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National Interests: Priorities and Security
 

The rationale for adopting economic laws needed to detect the monetary and financial imbalance

Vol. 11, Iss. 24, JUNE 2015

PDF  Article PDF Version

Available online: 29 June 2015

Subject Heading: SUSTAINABLE DEVELOPMENT OF ECONOMY

JEL Classification: 

Pages: 2-16

Baizakov S. JSC Economic Research Institute, Astana, Republic of Kazakhstan
Baizakov37@mail.ru

Rasshchepko E.S. LLP STUDIO CUBIC, Almaty, Republic of Kazakhstan
elena-rs@yandex.ru

Importance We propose our option for developing the science of crisisology that relies upon the logic of economic substance of laws on market balance in production levels, employment, income and prices. The research focuses on the nexus between indicators of the real economy and the monetary and financial system.
     Objectives The research aims at assessing the real value of purchasing power of money, which constitutes an inverse value of the real index of prices for goods and services. In searching for real prices for goods and services, we use the GDP deflator and coefficient of scientific and technological progress, which allow finding patterns of developing the market economy.
     Methods The article The Fifth Way by N. Nazarbaev, President of the Republic of Kazakhstan, lays the methodological basis for identifying the patterns of the real economy and monetary and financial system development. The article reviews scenarios of ensuring sustainable economic development and mitigating damage from disparities.
     Results The research finds the main patterns of the market economy development, where the prevailing significance refers to the pattern of determining gross return on incentives for innovative investment in the economy and scientific and technological improvement of production processes. The final product is the core component in ensuring the unity of macroeconomic indicators. The real value of this product depends on the purchasing power of the national currency under the nominal GDP and coefficient of scientific and technological progress under the real GDP.
     Conclusions and Relevance We conclude that the principle of reciprocal purchasing power of money and index of prices for goods and services, as generated under the market economy forces, will become an effective analytical instrument for identifying the market disparity in production levels, employment, income and prices on an ongoing basis. The same principle of reciprocal purchasing power of money and indices of prices for goods and services may also be used for strategic planning of the long-term development of emerging economies.

Keywords: labor market, gross output, labor input, input-output balance, final product, real GDP, nominal GDP, scientific and technological progress

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