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Preconditions for Overcoming the Innovation Crisis


  • Iu. Iakovet


Innovation activity is the most flexible indicator of the condition and competitiveness of an economy. When this activity dies out, the national economy loses its positions in markets; the production apparatus ages rapidly; and investment, technological, and economic crises develop quickly. Income and budget receipts drop, and there is nothing with which to pay wages and pensions. With the expansion of base innovations, an investment boom begins as a precondition of overcoming crisis and depression, and moving to the resurgence and expansion of production. This mechanism of the cyclical dynamic of science, innovation, engineering, and economics has been affirmed by the experience of many countries that have passed through the phases of medium-term and long-term (Kondrat'ev) cycles for almost two centuries.

Suggested Citation

  • Iu. Iakovet, 1998. "Preconditions for Overcoming the Innovation Crisis," Problems of Economic Transition, Taylor & Francis Journals, vol. 41(2), pages 14-22.
  • Handle: RePEc:mes:prectr:v:41:y:1998:i:2:p:14-22
    DOI: 10.2753/PET1061-1991410214

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