Lazar Ožegović
Faculty of Economics and Engineering Management Novi Sad, Republic of Serbia
Tatjana Vučurević
Faculty of Economics and Engineering Management Novi Sad, Republic of Serbia
Sandra Brkanlić
Faculty of Economics and Engineering Management Novi Sad, Republic of Serbia
Maja Popović
Faculty of Economics and Engineering Management Novi Sad, Republic of Serbia
Abstract
Nowadays, modern society development depends not only on economic factors, but also on knowledge,
innovation, entrepreneurship and introduction of new technologies that are becoming the key factors for
economic growth. In accordance with ‘The Lisbon Strategy’, by 2020 the European Union is to become the most
competitive and dynamic world economy based on the knowledge and innovation, capable of sustainable
development with more work posts and higher salaries. As a model of achieving the mentioned goal, different
school concepts have emerged by the end of the twentieth and the beginning of the twenty first century, with their
own interpretation of the factors related to development and competitiveness in modern society and they have
merged different viewpoints dealing with the mentioned subject in scientific meetings. The most famous of them
being: Global Competitiveness Report, Innovation Index, Knowledge based Economy Index, World
Competitiveness. The purpose of this work is to show innovation as the model of faster economic growth and
competitive advantage in creating sustainable development and the focus is on the factors such as economics,
competitiveness and innovation. The key factors of this work are the ones dealing with innovation, which are at
the same time essential for the economic growth of the modern society.
Key words: Innovation, competitiveness, economic development, modern society.
JEL classification: J28, M54
