Abstract

This article describes the main innovations theories and concepts of the 20th century. Economists confirm the importance of scientific and technological progress, innovation and institutional changes in stimulating economic growth and development. The article reviews studies conducted by prominent Russian and foreign economists such as M.I. Tugan-Baranovsky, N.D. Kondratiev, J. Schumpeter, P.A. Sorokin, S.Yu. Glaziev, G. Bernal, R. Solow, S. Kuznets, B. Twiss, G. Mensch, K. Freeman, J. Vandein, and other researchers who have made significant contributions to the study of innovations. The article outlines basic innovative theories and concepts, the evolution of approaches to assessing innovation activities, and the analysis of the impact of innovations on economic development. Important topics such as economic cycles, Kondratiev’s wave theory, Schumpeter’s concepts of “creative destruction”, as well as findings done by Bernal, Solow, and Kuznets confirming the influence of scientific and technological progress on economic growth are covered in the article. The importance of scientific research in the field of innovations is emphasized by G. Mensch, K. Freeman, J. Van Deyn, A. Kleinknecht, F. Hayek, B. Lundvall, R. Coase, S. Davis, E. Mansfield, A. Romeo, and D. North, who have identified the role of innovations in stimulating economic development and the need for institutional changes to support the innovative activities. Glaziev’s studies on technological paradigms, Freeman’s concept of a national innovation system, Van Deyn’s hypothesis on the connection between innovation and socio-economic development, as well as the work of Twiss, who highlighted the decisive impact of science and technology on socio-economic development, underscore the significance of research in the field of innovations and its impact on the economy. Innovations theories and concepts define innovation as a crucial factor in economic development, stimulating competition, increasing productivity, and contributing to the restructuring of the economy. Understanding the patterns of innovation activities and the factors influencing their effectiveness is crucial for developing effective economic policies. The results of the research can be used to determine the place of innovation in the modern world, evaluate its impact on the economic growth, and develop measures to support and stimulate the innovative activities of Russian economic entities, ensuring technological leadership and sovereignty in current conditions.

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