Ludmila Aleksandrovna Kormishkina ¹, Evgenii Danilovich Kormishkin ¹, Dmitrii Aleksandrovich Koloskov ¹

Affiliations
1 Department of Economics, Ogarev Mordovia State University, Saransk, RU

Abstract

Background/Objectives: The article describes the peculiarities of multiplier and accelerator effects in the Russian economy at different stages of its historical development. Methods/Statistical Analysis: The research of the specifics of multiplier and accelerator effects of investments in the Russian economy is based on the historical and genetic approach. The methodological base of the research consists mainly of dialectical principles. During studies, the authors used a regression analysis as a main tool for studying relations between economic variables and an indicative analysis enabling to estimate the potential danger, to make quantitative assessment of the crisis. Findings: The authors have built a regression model which reflects both: Changes occurred in the investment mechanism in the 1990s and their impact on the cumulative process in the post-Soviet economy. The causes and negative consequences of low investment activity in Russia have been identified. The well-founded conclusion has been made about the futility and harmfulness of raw materials export model for the further development of the country due to its inability to utilize the potential of the stimulating effect of the “cumulative demand” (consumer and investment one) factor. Application/Improvements: Proposals have been made regarding the intensification of the investment activity in the Russian economy, as well as the activation of hyper-cumulative process combining the accelerator and multiplier effects.

Keywords

Acceleration Effect, Investments, Multiplier.

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Ludmila Aleksandrovna Kormishkina ¹, Evgeniy Danilovich Kormishkin ¹, Dmitry Aleksandrovich Koloskov ²

Affiliations
1 Ogarev Mordovia State University, Saransk, Respublika Mordoviya – 430001, Russia
2 Ogarev Mordovia State University, Saransk, Respublika Mordoviya – 430001, Russia

Abstract

Background/Objectives: The study investigates the problem of economic growth from the perspectives of neo-industrial economic paradigm. Methods: The authors associate the content of economic growth with three principal criteria: innovativeness, sustainability and inclusiveness that attach new quality to the category under investigation. Thereat, neo-industrial economic growth is understood as the manifestation of the expanded reproduction of national economy with no detriment to the environment, when not only the final product is improved (in the system of national accounts it corresponds to Gross Domestic Product (GDP) and national income), but also when the economic potential of the country is enhanced and intensified (production assets, inventories, labor), when well-being of the population is increased (measured by GDP and national income growth rates per capita), and when social inequality is reduced. Findings: The new quality indicators and factors of economic growth have been suggested. The study justifies the conclusion that the export-oriented resource-based model of economic growth hampers the achievement of the identified criteria and does not ensure any efficient and high-quality social and economic development of the country. The suggested economic model proves the abovementioned conclusion and testifies of the fact that the country’s dependency on natural resources does not affect economic growth directly, but it does so through the system of governmental institutions. Thereat, in the states where these institutions are deficient, the latter, affected by the availability of natural resources, deteriorate even more, because the people in power try to formalize in legislation their easy access to these resources, thus, in turn, considerably reducing the potential economic growth. Applications/Improvements: The study presents suggestions to create the preconditions for neo-industrial economic development in the Russian Federation.

Keywords

Economic Growth, Innovativeness, Inclusiveness, New Industrialization, National Innovation Strategy, National Innovation System, Resource Curse, Sustainability.

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