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Adjusting The Global Economy Innovation Development To The Sluggish Crisis: How Long "Innovation Pause" Lasts?

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  • Igor E. Frolov

Abstract

The author puts forward the hypothesis that in last few decades, the social mechanisms that reproduce economic cycles has grown complicated and that, in particular, led to a significant decrease of innovation efficiency as a growth boosting mechanism, and has resulted in an "innovation pause". The current development of the world economy is moving to a new stage under deep transformation process. In the long term, the innovative processes would not be developed on the base of traditional technological innovations, but rather on a new type of financial innovation that is Impact investments.

Suggested Citation

  • Igor E. Frolov, 2016. "Adjusting The Global Economy Innovation Development To The Sluggish Crisis: How Long "Innovation Pause" Lasts?," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 10(1), pages 424-439.
    • Handle: RePEc:isp:journl:v:10:y:2016:i:1:p:424-439
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    Keywords

    societal objectivization; financial crisis; economic cycles; non-market economy; reproduction; innovation;
    All these keywords.

    JEL classification:

    • A - General Economics and Teaching

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