INNOVATIONS AND SUSTAINABLE DEVELOPMENT OF ECONOMIC SYSTEMS

The article explains the relationship of innovations with sustainable development of economic systems. Technological innovations contribute to scientific and technological progress and economic efficiency of the national economy and also can be used as a tool for overcoming the crisis. Social innovations are aimed at human capital development, elimination of problems of formation of civil society. Environmental innovations are related to environmental management, renewable energy, introduction of restrictions relating to the need to preserve the human environment and society as a whole. It is shown that formation of innovative economy is connected with formation of a new segment of modern economy of the national innovation system (NIS) which generates a stream of innovations that meet rapidly changing human needs in accordance with acceleration of scientific and technological development. The effectiveness of the NIS is determined by two factors: innovation potential and innovation transfer. The first one includes totality of resources, capabilities and opportunities of socio-economic system in implementation of innovation activity. The second is the process of overflowing resources within the innovation activity needed for creation and dissemination of economic, environmental and social innovations, helping to improve socio-economic efficiency and to form sustainable development of society.