Page 56 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.79, # 1, 2022, pp. 50-68

• The first place in the structure of GDP is occupied by services that stimulate the
development of industry.
• Entrepreneurial initiatives are developing in the fields of market, scientific-
technical, and organizational economic activity.
• There is an increase in the share of information in the structure compared to
material factors.
• Compared to other sectors, the rapid development of ICT has a more indirect
effect on GDP growth than its share of GDP.
• Capital and labor mobilization are increasing.
• Application of high-tech technologies increases savings and efficiency.

As mentioned above, in an innovative economy, the main sources of innovation are
science and education. In recent times, science and experience have confirmed that
the main factor of development in any economic system is innovation, which
includes new types of technology, reorganization of labor and production, new
motivation for the economic system, and entrepreneurship. Therefore, during the
complex transformation, these innovative components enable the modernization of
the production apparatus and the effective use of them by the community. At the
present stage, the acceleration of socio-economic development, the increase in
production capacity, the constant increase in production efficiency, and labor
productivity are all based on scientific and technical progress. Scientific and
technical progress, which shapes techniques and technologies, must be constantly
supported by fundamental scientific ideas.

Fundamental scientific ideas must be widely incorporated into engineering and
production, and technology and engineering skills must be embodied in new high-
tech machines, devices, and equipment. The leading link in the "science-technology-
production" chain of intensive economy is science, which continues the new
principles of technology and production.

The purpose of the practical features of scientific research is to solve technical
problems, clarify unclear theoretical issues, obtain concrete scientific results, and
use them in experimental design work as a basis for scientific and technical
progress. In addition, experimental research can be carried out as an independent
scientific project. For example, in countries where science is highly developed,
education and defense are strategic parts of the state budget. For example, the
president of the USA said, “We don't give money to science because we are rich, we
give money to science to be rich” [Ronald Reagan].

56