INTELLECTUALIZATION PROCESS OF THE ECONOMY AS A CATALYST FOR INNOVATION PROGRESS

Abstract

Innovation is a key factor in achieving sustainable economic development. Understanding and studying the processes of intellectualization in the field of economics enables the implementation of new ideas, technologies, and approaches that enhance production efficiency, industrial development, and the quality of life for the population. This article examines the importance of the process of intellectualization as a key factor in promoting innovation progress. It analyzes the impact of intellectualization on economic development, explores its main aspects, and discusses strategies to further its development. By utilizing recent research and publications, the role of intellectualization in shaping the innovation environment is discussed, and prospects for its development are identified. Analysis of this topic will contribute to understanding the importance of intellectual capital in the modern economy and aid in developing strategies to enhance the country's competitiveness in the global market. However, despite the potential benefits, the issue of the effectiveness and practical implementation of intellectualization remains a subject of discussion and research. The lack of proper methodology for evaluating intellectual capital, issues of legal protection of intellectual property, and instability in legislation and regulatory frameworks may complicate the process of intellectualization of the economy and hinder innovation development. Therefore, research into possible solutions to these problematic aspects to facilitate more effective intellectualization of the economy and stimulate the country's innovation potential becomes crucial. Additionally, with the rapid development of information technologies and the digital transformation of society, intellectualization becomes even more critical as it contributes to the emergence of new business forms, the development of innovative products and services, and the implementation of new management models and organizational practices. Thus, studying the intellectualization of the economy remains a relevant task aimed at enhancing the country's competitiveness and innovation potential amidst global challenges and changes.