Innovations as a Source of Economic Growth of the Modern World Economic System

Abstract

The article is aimed at researching the impact of innovations on economic development, taking into consideration the transformational processes taking place in the modern world economic system, namely, the transition from the industrial to the information society. Features of the circulation of capital in the information society are considered. On the basis of theoretical analysis, indicators for assessing the impact of innovations have been selected. The indicators have been formed into groups that characterize such factors of production as: «labor force», «information and knowledge», «capital», as well as economic results and social effects from innovation process. It is determined that the «information and knowledge» factor has a significant impact on economic growth, and, besides, the result of innovation process can be various social effects. The results of the analysis will form the basis for further research on the impact of innovations on development of the world economic system