Finance and Credit
 

The genesis of the law of cyclic development

Vol. 22, Iss. 48, DECEMBER 2016

Received: 28 November 2016

Received in revised form: 9 December 2016

Accepted: 23 December 2016

Available online: 24 December 2016

Subject Heading: SCHOLAR DISPUTE

JEL Classification: O12, Q01

Pages: 28-45

Lyubushin N.P. Voronezh State University, Voronezh, Russian Federation
lubushinnp@mail.ru

Babicheva N.E. Voronezh State University, Voronezh, Russian Federation
sigaeva@mail.ru

Lylov A.I. Voronezh State University, Voronezh, Russian Federation
lylov-vsu@rambler.ru

Gurtovaya I.N. Federal Tax Service Training Institute, Nizhny Novgorod, Russian Federation
cpp604@sinn.ru

Subject The article studies the law of cyclic development as a component of sustainable development and going concern.
Objectives The aim is to study the evolution of the theory of cycles, develop new theoretical approaches to assessment of the impact of the law of economic systems' continuity and sustainable development.
Methods We employ scientific principles and research methods, i.e. historical approach, analysis and synthesis, induction and deduction, grouping, comparison, abstraction, generalization, analogy, and modeling.
Results We assessed the efficiency of technological modes. The paper proves that none of macroeconomic schools can explain the most important factors of theories of economic growth and economic cycles within the framework of their theory. Cyclical development modeling can be performed, using the approaches developed within a resource-based economic analysis. At the present stage of financial and banking services development, such economic systems cannot be sustainable. The analysis of micro-economic indicators of Russian economy shows that the economy has a debt nature and has been in crisis since 2006.
Conclusions and Relevance Cyclic development is an important element of economic growth. New approaches are required to forecast the development of economic systems. The forecasting is implemented through creation of interrelated models that take into account the impact of the law of cyclic development on going concern, resource conservation and sustainable development of economic systems of different hierarchical levels.

Keywords: economic system, going concern, sustainable development, cyclic development, life cycle

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