BUSINESS INFORM №10-2013

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11

Section: Innovative Processes
UDC 330.341
Faychuk О. M., Faychuk O. V.
Innovation Process as the Driving Force of Economic Growth (p. 66 - 70)
The article is devoted to definition of the functional value of the many-sided phenomenon of the innovation process in ensuring positive dynamics of economic development and appearance of cyclic fluctuations in the market economy. It differentiates component elements of the “innovation process” category and conducts its structurisation. It describes the essence of “novation”, “innovation”, “innovation activity”, “innovation project” and “innovation process” notions. It substantiates the key role of innovation projects in ensuring regular and periodic stimulation of processes of economic growth. It shows their place on curves of the life cycle of goods, which embodies cyclic fluctuations in economy.
Keywords: innovation process, innovation project, economic growth, economic cycle
Fig.: 1. Bibl.: 13.

Faychuk Оlexandr M. – Candidate of Sciences (Economics), Associate Professor, The Department of Administrative Management and Foreign Economic Affairs, National University of Life and Environmental Sciences of Ukraine (15 Heroiv Oborony Str., Kyiv, 03041, Ukraine)
Email: [email protected]
Faychuk Olha V. – Postgraduate Student, Department of Finance and Credit, National University of Life and Environmental Sciences of Ukraine (15 Heroiv Oborony Str., Kyiv, 03041, Ukraine)
Email: [email protected]

Article is written in Ukrainian
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Reference to this article:
Faychuk, Оlexandr M., and Faychuk, Olha V. (2013) “Innovation Process as the Driving Force of Economic Growth.” Business Inform 10:66–70.

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