ASSESSMENT OF THE INNOVATIONS IMPACT ON THE PACE OF ECONOMIC DEVELOPMENT AND LABOR PRODUCTIVITY IN THE REPUBLIC OF MORDOVIA

Abstract

Background. In conditions of limited resources, to ensure high-quality economic development, it is necessary to increase labor productivity and activate innovative activities. The level of innovation activity of enterprises has an impact on the competitiveness of products, the scale of social production, the amount of profit of economic entities and, as a result, the rate of economic growth. The purpose of the study is to assess the impact of innovations on the pace of economic development and labor productivity in the Republic of Mordovia. Materials and methods. In preparing this study, we used data from the Territorial body of the Federal state statistics service of the Russian Federation for the Republic. Regression analysis was used to assess the impact of innovations on economic development and labor productivity in the Republic of Mordovia. Results. The article considers the existing approaches of Russian and foreign companies to assessing the relationship between innovation, economic growth and labor productivity. On the basis of economic and statistical methods, the close relationship between innovative factors and the level of economic development and labor productivity of the Republic of Mordovia was evaluated. Conclusions. The calculated regression equations indicate that there is a positive impact of research and development costs on the volume of the gross regional product and the level of labor productivity of enterprises in the Republic of Mordovia. The article concludes that the introduction of innovations is one of the most important ways to increase the rate of economic growth and labor productivity.

Keywords

• innovation
• economic development
• labor productivity
• regression analysis
• the republic of mordovia