An Innovative Model of Economic Development of the Market

Ayna Salamova

doi:10.1051/shsconf/20219301005

Abstract

The transformation of the economy into an innovative socio-economic system is the basis for fundamental changes in the modern world, radically changing both the nature of labor and the main productive forces, and the appearance of society, the level and quality of its life. The content of the transition of the economy to a new stage of development is such processes as a change in the technological basis and model of economic management, strengthening of its social orientation and, finally, globalization. A fundamentally new technological basis of society is being formed today, a key role in which is played by information computer systems, nano- and biotechnologies, which have an innovative character and dynamism as their distinctive feature. The ongoing intensive development of the needs of society, science, technology, information determines both the expansion of the diversity of existing factors and models of economic growth, and the emergence of new ones.

Highlights

According to the majority of modern researchers-economists, the ongoing innovative transformations transform the productive forces of society, and represent the central link in the system of socio-economic processes
The accelerated and largescale development of new technologies leads to the fact that worldwide economic growth is more and more determined by the share of products and equipment that contains progressive knowledge and modern solutions (Fig. 1) [2]
The transformation process that began in the middle of the 20th century objectively turns the resource-saving model of economic growth into a priority one, since only it can provide both a high quality of life and sustainable competitiveness of the industrial economy, first into a post-industrial one, and into an innovative one. It seems that "economic growth" is a synthetic concept that is formed as a result of the influence on the development of the economy of both external and internal factors [1], it is characterized by the superiority of the consumer over the producer, the human factor over physical capital and natural resources, the service sector over the sphere material production, information and innovative technologies over production, quality over quantity, flexibility over stability, external environment over internal, world socio-economic standards over national, private sector over state, individual needs over mass, partnership over rivalry [2]

Summary

Introduction

According to the majority of modern researchers-economists, the ongoing innovative transformations transform the productive forces of society, and represent the central link in the system of socio-economic processes. Innovations can relate to the spheres of production, economic, legal, social relations, the field of science, culture, education and other spheres of society This term can have different meanings in different contexts, and their choice depends on the specific goals and directions of the analysis. That is why the general trend of world economic development is aimed at accelerating the processes of new industrialization, the defining vector of which is systemic innovative development and the formation of high-tech industries both on the scale of national economies and within individual regions. The national high-tech status can be determined by most of the known signs as catching up In these conditions, the priority of the development of high-tech industries and areas of activity is the restoration of permitted and the formation of new links in the external and internal innovation environment [3]

An Innovative Model of the National Economy

History of Creating Models of Economic Growth

Conclusions