Abstract:
This paper comprises translation into English the preface of Iurii Bazhal
to the first Ukrainian edition of Joseph Schumpeter’s famous fundamental book
"The Theory of Economic Development: An Inquiry into Profits, Capital, Credit,
Interest, and the Business Cycle" that was translated in Ukrainian and published in
2011 in commemoration of its 100th anniversary. The paper reveals the
contemporary significance of this classical book as the challenger on replacing the
neoclassical approaches in capacity to become the mainstream of modern
economic theory. It is shown the Schumpeter’s approach gives a new vision of
driving forces for economic development where a crucial conceptual place belongs
to category the innovation. Second part of the paper reviews modern Neo-Schumpeterian approaches which have substantiated the importance of the
structural innovation technological change of national economy for economic
development. The government must permanently analyze a compliance of the
actual production structure in the country with the current and future technological
paradigms.
