THE INNOVATION THEORY OF JOSEPH SCHUMPETER: FROM THE CLASSICAL DEFINITION OF THE TERM “INNOVATION” UP TO THE MODERN UNDERSTANDING OF THE INNOVATION IDEAS

Abstract

The paper studies the evolution of the appearance of the term “innovation” and its classical definition. The study exposes the main provisions of innovation theory of Joseph Schumpeter and their modern understanding.

Keywords

• innovation
• innovation theory
• types of innovation
• Joseph Schumpeter