National Interests: Priorities and Security
 

On methodological aspects of formulating the economic strategy of Russia under the Western sanctions

Vol. 13, Iss. 12, DECEMBER 2017

Received: 9 October 2017

Received in revised form: 24 October 2017

Accepted: 18 November 2017

Available online: 22 December 2017

Subject Heading: ECONOMIC POLICY OF THE STATE

JEL Classification: E20, Е21, Е22

Pages: 2273–2290

https://doi.org/10.24891/ni.13.12.2273

Matyushok V.M. Peoples' Friendship University of Russia, Moscow, Russian Federation
vmatyushok@mail.ru

Importance The research deals with methodological aspects of formulating the economic strategy in the new reality. The aspects are based on the concept of the endogenous economic development and systemic paradigm as the concept that integrates neoclassical, institutional and evolutionary views.
Objectives The research substantiates the set of principal methodological approaches to formulating the economic development strategy of Russia and achieving strategic goals.
Methods The research relies upon methods of systems analysis, dialectical method of scientific cognition, historical, logic and comparative analysis, mathematical methods in statistics and mathematical modeling in economics.
Results I propose my own approach to formulating the national economic strategy based on the concept of endogenous economic development. I interpret the endogenous nature of economic growth. Based on the systems approach, I reveal principal methodological approaches to formulating the economic development strategy, identify distinctions of Russia's institutional system that concurrently includes institutions promoting the development and threatening it.
Conclusions and Relevance To bridge the gap between the country and developed countries in terms of the standards of living and consumption of goods and services, average annual growth in GDP shall outperform the global average. Such growth rates are attainable if the economic strategy of Russia is formulated and implemented through the concept of endogenous economic development. It also requires to align the interaction with institutional and global economic systems.

Keywords: strategy, economic growth, endogenous development, systemic paradigm, institutional system

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