Structural and institutional factors in the economic growth models
Abstract. The article investigates a possibility of including structural and institutional factors in the economic growth models. To do this, we estimate the best Cobb-Douglas functions for the economies of Russia, the USA and China with the addition of these variables. Modern models of the economic growth comprise individual factors of this group, but it is advisable to increase their number by considering political factors and parameters of the transactional sector. The results obtained can also be used to analyze and compare models of the socio-economic development of countries, to improve the economic policy of a state.
Keywords: structural and institutional factors, economic growth, Cobb-Douglas functions, institutional environment, economies of Russia, the USA, China
Highlights:
♦ structural and institutional factors are promising for inclusion in the economic growth models, especially at the current stage of slowing growth in the global and many national economies;
♦ the dynamics of the Russian economy is determined by the development of the transaction sector, especially the trade, to the detriment of the scientific and technological progress (NTP);
♦ the transactional sector of the Russian economy can also easily become the starting point of a crisis, especially it relates to the highly risky and insufficiently regulated Internet technologies of finance and trade.
Olga S. Demchenko - Siberian Federal University, Krasnoyarsk, Russia