CYCLICAL NATURE OF DEVELOPMENT OF THE NATIONAL ECONOMY'S INNOVATIVE PROCESSES
Анотація
The problem of cyclical fluctuations in the economy was considered by scientists almost from the very beginning of the existence of economic science. A. Smith, who proposed the concept of economic growth, relied on the fact that it is ensured by technological progress as a result of the growing division of labor. The idea of A. Smith about the flexibility of salaries and prices formed the basis of the crisis-free growth theory of J. Say and D. Ricardo. On the other hand, T. Malthus and K. Marx put forward directly opposite theories. According to Malthus, a sufficient level of demand in the economy is unattainable without the participation of a third party .K. Marx believed that the limiting factor, which is leading to the alternation of periods of economic growth and decline, is the limited consumption of the masses, which counteracts the desire of the capitalists to develop productive forces.
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