Acceleration Potential of Economic Growth Based on Macroeconomic and Structural Policies

Abstract:

The article deals with measures of macroeconomic and structural policies that allow progressive economic growth of the Russian economy. We have tried to summarize the results of the scientific discussion, the subject of which is supply side economics, a new model of economic growth in the Russian economy. We have analyzed the new trends and the nature of the Russian economy’s growth, combinations of its factors. Th e main attention is paid to identify the new trends in the economic growth and accumulations. We have considered the investment process in the Russian and regional economy and its new drivers. It is found that investment is a driver of the implementation of national priorities. Th e progressive economic growth stimulates significant growth in the investment. Th e special emphasis is placed on the assertion that the growth of total factor productivity is crucial for achieving progressive economic growth of national and regional economies. New sources of economic growth are considered, the mobilization of which will finance in fixed and human capital. Th e article considers the evolution in macroeconomists’ perspectives to the problem of slowdown in economic growth. We analyze the theories of exogenous and endogenous economic growth and conclude about the possibility of using them to develop a strategy for the progressive growth of the Russian economy. Th e budget deficit is one of the possible domestic source of economic growth. A change of macroeconomic strategy is the novelty of this research. Th e article suggests the use of budget deficit, which will fund high-technology industries and economy of knowledge. Th e part of the gold and foreign exchange reserves and the National Wealth Fund should be used as an internal source of economic growth.

full text  PDF