Keyword: «neoclassical economic theory»

The analysis of the processes of the innovative economy is carried out, the need to develop an economic theory that meets the requirements of the economic development is noted, some inconsistency with the indicated needs of the neoclassical paradigm is noted, and it is proposed to apply institutional economic theory with an emphasis on political and legal institutions, which, in the author's opinion, have the most significant impact on the behavior of economic agents.