Paradoxes of economic development: science and innovation in the modern world

PArADoXES of EConoMIC DEVEloPMEnT: SCIEnCE AnD InnoVATIonIn ThE MoDErn worlD Purpose.To determine current tendencies of the effect of science on economic growth of certain countries in the world and to for mulate theoretical and methodological approaches to their explanation in the context of social and economic development of the society.Methodology.The research applies the totality of general scientific and specific methods and approaches of empiric and theo retical knowledge, i.e.: methods of analysis and synthesis -to study sources and tendencies of the modern economic growth; grouping and classification -while forming sampling of the countries to analyze the effect of science on their development; method of mathematical statistics -for quantitative evaluation of the effect of science and innovations on economic growth of certain countries in the world; abstracting -to identify the reasons of inconformity of theoretical conclusions of the economic growth models to the modern tendencies of social and economic growth.findings.Effect of the factors connected with the scientific and technical progress on economic growth has been tested em pirically.Basing on the Integral Science Index developed by the authors, parameters of the science effect on the economic growth of certain countries in the world have been evaluated quantitatively.Qualitative assessment of the connection between the men tioned Index and GDP per capita in different groups of countries is represented with the help of a sampling coefficient of correla tion characterizing the degree of closeness of linear correlation dependence.It has been determined that there is no direct connec tion between the science and economic growth; the paradox is explained in detail.originality.Inconsistencies of the key conclusions of the models of economic growth with current tendencies of social and economic development have been identified.A statement concerning the uniqueness of the effect of science on the development of countries has been disproved.A necessity of going beyond the economic and mathematical set of tools, while studying eco nomic development, in favour of complexity and multidisciplinarity has been proved.Practical value.The determined variability of the effect of science on the economic growth approves the understanding of ambiguousness and nonlinearity of the process; thus, it requires constant empiric tests of the available dependences and searching for new influences depending on the stage of civilization process which different countries experience.All that helps substantiate the fundamentals of economic policy of national governments in their favouring social and economic development by selecting more effective leverages.