KNOWLEDGE AND INNOVATIONS AS THE BASIS OF ECONOMIC DEVELOPMENT

The article is dedicated to the new approaches and significance of knowledge and innovations in the economic development of society. The author illustrates interconnection between the education and practical training of the specialists; shows that the new knowledge supports the technical process, and economy of knowledge ensures the social development. Concept of society shows the role of knowledge and innovations in the economic development and ensures considerable growth of GDP and social changes in the global economy. Economy changed due to innovations in the technologies, globalization and business. Due to new knowledge economy complies with the new realities, new concept of the national economic policy is oriented at the development of competitiveness, economic globalization and cooperation. Universities play important role in the formation of knowledgeable society and development of innovations, increasing competitiveness of students on the international labor markets. University functioning in cooperation with the companies and enterprises is very effective. Practical meaning of this article lies in the generalization of significance of knowledge and innovations in the economic development of society. This will assist in determining the priorities of education and innovation activities in the concepts of economic development.