FEATURES OF THE REVOLUTIONARY TYPE OF DEVELOPMENT OF A STATE’S INNOVATIVE ECONOMY

Abstract

The article's abstract is dedicated to analyzing the revolutionary development model of a state's innovation economy focusing on its advantages and disadvantages. In the context of global competition and rapid technological progress countries must choose effective strategies to ensure sustainable economic growth and enhance competitiveness. The revolutionary development model involves the active implementation of advanced technologies, large-scale investments in research and development and the creation of innovative infrastructure. These actions contribute to accelerating economic growth improving the population's standard of living and strengthening the country's position in the global market. The article examines the key advantages of the revolutionary development model, such as accelerating economic growth, increasing the country's competitiveness on the global stage, creating new jobs and attracting significant investments. Specific examples of countries successfully employing this approach are provided along with an analysis of their experiences in innovation development. At the same time, the article analyzes the disadvantages of this strategy including potential economic risks, unequal distribution of innovation benefits and challenges related to the adaptation of the population and businesses to new conditions. Particular attention is given to potential negative consequences for social stability and environmental sustainability that may arise from an excessive focus on rapid technological progress. The article also explores examples of countries that have chosen the revolutionary development model and analyzes their experiences in terms of economic and social outcomes. The concluding section summarizes the analysis, discusses the prospects for applying this strategy in the modern global economy and offers recommendations for countries considering transitioning to a revolutionary development model. The article reveals the essence of the concept of the "revolutionary type of development of the state's innovative economy." It specifically explores various scientific approaches to its interpretation, including economic, strategic, and statistical perspectives, and provides an author's definition. The topic of the article offers the opportunity to explore current issues and challenges faced by the state's economy during the formation of its development trajectory and may lead to an understanding of which factors are crucial for achieving maximum economic and social impact. The article establishes that the revolutionary type of innovative economy development can significantly accelerate economic growth and enhance the state's competitiveness in the global market. At the same time, the implementation of this model is accompanied by significant risks, including uneven sectoral development and social challenges.