Abstract

The aim of the article. The main objective of the article is to create theoretical grounds to build the system of economic growth factors, to modernize their classification, to define exogenous and endogenous factors, to analyze them within the state economic policy structure. The results of the analysis. The article focuses on economic growth factors theoretical studies: – economic growth factors classification characteristics have been highlighted; – various approaches to determine exogenous and endogenous factors have been analyzed; – reflexive and elastic economic growth factors have been determined; – economic policy was given the role of reflective element within the system to ensure economic growth. The system of factors should be considered within the system that ensures economic growth. It comprises two important elements which enlist the economic growth factors system, economic growth rates system and two reflexive elements – the state economic policy and economic growth models system. While analyzing the economic growth factors, their quality and impact upon the economy should be considered. Economic growth depends on the factors, consideration of which is one of the most important aspects of the economic growth theory. Economic growth reasons are the factors that cause this growth. These are phenomena and processes that can increase the production output, improve efficiency and quality. Factors classification completeness and their diversity do not necessarily mean the dead end of the study. Any classification has the sense only if it fulfills the certain function. If we take into account economic growth modeling, factors diversification and their characteristics classification it implies that models are becoming more complex, the range of their parameters expands, however it does not necessarily lead to more accurate prognosis. All the factors have different impact upon the economic development. Their first type is elastic ones. These factors directly regulate the correlation between the supply and demand. For instance, net export means the increasing foreign demand for our national products; favorable weather conditions lead to the agricultural produce growing supply without any significant change in the economy. These factors rates can be measured and their impact upon economic growth can be easily determined. Another group of factors that indirectly regulate the correlation between the supply and demand are the reflexive factors. They function through structural changes, distribution and motivation system, insignificant restrictions and stimulus. These factors can only be characterized by indirect rates (human development index to measure human capital) and their impact upon economic growth, supply and demand is minor in the long run. This group enlists institutional and social factors that become more and more important in post industrial economy. Taking into account economic growth factors impact upon the supply and demand, we can sate that analysis that has been carried out provides good grounds to improve the research methodology in the field of economic growth modeling. We cannot definitely say if there are certain economic growth factors that are entirely independent from the state regulation. Firstly, government itself indirectly impacts the economic growth, by adopting new laws, for instance. Secondly, the main function of the state is to administratively regulate the economic system. This processit can lead to a significant development. Consequently the state plays one of the major roles in the economic factors development. Conclusions and directions of further researches. To ensure Ukraine’s constant economic development and to establish corresponding strategies to reach that goal it is of utmost importance to classify the economic growth factors and to study carefully their impact on the economic processes as the whole.

Keywords: economic growth, economic growth factors, economic growth exogenous and endogenous factors, reflexive and elastic economic growth factors

JEL Classification: I31, O10, O47.

Cite as: Hlukha, H. (2014). Economic growth factors system: theoretical and methodological aspect. Marketing and Management of Innovations, 1, 223-231. https://doi.org/10.21272/mmi.2014.1-22

This work is licensed under a Creative Commons Attribution 4.0 International License

References

1. Heitz, V.M. (1999). Transformatsiia modeli ekonomiky Ukrainy (ideologiia, protyritchchia, perspektyvy) [Ukraine’s economic model transformation – ideology, contradictions, perspectives]. Kyiv: Logos [in Ukrainian].
2. Zhalilo, Ya.A. (2009). Teoriia ta praktyka formuvannia efektyvnoi ekonomichnoi stratehii derzhavy [Theory and practice of state’s effective economic strategy formation]. Kyiv: NISD [in Ukrainian].
3. Ivashyna, O.F. (2009). Instytualizatsiia ekonomichnogo rozvytku [Economic growth institution]. Dnipropetrovsk: Nauka ta Osvita [in Ukrainian].
4. Kuzyk, B.N., & Yakovets, Yu.V. (2004). Rossiia-2050: strategiia innovatsionnogo proryva [Russia-2050: Innovative breakthrough strategy]. Moscow: Izdatelstvo «Ekonomyka» [in Russian].
5. Shumpeter, Y. (1982). Teoriia ekonomicheskogo razvitiia [Economic development theory]. Moscow: Progress [in Russian].
6. Akobyrov, F.O. (2010). Faktory i usloviia transformatsii modeli ekonomicheskogo rosta v postkrizisnoi dinamike [Economic growth model transformation factors and terms in post crisis dynamics]. Extended abstract of candidate`s thesis. St. Petersburg: Finance and economics state university [in Russian].
7. Kravtsova, N.Yu. (2005). Kharakter i factory ekonomicheskogo rosta v sovremennoi Rossii [Economic growth factors in contemporary Russia]. Extended abstract of candidate`s thesis. St. Petersburg [in Russian].
8. Aleksandrova, E.N. (2004) Sistema faktorov ekonomicheskogo rosta natsionalnoi ekonomiki [National economy economic growth factors system]. Extended abstract of candidate`s thesis. Krasnodar [in Russian].
9. Slutsker,V.I. (2006). Effektivnyi ekonomicheskii rost v globaliziruiuscheisia ekonomike [Efficient economic growth within the globalized economy]. Extended abstract of Doctor`s thesis. Saratov [in Russian].
10. Stolbov, M.I. (2007). Vliianie finansovogo rynka na ekonomicheskii rost [Financial market instruments to influence economic growth]. Extended abstract of candidate`s thesis. Moscow [in Russian].
11. Tarakanov, H.I. (2008). Faktory uskoreniia ekonomicheskogo rosta: sravnitelnyi analiz [Economic growth acceleration factors: comparative analysis]. Extended abstract of candidate`s thesis. Moscow: Russian Academy of Science of global economics and International Relations Institute [in Russian].
12. Chapliuk, V.Z. (2007). Ekonomicheskii rost v usloviiach transformiruemoi khoziaistvennoi sistemy: teoriia i praktika [Economic growth within the household system transformation: theory and practice]. Extended abstract of candidate`s thesis. Moscow [in Russian].
13. Cherednichenko, L.H. (2004). Kontseptualnye osnovaniia ekonomicheskogo rosta v transformiruemoi khoziaistvennoi sisteme [Economic growth conceptual basis within the transformative economic system]. Extended abstract of Doctor`s thesis. Moscow [in Russian]. 
14. Ananin, O.I. (2005). Struktura economiko-teoreticheskoho znaniia: metodologicheskii analiz [Economic-theoretical knowledge structure. methodological analysis]. Moscow: Nauka [in Russian].