Economic Analysis: Theory and Practice
 

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A methodological approach to analyzing the effect of fixed assets on economic growth in Russia by the production functions of complex variables

Vol. 18, Iss. 10, OCTOBER 2019

Received: 26 June 2019

Received in revised form: 12 July 2019

Accepted: 23 August 2019

Available online: 30 October 2019

Subject Heading: MATHEMATICAL METHODS AND MODELS

JEL Classification: С51, С59, С67, Е13

Pages: 1976–1988

https://doi.org/10.24891/ea.18.10.1976

Pakhomova E.A. Dubna State University, Dubna, Moscow Oblast, Russian Federation
pakhomova.ea@phystech.edu

https://orcid.org/0000-0002-3572-9614

Pisareva D.A. Dubna State University, Dubna, Moscow Oblast, Russian Federation
pisarevada@mail.ru

https://orcid.org/0000-0001-8361-3862

Kopylova T.V. Dubna State University, Dubna, Moscow Oblast, Russian Federation
tv-kopylova@mail.ru

https://orcid.org/0000-0003-3751-6265

Subject The article assesses the impact of fixed assets on economic growth of Russia, using our unique methodology.
Objectives The aim is to determine the possibility and feasibility of using the tools of the theory of functions of a complex variable for the construction of production functions as part of the analysis of the impact of condition of fixed assets on economic growth of Russia.
Methods We employ the econometrics tools, the Levenberg–Marquardt algorithm in the Wolfram Mathematica 10 software package, algebraic operations with complex variables, the tools of production functions of actual and complex argument.
Results We developed and tested methods to analyze the impact of fixed assets on economic development of Russia, using production functions of actual and complex arguments.
Conclusions If the model production function of the actual argument has a certain quality and, at the same time, certain shortcomings, but has a meaningful content reflecting the reality, is it possible to make alternative calculations with the complex argument function to check the stability of the meaningful result. In other words, in case of insufficient quality of the model of production function of the actual argument, the use of production function of complex argument may serve as an additional tool that enables to use the actual argument in the event of substantial inconsistency of both functions.

Keywords: fixed assets, econometric analysis, economic growth, production function, complex argument

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