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Factors of Growth of the Russian Economy and of Technical Renovation

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  • A. Golub

Abstract

The author considers opportunities of maintaining sustainable growth of the Russian economy and preventing catastrophic pollution of environment by extensive development of the resource sector. In his opinion, the solution lies in switching production and consumption to new technologies, several times more effective than the old ones. In the analysis of the Russian economy the author uses the models of the modern theory of economic growth and gives further development to Solow's model. Applying of production function with increasing and decreasing returns from scale leads to the conclusion that stable economic growth in Russia can be achieved only in case when "old" and "new" technological (reproductive) structures coexist in the economy for a rather long period. The most dangerous consequence of excessive development of the resource sector is delay in rates of accumulation of capital in processing industries and outflow of labor to the resource sector.

Suggested Citation

  • A. Golub, 2004. "Factors of Growth of the Russian Economy and of Technical Renovation," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 5.
    • Handle: RePEc:nos:voprec:y:2004:id:1892
    DOI: 10.32609/0042-8736-2004-5-44-58
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    Cited by:

    1. Golub, A. & Potashnikov, V., 2022. "Theoretical analysis of development traps: On the example of Russia," Journal of the New Economic Association, New Economic Association, vol. 54(2), pages 56-74.

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