FIVE-FOLD SYNERGY AS AN OPTIMAL INNOVATIVE MODEL

The growing importance of innovations in the economy has turned them into a more important factor in production and consumption, structural changes, economic dynamics, competitiveness, and social development. This has gained a paradigm importance and has led to the emergence of an innovative model of economic development, the peculiarities of which being the topic that the article is concerned with. Taking into account the dependence of innovations on the generation and dissemination of new knowledge, the article emphasizes the critical importance of the productivity of science and the quality of education. This is confirmed by global trends and finds a manifestation in the development strategies of the countries and companies. In this context, a modern understanding of innovations and the basis of their emergence, which is connected with knowledge and creativity, has been closer defined. The authors characterize the main features of innovation, in particular: cumulativeness, chain character, integration of practical and theoretical knowledge, duration of «maturation» and emergence of innovation, uncertainty, collectivity, uneven appearance in time and concentration in space, propensity towards conflict. A vision of the process of developing innovations by stages covered by system management is proposed. The main models of emergence of innovation together with the model of innovation process (the model of extraction through demand (market); the model of «needs seekers»; the model of «readers of market information»; the model of technological nudging; the cyclical model of innovations; the model of open innovations; the chain and interactive model of innovation process; the innovative model of «funnel»; the network model of innovation) are described. A number of features of the innovative model of economic development are allocated: recognition of innovation as the most important factor of economic growth; constant interaction of production, science and market, focused on the development of innovations; defining role of human capital; structural changes in the system of social production; domination of the innovative nature of competition in the modern economy; development of innovative entrepreneurship. On the basis of the formation of an innovative model of development, the growing role of science and education, the modern economy is characterized as an economy of knowledge; the main points of its concept are considered. An increase in the influence of education in the innovation model of the economy in terms of generating and disseminating new knowledge in order to intensify innovation is substantiated.

Досліджено умови формування інноваційної моделі економічного розвитку економіки України. Визначені напрямки державної політики, спрямованої на прискорення інноваційних процесів. На основі розрахунків доведено, що зростання державних витрат на фінансування технічних наук може бути здійснене на основі перерозподілу фінансових ресурсів. Рівень інноваційної активності промислових підприємств України суттєво поступається розвинених країнам ЄС. Особливо критичним є відставання від розвинених країн у реалізації інноваційних товарів, робіт та послуг, які були новими для ринку. Одним із факторів, який би сприяв посиленню комерціалізації науки, повинно стати використання досвіду зарубіжних країн щодо податкового стимулювання впровадження інновацій. Відновлення економічного зростання не супроводжувалося стійкою тенденцією до підвищення ефективності технологічних інновацій.
 Побудова інноваційної моделі економічного розвитку країни потребує мобілізації фінансових, матеріальних та трудових ресурсів держави. В умовах обмеженості фінансових ресурсів вагомим джерелом збільшення витрат на технічні науки може слугувати їх перерозподіл. З метою активізації інноваційної діяльності необхідне впровадження податкове стимулювання зростання інноваційних витрат. Серед провідних напрямків – впровадження прискорених норм амортизації для інноваційного обладнання.
 

Topicality. The urgency of the problem of stable development of the domestic market of innovative technologies today is due to the fact that, according to Western experts, world economic growth is already more than 3/4 based on the achievements of scientific and technological progress, and more than half of the profits received by enterprises are formed as a result of the promotion of new goods and services. This indicates that innovative development is increasingly becoming an important component of the reproduction process as a whole, and sustainable economic growth, preservation and creation of new competitive advantages in the business sector of the country becomes possible only if the transition to an innovative model of economic development. Aim and tasks. The aim of the article is to develop a conceptual model of sustainable development of the market of innovative technologies in Ukraine based on the transformation of the business environment in order to create favorable conditions for the fullest use of the combined potential of science and technology entrepreneurship. Research results. The system of principles of transformation of the business environment in the context of sustainable development of the market of innovative technologies on the basis of the revealed tendencies which have developed in world economy in the last decade is offered. The conceptual model of sustainable development of the market of innovative technologies in Ukraine on the basis of transformation of the business environment which is based on the theory of innovative development, the revealed interrelation of the factors characterizing a condition of the business environment is developed, and market development of innovative technologies (the criterion of which we consider the volume of sold high-tech products (works, services) in terms of information and communication technologies in production and services, production and services using high technology and intellectually rich market services), and also takes into account the probabilistic nature of the development of socio-economic processes in the world and national economies. It is argued that the business environment is a basic strategic variable, the transformation of which (through the mechanisms and tools of state regulation) is the key to sustainable development of the market of innovative technologies in Ukraine. Conclusion. The proposed conceptual model will be the basis for further development of the methodology of transformation of the national business environment, which will determine the functioning and development of the market of innovative technologies in the future, providing conditions for innovation and technological development of business structures and the country as a whole.

The article summarizes scientific knowledge about the innovative development of the economy. Currently, there are conflicting views in scientific papers on the conditions for the emergence and spread of innovation, especially in times of economic crisis. Therefore, the aim of this study is to reveal the views of scientists on the role of innovation in economic development and substantiating the principles of forming areas of financial support for innovation to overcome the effects of economic crises and strengthen the country's competitiveness. The study of the main fundamental theories of innovative development allowed to summarize the views of scientists on the relationship between economic development and innovation processes. Based on the theoretical views of scientists, two paradigms of post-industrial society have been identified, which are based on understanding the relationship between the nature of cycles of economic development and innovation, as well as the presentation of innovative development as a factor of economic growth. The analyzed theories of innovative development reveal innovations as an integral factor of economic growth of any society. The main reason for the cyclical nature of economic development according to the theories of innovation is the uneven nature of the introduction of innovations, which causes periodic violations of economic equilibrium. The study of these patterns makes it possible to justify the direction of innovation processes and develop a financial mechanism for their stimulation. Today, innovation should become a top priority in efforts to accelerate the economic development of states, which will ensure the implementation of intensified investment processes and the implementation of ways out of the crisis. That is why, in our opinion, the study and use of theories of innovative development in times of economic shocks should be the basis for developing a long-term innovative model of economic development.

The article notes that in the transition to an innovative model of economic development, the state becomes the main author who develops a national development strategy, creates the basic conditions for innovative development, mechanisms of self-regulation and the formation of effective institutions of innovation environment. Public administration of innovative development is an area of legal, economic and political nature that promotes the development of innovation in the country, taking into account the interests of all economic actors and all institutions of the state. The article substantiates the theoretical and methodological provisions and practical recommendations for state regulation and strategic management of innovative development in the transformation of the national economy. The levels of the hierarchical structure of the innovation development strategy are considered; the factors of economic growth in developed countries are reviewed; the goals and normative-legal support of the state strategy of innovative development of Ukraine are outlined; the problems that stand in the way of innovative development of the country and ways to overcome them are named. The author emphasizes that the important tasks of the state are: determining the priorities of innovative development in conditions of limited resources; development of innovation and scientific-industrial policy that reflects the mutual interests of science, industry, investors; state support (in the form of direct budget funding) for largescale research and further implementation of the results in production; providing the conditions necessary for the effective, «civilized» functioning of the innovation market. The results obtained during the study will contribute to the improvement of strategic public administration of innovative development of Ukraine’s economy, taking into account its cyclical nature and duration of the current socio-economic crisis.

The article considers the process of modernization of the innovative model of economic development of the region as a key tool for sustainable development of the national innovation system. The conditions for the activation of globalization processes allow us to determine the main directions of development of the Russian economy, ensuring sustainable rates of socially oriented economic growth and integration into the world space. This implies the need to realize the innovative potential of individual economic entities, territorial entities, and the state as a whole, which are focused on the generation, development and introduction of new technologies, goods and services. The analysis of the innovation process shows that in the economy, in society as a whole, innovations often meet forces of inertia and resistance, which either strongly inhibit the processes of renewal, or stop them, leaving the idea unclaimed for a long time, while the main factor in the stagnation of innovation processes in the economy can be identified as the established system of socio-economic relations in the state.There is no conflict of interests.

A study has been conducted, the actualisation of which is aimed at solving problems arising in the process of financial support for the implementation of the innovative model of economic development of Ukraine and the participation of banks and other participants in the innovation process. The purpose of the article is to develop a methodological basis for the formation of a system of financing innovative economic development. Methodology. The information base of the study is the official statistical sources and the results of scientific works of leading foreign and domestic scientists. The following methods were used: system methodological approach, synergetic, analytical and synthetic approach; comparison and systematisation; observation; graphic method; logical generalisation. Results. The study highlights the general methodological provisions (purpose, objectives, functions, principles and object), which became the basis for the formation of the system of investor financing of innovative economic development. Value/оriginality. For the first time, the components of the system of financing the innovative development of the economy are specified, i.e., the levels, subjects, objects, purposes and instruments of influence. Macro-, meso- and micro-economic levels are identified, which are considered as a whole and are interrelated. Each of the economic entities contributes to the financing of innovative economic development within the framework of its objectives and instruments of influence. Practical implications. The application of the proposed system of financing the innovative development of the economy will ensure a synergetic effect, the implementation of the strategic goals of innovative development, the realisation of the economic interests of the state and the participants in the innovation process.

The innovative model of economic development allows to move to a new technological level, create new jobs in science-intensive industries, ensure sustainable long-term growth and ensure a competitive position in the world market. The introduction of the concept of smart specialization for Ukraine is actualized by the ability to carry out structural transformation of the economy on an innovative basis. It is a new approach to state support for structural change in the country's economy and combines elements of regional, innovation, industrial and educational policies. The concept of smart-specialization involves the identification and development of new industries or economic activities that are the specialization of the regions, taking into account their characteristics within the national economy. This necessitates the identification of sectoral priorities on which scientific, intellectual and financial resources should be focused. The aim of the article is to study the essence of the concept of smart specialization based on the analysis of domestic and foreign literature, highlighting the criteria for determining sectoral priorities and determining sectoral priorities for Ukraine in the context of innovative development model. The achievement of the purpose set in the article is carried out with the help of the following research methods: analysis and synthesis, logical generalization, grouping and classification, structural analysis, scientific abstraction, statistical methods. It is substantiated that the selection of sectoral priorities should be based on criteria that are specific, measurable, achievable, relevant and limited in time. It is established that such criteria may be: the industry's contribution to macroeconomic growth, industry innovation, competitive advantages of goods (services) in foreign markets, the multiplier effect of industry development on other sectors of the economy, characterized by specificity, measurability, reach, relevance and time constraints. Criteria indicators were calculated and brought to an integrated index, as a result of which priority types of economic activity in the primary, secondary and tertiary sectors of the Ukrainian economy were identified.

The article is devoted to the assessment of the impact of the development of manufacturing on economic growth in developing countries, in particular, the Republic of Uzbekistan. Conclusions for Uzbekistan take into account the peculiarities of the implementation of the Program for Localization of the Production of Finished Products, Components and Materials. To perform the estimates, a regression model was constructed to determine the impact of the factors of sustainable economic growth on per capita GDP (in US dollars of 2010), which indicator is used in the model as a dependent variable characterizing sustainable development. Factors of economic growth are substantiated with the use of well-known theoretical approaches and empirical data. The article presents a cross-country analysis of economic growth indicators in developing countries, which allowed to form a sufficient sample of data for estimates. The article evaluates the impact of the diversification factor on economic growth indicators, analyzes the relationship between the indicators of processing industry development and economic growth. The connection between the volatility of economic growth and the development of the processing industry is demonstrated, as well as a comparative analysis of different types of economic diversification in the developing countries selected for this study. Using correlation and regression analysis, the impact on economic growth of such factors as R&D expenditures, human capital, trade openness, the share of manufacturing in GDP, and employment in industry was analyzed in detail. Based on the author's study of the impact of these factors on economic development, the recommendations have been developed for developing countries, including Uzbekistan.

The article is devoted to the assessment of the impact of the development of manufacturing on economic growth in developing countries, in particular, the Republic of Uzbekistan. Conclusions for Uzbekistan take into account the peculiarities of the implementation of the Program for Localization of the Production of Finished Products, Components and Materials. To perform the estimates, a regression model was constructed to determine the impact of the factors of sustainable economic growth on per capita GDP (in US dollars of 2010), which indicator is used in the model as a dependent variable characterizing sustainable development. Factors of economic growth are substantiated with the use of well-known theoretical approaches and empirical data. The article presents a cross-country analysis of economic growth indicators in developing countries, which allowed to form a sufficient sample of data for estimates. The article evaluates the impact of the diversification factor on economic growth indicators, analyzes the relationship between the indicators of processing industry development and economic growth. The connection between the volatility of economic growth and the development of the processing industry is demonstrated, as well as a comparative analysis of different types of economic diversification in the developing countries selected for this study. Using correlation and regression analysis, the impact on economic growth of such factors as R&D expenditures, human capital, trade openness, the share of manufacturing in GDP, and employment in industry was analyzed in detail. Based on the author's study of the impact of these factors on economic development, the recommendations have been developed for developing countries, including Uzbekistan.

Fostering Sustainable Growth in Ukraine

Spatial characteristics and complexity of the urban economic network structure based on the secure Internet of Things

This study explores the intricate relationships between monetary policy, inflation rates, and foreign direct investment (FDI) and their collective impact on economic growth in developing countries. Utilizing a comprehensive review of existing literature, this research aims to provide a nuanced understanding of how these macroeconomic factors interact to influence economic development. Monetary policy, often implemented through adjustments in interest rates and money supply, is critical in shaping economic stability and growth. The study reveals that effective monetary policy in developing countries can stimulate economic activity by fostering an environment conducive to investment and consumption. However, the impact of such policies is contingent upon the stability and credibility of the governing institutions, which are often variable in developing regions. Inflation rates, which reflect the general rise in price levels, were found to have a complex relationship with economic growth. Moderate inflation can stimulate spending and investment by reducing the real burden of debt and encouraging consumption. In contrast, high inflation can erode purchasing power and deter both domestic and foreign investment, thereby stifling growth. This study underscores the importance of maintaining inflation within a manageable range to support sustainable economic growth. Foreign direct investment is identified as a key driver of economic development, providing capital, technology transfer, and employment opportunities. The research highlights that FDI can significantly enhance economic growth by supplementing domestic capital, improving infrastructure, and fostering industrial diversification. However, the benefits of FDI are maximized when complemented by stable economic policies and a favorable investment climate. In conclusion, the interplay between monetary policy, inflation, and FDI is crucial in shaping the economic trajectories of developing countries. The study suggests that balanced and coherent policy frameworks are essential to harnessing these factors for sustained economic growth. Future research should explore country-specific dynamics to better understand the differential impacts across various developing economies.

This article discusses the role of regions in the innovative development of the country, regional innovation policy objectives, status of regional innovation systems in the regional economy and the factors influencing the formation of regional innovation capacity. The article discusses about global innovation policy and innovation potential of Slovakia.

This study investigated the impact of the people category of the Sustainable Development Goals (SDGs) on sustainable and conventional economic growth in Asia and the Pacific region, using a sample of 52 selected countries between 2000 and 2023. Employing two distinct models, model A1 for conventional economic growth and model A2 for sustainable economic growth, we explained the relationships between five SDG indicators: employed poverty rate, stunted children, expenditure on health, expenditure of education, and % of women MNAs on economic growth. This study employed a fixed-effect model and random-effect model to investigate the impact of the people category SDGs on traditional and sustainable economic growth. The comparative analysis of each SDG in both models revealed valuable insights. SDG 1, “employed poverty rate”, has a positive impact on economic growth in both models, while SDG 2, “percentage of stunted child”, did not significantly influence economic growth in either model. Moreover, SDG 3 and SDG 4, relating to “government’s health expenditure per capita” and “government’s Education education expenditure per capita”, respectively, exhibited a positive impact on traditional and sustainable economic growth. Conversely, SDG 5, “percentage of women members of national parliament”, displayed an insignificant impact on traditional and sustainable economic growth models. In conclusion, this study suggests that policymakers should prioritize targeted interventions to alleviate employed poverty, enhance healthcare, and boost education spending. Moreover, promoting women’s representation in national parliaments should be approached with context-specific strategies to maximize its impact on economic growth.