Munich Personal RePEc Archive

Innovation theory of business cycles and economic growth

BAZHAL, IURII (2013): Innovation theory of business cycles and economic growth.

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Abstract

This article tries to give evidences the Schumpeterian innovation theory of business cycles gives us the most satisfactory understanding interrelations between business cycles and economic growth. It is shown that roots of this conceptual approach were created in 1894 by monograph of M.I.Tugan-Baranovsky, who can be recognized as precursor of the Schumpeter’s Theory of Economic Development. The article presents historical analysis of the genesis and genetic line of the innovation theory of economic development till the modern Neo-Schumpeterian conceptions of technological paradigms. It lays methodological basis for the conclusion the innovation technological change and the corresponding restructuring of national economy must be recognized as the main measures to overpower the recession and to ensure the economic growth in long-run perspective.

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