Giraev V.K.Dagestan State Technical University, Makhachkala, Republic of Dagestan, Russian Federation vgaaf@rambler.ru
Importance In modern conditions of the aggravation of the global economy crisis and due to the attempts to impose economic isolation on Russia, the issue on stimulating the economic growth focusing on the internal resources of the country, assumes great importance. Objectives The article provides an economic and mathematical model to stimulate the economic growth to optimize the GDP. Methods The model is based on a study of the interaction between the three sectors: the State (the Government and State management authorities, the tax system and the budget system), manufacturing (the production system), and households (the social system). To reflect the direct and inverse relationships of the production factors impact on the economic growth rate, the model encompasses the taxes, which have the productive nature by virtue of their redistribution by the government aimed at the financing of the production factors (capital and labor) in order to improve their quality. The capital taxation is made by means of corporate income tax; taxation of labor with the help of personal income tax and accrued payroll; taxation of consumption performed with the help of the value added tax. The methodology to construct the model comprises: the target of economic growth formalized using the linear homogeneous production of the Cobb-Douglas function, which consists of two main factors of production, i.e. capital and labor. The production factors serve as the functions of public goods, meaning the taxes, as well. I emphasize that the production factors elasticity depends on taxes. The public and private goods do not represent the perfect substitutes, but their differentials ratio impacts on the human capital quality, and through it influences the work and GDP. The State invests the tax revenues income in capital and labor, which provision of finance serves to meet the Pareto-efficient allocation of the resources between the factors of capital and labor. Results The GDP growth serves as an optimization index, and the production of finished goods serves as a target function, which is described by the modified Cobb-Douglas production function. Conclusions and Relevance The model is built to optimize the GDP on the basis of the theory of social welfare in order to study the impact of the changes of the labor and capital factors volumes on the economic growth, the public and private investment ratio, changes of tax rates. I emphasize that it is feasible to use the model while developing the key directions of the State fiscal policy.
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