THE BASIC FACTORS OF THE INNOVATION COMPONENT OF THE ECONOMY (ON THE EXAMPLE OF THE PETROCHEMICAL INDUSTRY)
Significance. The article considers the factors that influence the formation of the innovative potential of enterprises. The petrochemical industry was selected as an object of the research, which made it possible to identify common approaches to the formation of innovative potential, and to list the specific factors of innovation in the industry under study.
The study materials. To analyze and identify the reasons for the moderately satisfactory development of the economy, it is proposed to use the Cobb-Douglas production function, which is based on two basic factors – labor and capital, which makes it possible to evaluate the productivity of production factors that facilitate the introduction and implementation of innovations.
Results. In the article, it is proved that the petrochemical industry needs constant attraction of capital, highly qualified specialists, renewal of the technological park and innovations.
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