This book finds that the R&D and technological innovation of a
country is not a result, but a factor, of sustained economic
growth. Bazhal develops Schumpeter's theory to argue that genuine
economic growth - especially in transitioning and developing
countries - is only possible with innovation. With a particular
focus on the work of Ukrainian economists, Tugan-Batanobvsky and
Vernadsky, the text seeks to move the discipline forward and
explain why innovation has become a primary factor of economic
development in recent decades and why its role will become even
more dominant in the future. Chapters interrogate whether modern
economic theory can explain how we ensure the effective functioning
of the market economy. The book shows that explanations of
economists and politicians regarding the nature of the current
economic and financial crisis, and the causes of huge gaps in
levels of wealth in market economies, demonstrates that there are
not enough satisfactory answers to this question.
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