Innovation As The Basis For Stimulating Economic Development
Abstract
In the context of a protracted economic crisis and a significant economic backlog, one of the few remaining opportunities for the country’s development is innovation. For Russia, the shift from raw material orientation to new technologies and development of innovative products in order to ensure the competitiveness in world markets still remains an urgent task. This is particularly important since the country has enormous natural resources and significant, unfulfilled potential in this area. It is necessary to support infrastructural changes, which are an important element in enhancing competitiveness, ensuring import substitution, and improving the quality of life of the population. The study analyzes the current state of the economies of the world and the Russian Federation in the prism of changes related to the transitions of technological cycles that form the basis for economic growth, analyzes factors that affect innovations that ensure an increase in economic development. There is a need to ensure considerable state support for innovation through targeted investments in the most promising development areas. The discriminant analysis is used as a tool for analyzing the effects of factors on the development of economies, which allows setting the purpose of the study as the most significant factors that affect the development of innovation in the Russian Federation. The study provides a rationale that is critical for innovative development in the Russian Federation: labor productivity, internal R&D costs (in GDP), costs of technological innovations and investments aimed at the reconstruction and modernization of equipment.
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About this article
Publication Date
29 November 2021
Article Doi
eBook ISBN
978-1-80296-116-4
Publisher
European Publisher
Volume
117
Print ISBN (optional)
-
Edition Number
1st Edition
Pages
1-2730
Subjects
Cultural development, technological development, socio-political transformations, globalization
Cite this article as:
Barnagyan, V. S., Sinyuk, T. Y., Prokopetz, T. N., Kazimirova, N. G., & Belov, M. T. (2021). Innovation As The Basis For Stimulating Economic Development. In D. K. Bataev, S. A. Gapurov, A. D. Osmaev, V. K. Akaev, L. M. Idigova, M. R. Ovhadov, A. R. Salgiriev, & M. M. Betilmerzaeva (Eds.), Social and Cultural Transformations in The Context of Modern Globalism, vol 117. European Proceedings of Social and Behavioural Sciences (pp. 1452-1460). European Publisher. https://doi.org/10.15405/epsbs.2021.11.191