Effective functioning of the innovation cycle’s components as the basis of new economics

The paper provides the review of the innovation cycle’s components. The effective functioning of the knowledge economics is impossible without their continuous activity. Fundamental and applied sciences and the companies’ activity for attracting new developments are examined as the innovation cycle’s components. The current situation of each component of the innovation development is analyzed, and their connection with the knowledge economics arrangement is reviewed. This performed research based on statistical data allows stating that currently the slowing down of the transition to the new economics is connected with ineffective functioning of the components of the innovation cycle and the break of the links between them.

innovation policy, fundamental science, applied science, innovation corporations, researches, knowledge economics, innovations, modernization, innovation cycle, financing of researches of fundamental science