THEORETICAL FOUNDATION OF INNOVATION: THE ANALYSIS OF ESSENCE
Abstract
Purpose of the article is in determination of the concept of innovations and innovation process within the evolutionary and institutionary approach. Methodology of research. Works of national and foreign scientists who performed the analysis of problems of the innovation theory generation became theoretical and methodological basis of the research. A system of methods was used during the research. Particularly the following methods were used: monographic (in order to study the history of generation of evolutionary and institutionary approaches at the level of enterprise), historic (during the analysis of development of evolutionary economic theory and concepts of national innovation systems), analysis (in order to determine the structure of innovation process within two approaches), comparison (in order to determine universal and different parts in approaches to determination of the concept of innovations and components of innovation process), deduction (in order to generate conclusions concerning the key factors of capacity of a company). Findings. The article supports the demand for development of economic theory of innovations taking into account modern realities. The article analyses evolutionary and institutionary approaches to determination, concept of innovations and innovation process. The article defines the meaning of innovations and the structure of innovation process through the lens of methodology of both theories. The article establishes main features of the “Economic theory of evolutionary changes”. The article defines main components of innovation process within evolutionary theory of innovations. The article analyses the development of national innovation systems as institutional basis for development of the country. The article proves the appearance of organizational and institutional approach in the modern economic theory. The article defines the concept of the term “institute” according to the organizational and institutional approach. The article defines that organizational component is a key factor of capacity of a company. Originality. The article justifies the need of application of organizational component as a key factor influencing the effectiveness of implementation of innovation process at an enterprise. Practical value. Use of the research achievements can increase the effectiveness of implementation of innovations and organization of innovation process at an SE “Kharkov engineering plant “FED”.
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