2018-04-162018-04-162018-03Bazhal 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).978-3-319-54851-7978-3-319-54852-4https://ekmair.ukma.edu.ua/handle/123456789/12800Explores 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.eneconomic developmenteconomicsbook reviewOther