Introduction. In modern economies, when the first plan for its relevance are issues of formation of effective structure, ensuring sustainable growth and development, a clear need for critical analysis of models of economic growth and comprehensive analysis of the factors. Theoretical analysis. The article discusses the basic model of economic growth and new models in which the driving factor of economic growth are innovations resulting from the production of such a specific sector of the modern economy, as the sector of scientific research and development. Discusses the question of the relationship of scientific, material and human capacities of the modern economy, seems to the author important factor in its innovative development. Conclusion. Reflecting the nature of social production in dynamics, economic growth in the contemporary phase of development has as its main factor of innovation, which is the product and result of the integration of intellectual and physical capital. This fact is confirmed by the existing modern models of economic growth, establishing a functional dependence between the growth of production and scientific-technical progress.