National goals and model of economic growth: New in the Russian socio-economic policy of 2018—2019

2019 ◽  
pp. 5-28 ◽  
Author(s):  
Vladimir A. Mau
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Supply Side ◽  
Demand Side ◽  
Institutional Reforms ◽  
Global Trends ◽  
Developed Economies ◽  
Growth Policy ◽  
Social And Economic Development ◽  
Fiscal And Monetary Policy

The paper deals with Russian social and economic development in the context of global trends. New economic crisis is looming ahead, but developed economies do not have sufficient fiscal and monetary instruments to mitigate it. The lack of institutional reforms, which were put on agenda by the crisis of 2008—2009, is another source of experts’ concerns. Russian authorities have announced a set of national goals and projects as the central point of social and economic policy for 2018—2024. The new economic growth policy includes the shift from the demand-side growth model to the supply-side one, broad implementation of project methods in economic policy, and continuation of conservative fiscal and monetary policy.

scholarly journals Global trends and national goals: Russia approaches a new model of economic growth

2019 ◽  
Vol 5 (1) ◽  
pp. 27-45
Author(s):  
Vladimir A. Mau
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Social Performance ◽  
Supply Side ◽  
Demand Side ◽  
Institutional Reforms ◽  
Global Trends ◽  
Growth Policy ◽  
Current Concern ◽  
Fiscal And Monetary Policy

This paper deals with global trends and their influence on Russian economic and social performance. A new economic crisis is looming, and the lack of institutional reforms, which were put on the agenda by the crisis of 2008–2009, is a source of current concern. In 2018 Russian authorities announced a set of national goals and projects as the central point of social and economic policy for 2018–2024. The new economic growth policy includes the shift from the demand-side growth model to the supply-side one, broad implementation of project methods in economic policy, and continuation of conservative fiscal and monetary policy.

scholarly journals Macroeconomics of growth

2019 ◽  
pp. 59-91
Author(s):  
Deepak Nayyar
Keyword(s):  
Economic Growth ◽  
Degrees Of Freedom ◽  
Policy Instruments ◽  
High Growth ◽  
Supply Side ◽  
Demand Side ◽  
Macroeconomic Policies ◽  
Government Deficits ◽  
Inflation Rates ◽  
Investment Growth

Economic growth over fifty years in the Asian-14 has been stunning. Investment and savings, which rose rapidly, were the main drivers of growth. Education was also a sustained driver of growth on the supply-side. From the demand-side, growth was primarily private-consumption-expenditure led and investment led. The interaction between the supply-side and the demand-side suggests a virtuous circle of cumulative causation, where rapid investment growth coincided in time with rapid export growth, leading to rapid GDP growth. In macroeconomic management, the successful countries did not follow orthodox prescriptions of balanced budgets and price stability. Their primary macroeconomic objectives were economic growth and employment creation. Their macroeconomic policies were also more versatile in their use of policy instruments. Their success in maintaining high growth rates increased their degrees of freedom, which enabled them to finance government deficits and raise sustainable levels of government borrowing, while making higher inflation rates politically more acceptable, which would not have been possible if economic growth was slow.

Economy and Policy in 2011: Global Crisis and Search for a New Model of Growth

2012 ◽  
pp. 4-26 ◽  
Author(s):  
V. Mau
Keyword(s):  
Economic Policy ◽  
Economic Development ◽  
Economic Crisis ◽  
Supply Side ◽  
Russian Society ◽  
New Model ◽  
Russian Economy ◽  
Social And Economic Development ◽  
Global Economic Crisis ◽  
Two Factors

The article reveals two factors which determined social and economic development of Russia in 2011: future elections and the global economic crisis. Relative sustainability of the Russian economy is noted. Still, macroeconomic stability remains fragile. Principal features of the global economic crisis are considered: its structural and systemic character. The specifics of Russian economic policy is analyzed. A new model of growth is proposed that is based on supply-side economics, its key elements are studied. Recent political changes in the Russian society are analyzed as well as their influence on economic dynamics. The necessity of complex modernization in Russia is stressed.

scholarly journals Trajectory of Steady Growth or Next Disbalance of Mechanisms of the World Economy

2019 ◽  
Vol 12 (5) ◽  
pp. 64-90
Author(s):  
E. N. Smirnov ◽  
V. N. Kirillov
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Economic Development ◽  
Interest Rates ◽  
World Economy ◽  
Practical Importance ◽  
Modern World ◽  
Economic Dynamics ◽  
Social And Economic Development ◽  
The World

Main objective of the article – assessment of problems and opportunities of speeding up of world economic growth in the context of the crisis phenomena and turbulence in economy. Complication and reformatting of the economic relations between the countries represents serious challenges for modern economic dynamics. Methodological approach of the authors is based on assessment of the defining influence of new factors on delay of economic activity and economic development. The thesis about the defining impact of international trade on economic growth is called into question. It was analyzed the value and a role of the international companies as growth catalysts in the conditions of new technological revolution. It is established that risks of development of the world economy continue to increase, and the main of them – in decline in labor productivity in the developed countries, uncertainty concerning interest rates and economic policy of the states, the universal growth of sovereign and corporate debt of the states. It is shown that China has the increasing problems with the growth; however the flexibility of its economic policy allows to connect additional mechanisms of speeding up of social and economic development. In the European Union economic growth depends on the solution of problems of consolidation of the budgetary process, decrease in a debt, and in general – on reforming of the existing model of social and economic development. Prospects of economic dynamics will depend in many respects on stability of trade relations between the countries, and on the effective international cooperation directed to overcoming imbalances of the modern world economy. Opportunities and problems of an exit of developing countries to a trajectory of sustained economic growth in the conditions of digitalization and digital transformations in the world economy are estimated. Aggravation of a problem of inequality in the conditions of digitalization of the world economy is possible to overcome, however a number of measures in the sphere of industrial, innovative and regulatory policy is necessary. Also at the international level serious reforms in the sphere of financial regulation and taxation are necessary. The conclusions received as a result of the research have important practical importance as overcoming the problems stated above and also trade political differences between the countries will make economic growth steady and inclusive.

scholarly journals Reflections on neo-Kaleckian growth regimes: a Marxian reproduction perspective

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Feng Zhao ◽  
Jiahe Tian ◽  
Yuchen Duan
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Income Distribution ◽  
Technological Progress ◽  
Supply Side ◽  
Demand Side ◽  
Content Type ◽  
The Impact ◽  
Kaleckian Model

PurposeThe neo-Kaleckian model follows the ideas of Marx, Keynes and Kalecki, that investment is a key influencing factor in the dynamics of the capitalist mode of production. Through the discussion of different forms of investment decision function, this paper constructs the analysis framework of wage-led and profit-led economic growth regimes.Design/methodology/approachThe model has become an important theoretical paradigm for current Western heterodox economists regarding the research on the impact of functional income distribution on economic growth, and it has a very large impact on both theoretical and empirical research. Starting from Marx's reproduction theory, this article discusses the theoretical shortcomings of the neo-Kaleckian growth regime model.FindingsThis paper mainly focuses on three aspects: (1) the ideological legacy of “Smith's Dogma”; (2) neglecting the restrictions on income distribution from the organic composition of capital and the surplus value rate; (3) technological progress and the formation of a new long economic wave.Originality/valueThe authors believe that the neo-Kaleckian model unilaterally emphasizes the demand-side factors in the economy and, unconsciously or not, ignores the role of the supply-side, which makes it encounter certain limitations in explaining long-term growth. Even if some empirical conclusions are employed to bridge functional income distribution and technological progress, there is still a lack of a theoretical basis for accurately describing long-term economic changes using this model. In order to better promote high-quality economic development and accelerate the formation of a new pattern of economic development in which the domestic large-scale cycle is the mainstay and the domestic and international double cycles promote each other, the authors need to adopt a policy combination with the supply-side as the main and the demand-side as the supplement, and to work from both sides.

Economic growth and the politics of entitlement

2009 ◽  
Vol 55 ◽  
pp. 97-125
Author(s):  
Robin Osborne
Keyword(s):  
Economic Growth ◽  
Human Nature ◽  
Supply Side ◽  
Aggregate Productivity ◽  
Demand Side ◽  
The Face ◽  
Minimum Number ◽  
Per Capita ◽  
Default Assumption ◽  
Over Time

Discussions of economic growth in antiquity have been primarily concerned with whether or not it occurred. Can we, from the array of unsystematic and often random information we have about individual and community wealth, and in the face of our very considerable ignorance about even such basic matters as population levels, find ways of measuring either aggregate or per capita growth? The second focus of scholarly energy has been on how growth might have been achieved, on levels of productivity and what limited them, on how institutions might have impeded or facilitated growth, and on the degree to which barriers may have been deliberately removed over time and growth consciously encouraged. This paper is not directly interested in either of those sets of questions. It is interested in who wanted growth in the first place.The default assumption in discussions of growth often seems to be, at least implicitly, that it is brought about either by need or by greed. The desire of individuals to satisfy their needs more fully leads to an increase in, at the very least, aggregate productivity, and might be expected inevitably to drive growth from the supply side. The desire of individuals to increase their consumption drives growth from the demand side. The default assumptions tend to stop there, as ifwhat counts as need is absolute, a matter of a certain minimum number of calories or ‘wheat equivalent’ a day, and as if greed is simply part of human nature.

scholarly journals Structural change and economic transformation

2019 ◽  
pp. 92-114
Author(s):  
Deepak Nayyar
Keyword(s):  
Economic Growth ◽  
Structural Change ◽  
Structural Transformation ◽  
Weak Link ◽  
Economic Transformation ◽  
Supply Side ◽  
Demand Side ◽  
Services Sector ◽  
Productivity Increase ◽  
Growth Promoting

Development in Asia has been associated with a structural transformation of economies. In this process, economic growth drove structural change from the demand-side as incomes rose and production activities followed, while structural change drove economic growth from the supply-side as labour moved from low-productivity to higher-productivity activities. Such labour transfer between sectors was growth-promoting in earlier stages, while productivity increase within sectors was growth-promoting in later stages. There was an exit of labour from agriculture everywhere, while the services sector progressively became the largest employer, with the highest output-share, across Asia. The process of structural transformation remains incomplete. In many countries it is necessary to address the neglect of agriculture and renew the emphasis on manufacturing, just as it is essential to exploit the synergies between manufacturing and services. Economic growth cannot be sustained and structural transformation cannot be completed even if one of three sectors is a weak link in the chain.

scholarly journals DAMPAK INFLASI TERHADAP PERTUMBUHAN EKONOMI DI INDONESIA

2012 ◽  
Vol 1 (2) ◽  
pp. 123
Author(s):  
Doni Satria
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Inflation Rate ◽  
Output Growth ◽  
The Other ◽  
Annual Data ◽  
Supply Side ◽  
Demand Side ◽  
Long Run ◽  
Causality Relationship

The long run relationship between inflation and economic growth has been recognized by macroeconomist in the last three decades. For developing countries inflation effect on economic growth is more supply side phenomena than demand side or economic fluctuation (Basu, 2000). On the other hand stable and low inflation rate in the long run will promote higher output growth. I found significance two way causality between inflation and growth in Indonesia. The result has shown a non linier causality relationship from inflation to economic growth using Indonesian annual data from 1981 to 2010. The data reveals there is long run non linier relationship between inflation and growth.

Structural Change and the Role of Demand

2021 ◽  
pp. 95-112
Author(s):  
Ricardo Azevedo Araujo ◽  
Joanílio Rodolpho Teixeira
Keyword(s):  
Economic Growth ◽  
Structural Change ◽  
Productivity Growth ◽  
Technological Progress ◽  
Structural Changes ◽  
Supply And Demand ◽  
Supply Side ◽  
Demand Side ◽  
Sector Model

Structural economic dynamics is an approach that provides insights into the process of structural change, offering a synthesis between traditional supply and demand views of economic growth, with the supply side characterized by technological progress and the demand side driven by the Engel’s law. However, adequately considering structural change requires a framework for more fully accounting for the role of demand, and not leaving it as merely exogenous. With this inquiry dimensions of endogenous patterns of demand are selectively embedded in a Pasinetti multi-sector model, thus rendering structural changes endogenous. This stream of research provides a more inclusive and comprehensive panorama of the role of demand for structural change, connecting the evolving patterns of the demand with productivity growth.

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