Innovation as a Factor of Economic Development. A Comparative Analysis of Economic Theories of Joseph Schumpeter and Mariana Mazzucato

Abstract:

The purpose of this article is to describe the foundations of economic theory on innovation using the work of Joseph A. Schumpeter and Mariana Mazzucato as examples. This characterization will support my later activities related to the implementation of my PhD dissertation, the main objective of which is to implement the "Policy for the Development of Artificial Intelligence in Poland from 2020" through modeling and implementation of program activities supporting the implementation of new technologies in the sector of small and medium-sized enterprises (hereinafter: SMEs), including the involvement of key market players involved in such initiatives. The juxtaposition of the theories of these two economists is interesting insofar as it justifies the validity of active participation in the development and implementation of innovative solutions, as well as the cooperation of the private and public sectors in this regard, which I have particularly highlighted when analyzing both economists.