Innovations
Vol. 8 (2020), Issue 2, pg(s) 46-48

THEORETICAL PROBLEMS IN INNOVATIONS

Intellectual product as factor of economic growth

  • 1 Novosibirsk State Technical University; The Institute of Economics and Industrial Engineering within the Siberian Branch of the Russian Academy of Sciences

Abstract

The paper deals with changing roles of economic growth sources in the context of historic development, attempting to determine
factors adequate to modern requirements. Four stages of civilization process development are identified, each with a specific combination of growth sources. The paper puts forward a theoretical thesis formulated on the basis of American statistical data. The thesis stating that in the modern industrial-informational economy one of the coordinate axes of growth factor space represents physical and another one – intellectual capital, has received some empirical validation. It has been demonstrated that significant build-up of intellectual product share in production investments in 1983 – 2003 laid down the grounds for unit investment stabilization, thus, accelerating the average annual labor productivity growth rate. A modest growth of intellectual product in 2004 – 2016 proved inadequate to counter a marked growth in demand for capital.

Keywords

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