Zaretskaya V.G.Kursk Branch of Financial University under Government of Russian Federation, Kursk, Russian Federation zar.59@mail.ru
Osinevich L.M.Kursk Branch of Financial University under Government of Russian Federation, Kursk, Russian Federation llm176@mail.ru
Importance The article examines the methods for evaluating the quality of economic growth using multiplicative models of production functions. The evaluation considers the presence and absence of an innovative factor within a three-year period throughout the regions of the Russian Federation. Objectives The research pursues setting up a production multiplicative function of a region, considering various aspects: labor, capital, release of innovative goods. We calculate marginal rates of substituting a growth in capital investment with an increase in the number of the employed throughout the Russian Federation and the Kursk Region, in particular. Methods We use index models with an endogenous factor, i.e. an index of a physical amount of Gross Regional Product, and external factors, i.e. indices of a physical amount of investment in the capital stock and growth rates in the employed for the same period. The model also includes an external factor reflecting growth rates of releasing innovative products, as an indicator of the innovative process development in the economy. Results We evaluate whether indicators of growth in Gross Regional Product and Gross Domestic Product are balanced and attainable, as planned in the program for social and economic development of the Kursk Region and the 2020 Strategy. The article presents the outcome of the evaluation. Using the models, we review whether the economy needs more investment and employed people in order to go beyond inertial development and accelerate its growth, thus reaching the target indicators, when implementing various development scenarios. Conclusions and Relevance Using a quantitative analysis, we determine standards and rates when labor force may be substituted with capital, and vice versa. The article also illustrates conditions for attaining the target indicators of development in the region and the Russian Federation as a whole.
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