ECONOMIC GROWTH BASED ON INNOVATIVE DEVELOPMENT IS THE BASIS OF MACROECONOMIC STABILIZATION AND SUSTAINABILITY OF THE NATIONAL ECONOMY

Abstract

When the global community entered in the XXI century world emerging economy is more clearly considered as post-industrial, where a leading sector of the economy in the GDP production is not agriculture and not even industry but services. The main productive resource in such circumstances is not natural and productive capital but human capital, which is represented by storage of knowledge and skills accumulated by a person in the process of training and previous employment. Value of this capital is directly dependent on the level of education both general and professional. Human intellect becomes a main factor of production and professional. If the level is higher it means that such person can perform more valuable types of work for expand wealth of the country and it is transformed into intellectual capital. Consequently, a special market is formed that is a market of intellectual capital. An offer in this market is represented by labor with a high level of intellectuality and innovativeness and it has, in its turn, high market value. Well-handled components of human capital contribute to scientific-technical and social progress of the society, its sustainable economic development as the main types of final products unlike with previous stages of development are information and knowledge and the main factor of economic growth is productivity of mental labor workers. It is human capital that is one of the main factors ensuring transition to V and VI technological paradigms under current conditions. These paradigms are underlying a solid foundation for formation of new intellectual and information society. New knowledge and information technologies are making a breakthrough not only in the direct production of commodities but in the non-manufacturing sector as well (education, health, trade, finance etc.).