Innovations and Fighting Global Economic Problems

Abstract

The authors proffer the hypothesis that the most important issue in all of the previously studied global economic problems is the imperfection of the production process. Innovations stimulate the improvement of the production process and provide solutions to global economic problems. Thus, the purpose of this article is to verify this hypothesis and determine the role of innovations in overcoming global economic problems. To verify the hypothesis, the authors use analysis of causal connections, problem and systemic analysis, economic and mathematical modeling, and a developed proprietary economic and mathematical model of the production process. The authors conduct an analysis of global economic problems at present and in perspective and determine the role of innovations in overcoming these global economic problems. The offered hypothesis is proven, and it is substantiated, based on the problem of resource limitations, disproportions of economic growth, and crises in the global economy, that innovations play an important role in solving global economic problems. For example, innovations lead to improvements in the production process because the consumption of resources is reduced and the volume of manufactured goods is increased, which solves the problem of resource limitations. Furthermore, the implementation of production innovations in enterprises in the least developed countries stimulates their economic development and reduces the level of countries' differentiation in the global economy. Accordingly, the authors determine the directions of development with respect to the innovation activities of modern enterprises for overcoming global economic problems, and they develop an algorithm for the development of the modern global economy.

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