Economic Growth, Economic Development: Opportunities of the Economy of Innovative Type

Abstract

The article considers the contents of categories of «economic growth» and «economic development», defines their interrelation and differences. The article proves that in conditions of the critical situation which has developed in Ukraine today, the problem of creation of the model of stable economic growth, solving of which would become the basis for a qualitatively new type of economic development, has become topical. A qualitative characterization of economy of innovative type, the principles for its fully efficient functioning have been provided. An analysis of both the effective system and the level of financing of innovation activity in Ukraine that need both qualitative and quantitative changes, introduction of the State and the non-State financial methods directed towards intensification of innovation activity, was carried out. The necessity of transition to an economy of innovative type has been substantiated, that would not only allow to deduce the economy of Ukraine from crisis, but also to accelerate paces of economic growth to provide a stable social-economic development of society in the future.

Keywords

• economic growth
• economic development
• economic policy
• innovation activity
• economy of innovative type