ADJUSTING THE GLOBAL ECONOMY INNOVATION DEVELOPMENT TO THE SLUGGISH CRISIS: HOW LONG "INNOVATION PAUSE" LASTS?
Igor E. Frolov
Pages: 424-439 Published: 28 Aug 2016
Views: 1,279 Downloads: 352
Abstract: The author puts forward the hypothesis that in last few decades, the social mechanisms that reproduce economic cycles has grown complicated and that, in particular, led to a significant decrease of innovation efficiency as a growth boosting mechanism, and has resulted in an "innovation pause". The current development of the world economy is moving to a new stage under deep transformation process. In the long term, the innovative processes would not be developed on the base of traditional technological innovations, but rather on a new type of financial innovation that is Impact investments.