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Regional Economics: Theory and Practice
 

The interpretation of theory of innovation in business practices: Evidence from the North Caucasian Federal District regions

Vol. 15, Iss. 6, JUNE 2017

PDF  Article PDF Version

Received: 20 December 2016

Received in revised form: 29 December 2016

Accepted: 16 January 2017

Available online: 15 June 2017

Subject Heading: INNOVATION AND INVESTMENT

JEL Classification: O1, O3

Pages: 1162-1172

https://doi.org/10.24891/re.15.6.1162

Kiseleva N.N. North-Caucasian Institute, Branch of RANEPA, Pyatigorsk, Russian Federation
kiseleva-n-n@yandex.ru

Kozhieva F.A. North-Caucasian Institute, Branch of RANEPA, Pyatigorsk, Russian Federation
fa-k@bk.ru

Subject This article takes a look at the economic and institutional relations emerging in the process of building a regional innovation system.
Objectives The article aims to empirically verify theories of innovation with regard to socio-economic systems of the North Caucasian regions.
Methods To build a methodological basis of the study, we used the fundamentals of the theory of innovation by J.A. Schumpeter, business long term cycles theory by N.D. Kondratiev, the concept of technological modes, diffusion of innovations theory by S.T.E. H?gerstrand, works of foreign and domestic scholars studying the formation and development of national and regional innovation systems. As well, we used methods of comparative, statistical, and abstract and logical analyses.
Results A high level of entrepreneurial activity in the North Caucasian regions does not contribute to their transition to innovative development. The outdated third and fourth technological paradigms, the core of which is traditional production, dominate in the regions. Analysis of the dynamics of innovative production volume shows that the diffusion of innovations in the region is cyclic in nature. A low level of human capital is a key constraint to innovation development of the region.
Conclusions and Relevance There is a close direct relationship between social and innovative development of the territory, for only a region with developed social infrastructure is able to generate quality human resources, necessary for innovative development. Innovative development of regions is, first of all, the development of human capital and social infrastructure. The results of this research can be used by the executive authorities of the North Caucasian Federal District constituent entities of the Russian Federation when designing innovation policies in the region.

Keywords: innovation, techno-economic paradigm, innovative system, human capital, region

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