Bazhal, Iurii. The Political Economy of Innovation Development: Breaking the Vicious Cycle of Economic Theory: [book review, preprint]
Explores the category of Schumpeterian innovations as an isolated factor of economic development, which creates a new added value and may become like a “stem cell” of new mainstream theory of economic development, assessing the gap between neoclassical theory and innovation activities. Discusses innovations—a known unknown phenomenon of economy; key features of Joseph Schumpeter’s theory of economic development; the “vicious cycle” of a political economy without innovations; innovation development versus reindustrialization; evaluating innovation’s impact on economy; and human capital and innovation development. Bazhal is Head of the Economics Department at the National University of Kyiv–Mohyla Academy.
economic development, economics, book review
Bazhal Iurii. The Political Economy of Innovation Development : Breaking the Vicious Cycle of Economic Theory. New York : Springer Nature, Palgrave Macmillan, 2017. Pp. ix, 135. $54.99, cloth. ISBN 978–3–319–54851–7, cloth ; 978–3–319–54852–4, e-book : [Annotation of the monograph] // Journal of Economic Literature. - March 2018. - Vol. 56, issue 1 (27).