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Innovation Process as the Driving Force of Economic Growth


  • Faychuk Olexandr M.

    () (National University of Life and Environmental Sciences of Ukraine)

  • Faychuk Olha V.

    () (National University of Life and Environmental Sciences of Ukraine)


The article is devoted to definition of the functional value of the many-sided phenomenon of the innovation process in ensuring positive dynamics of economic development and appearance of cyclic fluctuations in the market economy. It differentiates component elements of the "innovation process" category and conducts its structurisation. It describes the essence of "novation", "innovation", "innovation activity", "innovation project" and "innovation process" notions. It substantiates the key role of innovation projects in ensuring regular and periodic stimulation of processes of economic growth. It shows their place on curves of the life cycle of goods, which embodies cyclic fluctuations in economy.

Suggested Citation

  • Faychuk Olexandr M. & Faychuk Olha V., 2013. "Innovation Process as the Driving Force of Economic Growth," Business Inform, RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE), Kharkiv National University of Economics, issue 10, pages 66-70.
  • Handle: RePEc:idp:bizinf:y:2013:i:10:p:66_70

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