Advance Financing Innovations and the Radical Change Economic Development

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dc.contributor.authorBazhal, Iuriien_US
dc.date.accessioned2025-02-28T10:40:31Z
dc.date.available2025-02-28T10:40:31Z
dc.date.issued2024
dc.description.abstractThe methodological searching the approaches to overcoming the current crisis phenomena is constricted by inability the mainstream economic theory to explain fundamental economic nature these processes. But the consequences from phenomena of radical change that causes current crises and economic measures to replying are like the causes of crises that are explained by theory of economic development of Josef Schumpeter. This article is aimed to reveal practical meanings of some apply findings of Schumpeter to improve the actual economic policy. The article presents analysis that demonstrate importance to recognize "Schumpeter’s innovations" as a special factor for economic growth that generates the increasing the aggregated added value of a country separately from the processes related to productivity growth of the existing traditional resources. It allows to clarify the reasons current economic and financial crises with the Schumpeter’s theory of "advances-economics", where there is explanation the nature of financial resources for innovation development which acquire has got a shape of the artificial credit expansion. This extension of money supply is not the problem of economic growth but its mandatory factor. The article demonstrates the volume of production of innovative enterprises in Europe is in principle comparably with the value of GDP. The advance monetary resources could be presented by comparing the monetary aggregates M1, M2, M3 that allows to calculate the available monetary potential for advance financing for innovations. The given analysis confirms practical meanings of the proposed macro monetary analysis financial resources innovation development.en_US
dc.identifier.citationBazhal I. Advance Financing Innovations and the Radical Change Economic Development / Iurii Bazhal. - Munich : University Library of Munich, 2024. - 18 р. - Paper was prepared for 18th ISS International Schumpeter Society Conference "Schumpeterian Perspectives on Radical Change: Robotics, Artificial Intelligence and Broad Societal Transformations", July 8-10, 2021, at LUISS University, Rome, Italy.en_US
dc.identifier.urihttps://ekmair.ukma.edu.ua/handle/123456789/33745
dc.language.isoenen_US
dc.relation.sourceIurii Bazhal. - Munich : University Library of Munich, 2024en_US
dc.statusfirst publisheden_US
dc.subjectschumpeter’s theory of economic developmenten_US
dc.subjectinnovationsen_US
dc.subjectadvanceseconomicsen_US
dc.subjectmonetary policyen_US
dc.subjecteconomic crisesen_US
dc.subjectarticleen_US
dc.titleAdvance Financing Innovations and the Radical Change Economic Developmenten_US
dc.typeArticleen_US
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