THE MARKET OF INNOVATIONS: FACTORS, INCENTIVES, OBSTACLES AND PERSPECTIVES FOR EFFECTIVE FUNCTIONING

Natalia Kraus () and Kateryna Kraus ()
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Natalia Kraus: SESE “Academy of Financial Management” of the Ministry of Finance of Ukraine, Kyiv, Ukraine
Kateryna Kraus: Poltava University of Economics and Trade, Poltava, Ukraine

The USV Annals of Economics and Public Administration, 2016, vol. 16, issue 1(23), 85-91

Abstract: The incentives and obstacles of effective functioning of the innovations are investigated in the article. It is determined that on the formation of the market and establishment of its equilibrium directly affects a number of system characteristics that established in the institutional environment, including such as: differing vectors of actions of economic (market) and political (political and legal institutes and state) factors of the development of national economy; formation of a “double standard” and various rules of the market game for different classes of participants; negative mutual influence of key institutes, which indicates that the state has no interest in establishing of transparent rules and eliminates the possibility of effective regulation in individual segments. It is offered an author’s understanding of the market of innovations through the prism of institutionalism, the market of innovations is a complete range of social and economic institutions-organizations and joint structures and aims the economic exchange, that includes a common understanding of mutual benefit, the transfer of ownership, “transparent” and fair agreements on proportional sharing. It is proved that institutional factor in some situations that arise in the market is a natural limiter, controller of his freedom. Institute of the market of innovations is under the powerful influence of a number of informal and not always visible institutional the market of innovations. They include intuition of manufacturers, perception the innovations by individuals, feelings, motives of internal motivations of consumer behavior. It is presented institutional structure of the market of innovations according to different levels of economic aggregation in order to obtain an overall vision of institutional design of the market of innovations. This structuring enables better determine with possible mutual influences and relationships between the “players” in the market of innovations.

Date: 2016
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