THEORETICAL AND METHODOLOGICAL FUNDAMENTALS OF FINANCIAL SUPPORT DIRECTIONS FORMATION FOR INNOVATIVE DEVELOPMENT OF ECONOMY

Abstract

The article summarizes scientific knowledge about the innovative development of the economy. Currently, there are
conflicting views in scientific papers on the conditions for the emergence and spread of innovation, especially in times of
economic crisis. Therefore, the aim of this study is to reveal the views of scientists on the role of innovation in economic
development and substantiating the principles of forming areas of financial support for innovation to overcome the effects of
economic crises and strengthen the country's competitiveness.
The study of the main fundamental theories of innovative development allowed to summarize the views of scientists on
the relationship between economic development and innovation processes. Based on the theoretical views of scientists, two
paradigms of post-industrial society have been identified, which are based on understanding the relationship between the
nature of cycles of economic development and innovation, as well as the presentation of innovative development as a factor
of economic growth.
The analyzed theories of innovative development reveal innovations as an integral factor of economic growth of any
society. The main reason for the cyclical nature of economic development according to the theories of innovation is the
uneven nature of the introduction of innovations, which causes periodic violations of economic equilibrium. The study of
these patterns makes it possible to justify the direction of innovation processes and develop a financial mechanism for their
stimulation.
Today, innovation should become a top priority in efforts to accelerate the economic development of states, which will
ensure the implementation of intensified investment processes and the implementation of ways out of the crisis. That is why,
in our opinion, the study and use of theories of innovative development in times of economic shocks should be the basis for
developing a long-term innovative model of economic development.