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The Innovation Pause Hypothesis and the Strategy of Modernization

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Abstract

The Innovation Pause Hypothesis is developed in the article. According to this hypothesis, the current crisis can be explained by the exhaustion of possibilities of existing general purpose technologies and by the delay of new ones in combination with overoptimistic expectations due to a long period of rapid economic expansion. If this hypothesis is correct, then it is quite plausible that a significant period of time will be required before fast growth is restored in Western economies. Russia gets an additional chance to decrease the gap between Russian and Western economic productivity provided that an efficient mechanism of technology borrowing is created. An appropriate strategy must include a set of measures aimed at: increasing the country’s adaptive capacity; designing an interactive planning system in order to develop large-scale modernization projects; increasing the capital accumulation rate by stimulating savings and improving the credit system.

Suggested Citation

  • V. Polterovich., 2009. "The Innovation Pause Hypothesis and the Strategy of Modernization," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 6.
  • Handle: RePEc:nos:voprec:2009-06-1
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    Cited by:

    1. Vladimir D. Matveenk, 2011. "Interests of Social Groups, Direction of Technical Progress, and Barriers to Development: How Sustainable is the World Economic Growth?," DEGIT Conference Papers c016_047, DEGIT, Dynamics, Economic Growth, and International Trade.
    2. Olga B. Koshovets & Igor E. Frolov, 2015. "Impact Investing As A "Basic Innovation" For The Global Economy And Finance System Post-Crisis Transformation," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 9(1), pages 769-780.
    3. Sternik, G., 2009. "Recession in the Market of Residential Construction and Real Estate in Russia," Journal of the New Economic Association, New Economic Association, issue 3-4, pages 185-207.
    4. repec:ers:journl:v:xx:y:2017:i:3b:p:588-606 is not listed on IDEAS
    5. Dementiev, V., 2009. "Struggle for Nanotechnological Leadership: the USA, EU, China, Russia," Journal of the New Economic Association, New Economic Association, issue 3-4, pages 123-144.
    6. Yudanov, A., 2010. "Embodiments of Entrepreneurial Spirit: «Gazelle-Firms» in Russia," Journal of the New Economic Association, New Economic Association, issue 5, pages 92-109.

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