Time Constant of Innovation Effects Doubling

Abstract

The article suggests reflecting the dynamics of evolutionary innovations through time constant of the change in the innovative effect. Such metric numerically equals the period at which the effect of evolutionary innovations changes a fixed number of times. The effect change factor can possess any value suitable for each specific type of the innovative product. The index characterizing the dynamics of the evolutionary innovations – the time constant of the innovative processes effect has been introduced. The effects can be characterized by the improvement in the innovative products properties, the increase in the effectiveness, etc. This index can be applied both to the particular types of the innovative products and to their range, to the innovative development of national and world economies. It allows making compatible innovative processes of different scale. In addition, the time constant of the innovative processes provides the possibility to evaluate and choose the innovations existing in the market according to their compliance with the current dynamics of the innovative development..The suggested index characterizes both particular innovative products and their range.

DOI: 10.5901/mjss.2015.v6n3s6p307