Abstract
AbstractAnalysis of recent publications on the role of innovation in technological development indicates that the basic statements of the theory of innovative development, dating back to the works of J. Schumpeter, have not undergone any significant changes. However, the rapid development of information and communication technologies, especially digital ones, the emergence of a shared economy, and new turbulent processes like the COVID-19 pandemic, encouraged researchers to revise these works in order to find answers to the new challenges of our time. In this work, the well-known approaches are reconsidered, and new interpretations are proposed that can significantly expand the tools to study innovative processes in the economy and assess the evolution of technology and machinery.KeywordsTechnological innovationEconomic developmentEvolution of technology and machinery
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