Importance The article deals with the issues of economic growth at the regional level discussing Russia's economic development model change. Objectives The article aims to identify the drivers of economic growth at the regional level. Methods For the study, we used a comparative analysis of retrospective elasticity coefficients in regression models, research methods, econometric methods related to the construction and evaluation of cross-section regression model parameters, and fixed effects models for panel data analysis. Results The article identifies a significant impact of individual variables of employment, education, public health, R&D, and small business variables on Gross Regional Product. Conclusions At the present time, Russia needs certain structural reforms to achieve higher levels of regional and national economic growth, compared with the consensus forecast. The use of the estimates obtained makes choosing of priority areas and directions of such change more accurate. The identification of priority areas and directions for economic development will enable the Russian regions to make more effective use of domestic sources of economic growth.
Keywords: economic growth, structural policy, human capital, infrastructure, technology, regression model
References:
Harrod R.F. An Essay in Dynamic Theory. The Economic Journal, 1939, March, vol. 49, no. 193, pp. 14–33. Stable URL: Link doi: 10.2307/2225181
Sember F. Closing the Model? The Harrod-Marschak Correspondence on the Draft of the “Essay in Dynamic Theory”. Journal of the History of Economic Thought, 2010, vol. 32, iss. 4, pp. 583–608. doi: 10.1017/S1053837210000477
Solow R.M. The Last 50 Years in Growth Theory and the Next 10. Oxford Review of Economic Policy, 2007, vol. 23, iss. 1, pp. 3–14. doi: 10.1093/oxrep/grm004
Solow R.M. A Contribution to the Theory of Economic Growth. The Quarterly Journal of Economics, 1956, February, vol. 70, no. 1, pp. 65–94. Stable URL: Link
Acemoglu D. An Introduction to Modern Economic Growth. Journal of Economic Theory, 2007, December, vol. 147, iss. 2, pp. 545–550. doi: 10.1016/j.jet.2012.01.023
Easterly W., Levine R. The European Origins of Economic Development. Journal of Economic Growth, 2016, vol. 21, iss. 3, pp. 225–257. doi: 10.1007/s10887-016-9130-y
Romer P.M. Increasing Returns and Long-Run Growth. The Journal of Political Economy, 1986, October, vol. 94, no. 5, pp. 1002–1037. Stable URL: Link
Arrow K. The Economic Implications of Learning By Doing. Review of Economic Studies, 1962, June, vol. 29, no. 3, pp. 155–173. doi: 10.2307/2295952
Lucas R.E.Jr. On the Mechanics of Economic Development. Journal of Monetary Economics, 1989, May, vol. 22, iss. 1, pp. 3–42. doi: 10.1016/0304-3932(88)90168-7
Romer P.M. Endogenous Technical Change. The Journal of Political Economy, 1990, February, vol. 98, no. 5, pp. 71–102. doi: 10.1086/261725
Barro R., Sala-i-Martin X. Economic Growth. New York, McGraw Hill, 1995, 539 p.
Barro R.J. Institutions and Growth, an Introductory Essay. Journal of Economic Growth, 1996, June, vol. 1, iss. 2, pp. 145–148.
Jones C.I. The Facts of Economic Growth. Handbook of Macroeconomics, 2016, vol. 2A, chap. 1, pp. 3–69. URL: Link
Aghion P., Howitt P. Model of Growth Though Creative Destruction. Econometrica, 1992, vol. 60, no. 2, рр. 323–351. doi: 10.3386/w3223
Batabyala A., Beladib H. The Effects of Probabilistic Innovations on Schumpeterian Economic Growth in a Creative Region. Economic Modelling, 2016, vol. 53, pp. 224–230. doi: 10.1016/j.econmod.2015.11.026
Aghion P., Howitt P. Capital, Innovation, and Growth Accounting. Oxford Review of Economic Policy, 2007, vol. 23, iss. 1, pp. 79–93. doi: 10.1093/oxrep/grm007
Connolly M.P., Valderrama D. North-South Technological Diffusion and Dynamic Gains from Trade. Working Paper 24, Federal Reserve Bank of San Francisco, p. 29.
Afonso O. Scale-Independent North-South Trade Effects on the Technological-Knowledge Bias and on Wage Inequality. Review of World Economics, 2012, vol. 148, iss. 1, pp. 181–207. doi: 10.1007/s10290-011-0109-7
Krugman P.Increasing Returns and Economic Geography. The Journal of Political Economy, 1991, vol. 99, no. 3, pp. 483–499. URL: Link
Duranton G., Puga D. Micro-Foundations of Urban Agglomeration Economies. Handbook of Regional and Urban Economics, 2004, ed. 1, vol. 4, chap. 48, pp. 2063–2117. doi: 10.1016/S1574-0080(04)80005-1
Duranton G., Puga D. Urban Land Use. Handbook of Regional and Urban Economics, 2015, vol. 5, chap. 8, pp. 467–560. doi: 10.1016/B978-0-444-59517-1.00008-8
Martin P., Ottaviano G. Growth and Agglomeration. International Economic Review, 2001, vol. 42, no. 4, pp. 947–968.
Breinlich H., Ottaviano G., Temple J. Regional Growth and Regional Decline. Handbook of Economic Growth, 2014, vol. 2, chap. 4, pp. 683–779. doi: 10.1016/B978-0-444-53540-5.00004-5
Cerina F., Mureddu F. Is Agglomeration Really Good for Growth? Global Efficiency, Interregional Equity and Uneven Growth. Journal of Urban Economics, 2014, vol. 84, pp. 9–22. doi: 10.1016/j.jue.2014.08.006
Williamson J.G. Regional Inequality and the Process of National Development: A Description of the Patterns. Economic Development and Cultural Change, 1965, vol. 13, no. 4, part 2, pp. 1–84. Stable URL: Link
Spiezia V., Weiler S. Understanding Regional Growth. The Review of Regional Studies, 2007, vol. 37, no. 3, pp. 344–366. URL: Link
