Economic Growth Theory and Indicators of Russia’s Development: Institutional and Monetary Aspects
Abstract
The article is devoted to the tendencies of evolution of the modern economic growth theory called by the practical needs of supporting the economic growth. Under the unstable economic conditions provoked by the transition phase between the IV and V Kondratieff waves, economic growth in Russia and the world economy meets the instability, crises and traps. Under such conditions, indicators of gaps between welfare levels, as well as industrial, regional, technological gaps, and gaps between the virtual, financial and real economies became more precise measures of economic development than GDP. In the article, a theoretical approach taking into account these gaps is presented.
Keywords:
Economic growth, economic cycle, long waves, innovative breakthrough, financial bubbles, financial fragility, economic growth indicators, state governance of the economy
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Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.