Research of the individual macroeconomic elements of the dynamic relationship of the inclusive model of economic growth and innovation policy

Bahadyr Matrizaev

RESEARCH OF THE INDIVIDUAL MACROECONOMIC ELEMENTS OF THE DYNAMIC RELATIONSHIP OF THE INCLUSIVE MODEL OF ECONOMIC GROWTH AND INNOVATION POLICY Research of the individual macroeconomic elements of the dynamic relationship of the inclusive model of economic growth and innovation policy

АА Аа

Published in Theoretical economics · Issue 5 · Pages 53–63 · Rubric: NEW INDUSTRIALIZATION: THEORETICAL AND ECONOMIC ASPECT

Received: 08.04.2023 Accepted: 15.04.2023 Published: 02.05.2024

Authors

Bahadyr Matrizaev

ORCID

Bahadyr Matrizaev

Academic degree: candidate of economic sciences

Science rang: docent

Federal State Budgetary Educational Institution of Higher Education "Financial University under the Government of the Russian Federation" Vladikavkaz Branch Russian Federation · Moscow

Russian State University of Tourism and Service CHERKIZOVO

ORCID

ABSTRACT

This article examines the thesis that macroeconomic models in countries that have achieved high rates of sustainable growth are characterized by dynamic and complex innovations and "creative destruction", export industries, as well as a high level of competition. In other words, dynamism, as the driving force of the economy, is also important for inclusivity, not just for growth and efficiency. These features are important for solving the problem of inequality (uneven distribution) of income in the market, that is, the initial distribution, as opposed to redistribution, which is usually the focus of the macroeconomic theory of inclusive growth. The article emphasizes that the dynamism of fair and inclusive markets is a key factor for achieving high sustainable and inclusive growth. The scientific novelty of the article consists in the study of various models of economic growth and the identification of individual macroeconomic elements of the dynamic relationship of the inclusive model of economic growth and innovation policy. In particular, the "Asian miracle" model of economic growth contains useful lessons not only for maintaining high and sustainable growth rates, but also for achieving inclusive growth. It is observed that the pioneers of the "Asian miracle" model of economic growth — Hong Kong, Japan, Korea, Singapore and Taiwan Province of China — have achieved sustained high growth for decades and have moved relatively quickly from low or middle income to high. Meanwhile, they have also witnessed a relatively less uneven distribution of market income. Their experience shows that state intervention leading to the creation of technologies, innovations and "creative destruction" in combination with competition in complex export markets may be necessary. Dynamism may be the key to inclusive growth, but at the same time, the growth of large firms, while important, could potentially lead to increased market power.

KEYWORDS

macroeconomic theory, economic growth, innovation policy, dynamics, inclusive growth

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