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Regional Economics: Theory and Practice
 

Comparative evaluation and determination of the economic potential of the region

Vol. 15, Iss. 2, FEBRUARY 2017

PDF  Article PDF Version

Received: 6 July 2016

Received in revised form: 27 July 2016

Accepted: 3 August 2016

Available online: 18 February 2017

Subject Heading: SUSTAINABLE DEVELOPMENT OF REGIONS

JEL Classification: R10, R11, R50

Pages: 266-281

https://doi.org/10.24891/re.15.2.266

Kondrat'eva M.N. Ulyanovsk State Technical University, Ulyanovsk, Russian Federation
mnk@ulstu.ru

Rogova T.N. Ulyanovsk State Technical University, Ulyanovsk, Russian Federation
t.rogova@ulstu.ru

Balandina E.V. Ulyanovsk State Technical University, Ulyanovsk, Russian Federation
kattyten@mail.ru

Importance The economic potential of a region is a decisive criterion in choosing investment locations. The article highlights the importance of analyzing and evaluating the economic potential of the region to determine the prospects for development of the territory.
Objectives The article seeks to define the entity, role, and value of the economic potential of the Ulyanovsk oblast, and assess it to identify economic growth problems and reserves, and chart the development of the region.
Methods For the study, we used a cluster analysis.
Results We offer our own technique of determining the ranking of regions by level of economic potential use, and rating of the Volga Federal District regions. Cluster analysis allowed us to classify the regions by level of economic potential use as leaders, followers, overtaking, and lagging regions. As well, we offer our own definition of the economic capacity's entity, reflecting the probabilistic and resource-reproductive character. According to the results of rating, the Ulyanovsk oblast takes the 11th position out of 14 possible ones. We stress the necessity to improve the regional economic policy, and we identified its main focus.
Conclusions We found that the Ulyanovsk oblast has a good development potential, however it does not use fully the advantages of investment, economic, labor, and financial factors. Innovative and market components of the regional capacity can be called as perspective ones.

Keywords: economic potential, resources, investment activity

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