THEORY AND HISTORY OF FINANCES

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Definitions and criteria of institutionalization of innovative economy in the context of structural transformation

Theoretical aspects of understanding the institutionalization of innovative economy are summarizes in the article. Economic categories such as “economic transformation”, “reinstitutionalization of innovative economy” and “deinstitutionalization of innovative economy” are investigated. Institutionalization of innovative economy is exposed by means of the criteria among which are proposed: universalism-particularism, organized skepticism and relevance/modernity. It is found that the driving forces of institutionalization of innovative economy are valuable relationships that occur during the innovation activity, creative ability and routine, formal and informal institutions. The lack of effective institutional support of innovative sphere leads to the state, where sometimes laws and recommendations don’t operate automatically, as it should be for formal institutions, but depend on availability of resources of interested persons to produce innovations in the economy. It is proved that structural changes are the tool of structure formation of an innovative economy and it is important to ensure certain optimality in their implementation. Theoretical and methodological rationale directions of structural transformation of the national economy towards innovative-oriented economy should be the basis of its development strategy selection, formation of innovative policy under the influence of systemic and comprehensive modernization of current economy.

Keywords: institutionalization, innovative economy, economic transformation, structural changes.

JEL: B50, B52.

pZVmOYqrfG n. C. Definitions and criteria of institutionalization of innovative economy in the context of structural transformation / n. C. pZVmOYqrfG // Фінанси України. - 2015. - № 1. - C. 111-125.