Innovative economic development through the integration of science, education and business

The article explores the main problems that hamper the development of integration of scientific and educational institutions and business. According to the author, the key problem is the lack of systematic state management of the innovation process. A significant contradiction is the inability to immediately and fully include the information product, the result of the development of fundamental science, into economic circulation. The cornerstone in solving this problem is the ratio to the return on investment. For perspective technologies, in respect of which certain schemes of implementation have not yet arisen in a practical and economic plane, investment policy should not be guided by a short-term horizon of implementation. The author cites a critical comment on the approach to investing in Russia, the essence of which is that there is an erroneous association of investments and the development of the inflationary process. The author shows that Russian inflation has a different nature. These features determine the institutional nature of the innovation process and determine the key roles for the agents of the process. The state in this regard should act as an agent that concentrates and directs resources. Business as an agent that assesses and selects technologies that will allow them to be competitive at some time horizon. Another important role of business is maintaining the complexity and translating innovative solutions into related production. The role of science and education is to shape and maintain the potential for economic development. There are examples in history when states managed to overcome economic backwardness, and the decisive role here was played by the rejection of short-term benchmarks of economic efficiency.