Classification of innovation policies in the crisis phase of the economic cycle

Анотація

The article is devoted to the study of types of innovation policies in the crisis phase of the economic cycle. The aim of the study is to analyze the relationship between economic crises and innovation policy, followed by the development of a classification of innovation policy types applied during economic downturns. During periods of recession, economic activity typically declines, which complicates investment in innovation. At the same time, crises can act as a catalyst for “creative destruction” and structural transformation of the economy, creating preconditions for innovation renewal. The methodological basis of the study includes the approaches of J. Schumpeter, R. Solow, and P. Romer models of economic growth. To achieve the research objectives, the study applies the historical-economic method (examining the impact of the Great Depression, the energy crisis of the 1970s, and the COVID-19 pandemic on innovation), classification methods for innovation policy types, and the analysis of open data (R&D expenditure statistics, data from the World Bank, OECD). As a result of the study, five types of counter-cyclical innovation policy were identified: direct financial interventions, non-financial support, demand-driven policy, missionoriented policy, and open innovation policies. It is shown that government support during a crisis is critically important to maintaining innovation activity, especially for small and medium-sized enterprises. The results of the study can be applied in the process of shaping national economic policy, particularly for the development of anti-crisis innovation support instruments, post-crisis recovery strategies, and improvement of public procurement procedures for innovative products. The conclusions emphasize that innovation policy in times of crisis must be counter-cyclical and adaptive. The importance of combining financial, regulatory, and informational instruments is highlighted. Future research should focus on evaluating the effectiveness of specific policies and studying the impact of different types of crises on innovation processes.

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