2013
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