Home  Journals  Finance and Credit  37(613) - 2014 October

The influence of some factors on Russian economy modernization

Available online: 9 October 2014

Subject Heading: ISSUES ON ECONOMICS

JEL Classification: 

Pages: 54-59

The article analyses the research data of some problems related to transition to modernization, which should give a boost to the Russian economy growth. I have demonstrated the advantage of one of the new models of economic growth. Implementing this model can enhance human capital. I tried to explore the reasons why the attempts to increase innovation and to transfer the Russian economy to intensive development has not yet produced the desired results. The model of economic growth that existed before the crisis of 2008-2009 took into account high rates of the world economy development and high prices for hydrocarbons. At present, the world economy is growing at a much slower pace; therefore, the demand for Russian oil is less. The difficulties with manpower availability still remain. As a result, the Russian economy needs another model of economic growth. I have analyzed the ability and capacity of our country to switch to innovation way of development and the constraining factors on the way to modernization, in particular institutional ones. There is a more detail consideration of the human capital factor. After a short excursus to the history, I have analyzed the role of human capital in the transition of the Russian economy to innovation-driven growth. The work identifies the positive sides of a broad-gauge and a restricted approach to human capital. I emphasize the need to improve the human capital of the society, both its elite part and the majority of the country's population as it contributes to the success of modernization processes. I conclude that to achieve a success in the modernization progress of Russia it is necessary not only to encourage the elite human capital, but to mitigate the enormous disparities in wealth and living standards.

Keywords: modernization, human capital, innovation, model, economic growth, institutional condition, quantitative, qualitative, method, assessment

References:

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