Innovations and Sustainable Development Outline of Problems

The topic dealt with in the paper is very timely and has assumed major importance from the viewpoint of development of research into economies based on sustainable development and application of research findings in specific solutions in the economy. The paper postulates that innovation is a fundamental and necessary instrument for implementing sustainable development throughout the whole economy. In order to confirm the thesis, first the paper attempts to identify the role of innovation in various areas of the economy. Secondly, it identifies the sources of innovation and areas of the economy which most require new innovative solutions. The study is based on literature, both domestic and foreign. The author analyses theoretical and empirical publications available on the market. Older publications turned out to be necessary and helpful in describing the evolution of the approach to sustainable development of the economy from a historical point of view. Newer works provide a basis for the compilation of a vast majority of the paper. The paper is a preliminary step in a more detailed research into various aspects of an economy based on sustainable development.