Vladimirov S.A.North-West Institute of Management of Russian Presidential Academy of National Economy and Public Administration (RANEPA), St. Petersburg, Russian Federation ideal_ideal@mail.ru
Importance The global economic crisis increased the urgency of creating an efficient system of macroeconomic policy management. Numerical indicators of the level and pace of economic and social development are essential for assessing the efficiency of economic policy pursued by the government, its changes, and the overall management of social development. Objectives The study aims to provide a theoretical underpinning of prospects for maximum possible public efficiency of government spending, investment, consumption, and tax burden, which are interrelated under perfect conditions of the balanced open economy. Methods I applied econometric methods to analyze various aspects of macroeconomic policy's efficiency and quality of developed countries. Results I offer an integral macroeconomic model. After it is embedded in the process of preparation, coordination, approval and analysis of budget execution by relevant government authorities, the specific amount of public expenditure and investment of a developed economic system may always result (in the ideal case of 'zero losses' in the public efficiency of government expenditure and investment) in the maximum possible rate of economic growth. This will enable to justify and control over efficiency and quality of the key areas of developed countries' macroeconomic policies (financial, fiscal and budgetary), and any deviation from the benchmark. Conclusions The offered model cracks the barrier of imaginary absence of quantitative invariables in the economic system that dramatically differentiate it from physical systems. The model provides a 'geometrically transparent' explanation of ups and downs of corresponding real economies that are inexplicable from many ideology-driven economists' standpoint.
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