Economic Analysis: Theory and Practice
 

Economic growth quality: Methodological issues

Vol. 16, Iss. 8, AUGUST 2017

Received: 11 May 2017

Received in revised form: 7 July 2017

Accepted: 31 July 2017

Available online: 29 August 2017

Subject Heading: INTEGRATED ECONOMIC-SOCIO-ECOLOGICAL ANALYSIS

JEL Classification: О47

Pages: 1541–1566

https://doi.org/10.24891/ea.16.8.1541

Madrakhimov U.A. Institute of Forecasting and Macroeconomic Research, Tashkent, Uzbekistan ulugbekma@rambler.ru

Importance The article addresses economic and social relations arising in the process of economic growth quality improvement, sustainable economic growth and its factors.
Objectives The study aims to identify key growth factors and formulate practical proposals for enhancing the quality of Uzbekistan's sustainable economic growth in line with the national economy development.
Methods The methodological framework rests on fundamental and applied research by domestic and foreign scientists in the field of economic analysis and relevant publications in periodicals. I apply structural, logical and systems approaches, macroeconomic methods of generalization, grouping, comparison, quantitative, economic-statistical, econometric and factor analysis.
Results I developed a methodology to measure the effectiveness of economic growth and inclusive growth criteria to analyze the Uzbek economy. I also investigated labor productivity at the macro level and the impact of capital on its change. Using econometric methods, I define the contribution of certain factors to the quality of economic growth of Uzbekistan and provide targets of scenarios for economic development.
Conclusions and Relevance The findings serve as a basis of recommendations for enhancing the quality and duration of sustainable growth in Uzbekistan.

Keywords: economic growth, labor productivity, capital intensity, labor intensity

References:

  1. Vinod T., Dailami M., Dhareshvar A. et al. Kachestvo rosta: monografiya [The Quality of Growth]. Moscow, Ves' Mir Publ., 2001, 352 p.
  2. Spence M., Solow R. et al. Doklad o roste. Strategii ustoichivogo rosta i inklyuzivnogo razvitiya [The Growth Report: Strategies for Sustained Growth and Inclusive Development]. Moscow, Ves' Mir Publ., 2009, 192 p.
  3. Corso E. Inclusive Growth Analysis and HRV: A Methodological Note. URL: http://siteresources.worldbank.org/INTDEBTDEPT/Resources/468980-1316457581843/TPIGandHRV.pdf
  4. Kunal Sen. Inclusive Growth: When May We Expect It? When May We Not? Asian Development Review, 2014, vol. 31, no. 1, pp. 136–162.
  5. Vellala P.S., Madala M.K., Chhattopadhyay U. A Theoretical Model for Inclusive Economic Growth in Indian Context. International Journal of Humanities and Social Science, 2014, vol. 4, no. 13, pp. 229–235.
  6. Aoyagi Ch., Ganelli G. Asia's Quest for Inclusive Growth Revisited. IMF Working Paper, 2015, WP/15/42. URL: http://www.imf.org/external/pubs/ft/wp/2015/wp1542.pdf
  7. Anand R., Mishra S., Peiris S.J. Inclusive Growth Revisited: Measurement and Determinants. URL: http://siteresources.worldbank.org/EXTPREMNET/Resources/EP122.pdf
  8. Solow R. Growth Theory. Oxford, Oxford University Press, 2000.
  9. Swan T. Economic Growth and Capital Accumulation. Economic Record, 1956, vol. 32, no. 2, pp. 334–361.
  10. Denison E. Estimates of Productivity Change by Industry: An Evaluation and an Alternative. Washington, D.C., The Brookings Institution, 1989.
  11. Barro R., Sala-i-Martin X. Economic Growth. Cambridge, Mass., The MIT Press, 2003, 428 p.
  12. Easterly W., Levine R. It's Not Factor Accumulation: Stylized Facts and Growth Models. The World Bank Economic Review, 2001, vol. 15, no. 2, pp. 177–219.
  13. Evans G., Honkapohja S., Romer P. Growth Cycles. The American Economic Review, 1998, vol. 88, iss. 3, pp. 495–515.
  14. Grossman G., Helpman E. Innovation and Growth in the Global Economy. Cambridge, MA, The MIT Press, 1991.
  15. Guarini G. Innovation and growth in the Grossman-Helpman's model with increasing returns: A note. MPRA Paper, 2009, no. 19612.
  16. Lucas R.E. Jr. Making a Miracle. Econometrica, 1993, vol. 61, no. 2, pp. 251–271. doi: 10.2307/2951551
  17. Romer P.M. Endogenous Technological Change. Journal of Political Economy, 1990, vol. 98, no. 5, part 2, pp. S71–102.
  18. Mankiw N.G., Romer D., Weil D. A Contribution to the Empirics of Economic Growth. Quarterly Journal of Economics, 1992, vol. 107, no. 2, pp. 407–437.
  19. Rebelo S. Long-Run Policy Analysis and Long-Run Growth. Journal of Political Economy, 1991, vol. 99, no. 3, pp. 500–521.
  20. Aganbegyan A.G. Sotsial'no-ekonomicheskoe razvitie Rossii [Socio-economic development of Russia]. Moscow, Delo Publ., 2005, 272 p.
  21. Khubiev K.A. [Contradictions in economic growth]. Ekonomist = Economist, 2011, no. 8, pp. 46–49. (In Russ.)
  22. Yasin E.G., Akindinova N.V., Yakobson L.I., Yakovlev A.A. Sostoitsya li novaya model' ekonomicheskogo rosta v Rossii? [Will there be a new model of economic growth in Russia?]. Moscow, HSE Publ., 2013, 67 p.
  23. Yasin E.G. [Structural maneuver and economic growth]. Voprosy Ekonomiki, 2003, no. 8, pp. 4–30. (In Russ.)
  24. Yasin E.G. [Prospects for the Russian economy: Problems and growth factors]. Ekonomicheskii zhurnal VshE = HSE Economic Journal, 2002, no. 2, pp. 152–192. (In Russ.)
  25. Gubanov S. [A new target and conditions for its solution]. Ekonomist = Economist, 2008, no. 3, pp. 3−21. (In Russ.)
  26. Gubanov S. [Growth without development and its limits]. Voprosy Ekonomiki, 2006, no. 6, pp. 14–31. (In Russ.)
  27. Balatskii E. [Attitude toward income inequality: A quantitative evaluation]. Ekonomist = Economist, 2007, no. 6, pp. 39−49. (In Russ.)
  28. Balatskii E., Pavlichenko R. [Foreign investments and economic growth: Theory and practice]. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations, 2002, no. 1, pp. 52–64. (In Russ.)
  29. Illarionov A., Pivovarova I. [The size of the State and economic growth]. Voprosy Ekonomiki, 2002, no. 9, pp. 18–45. (In Russ.)
  30. Boschaeva Z.N. Formula ekonomicheskogo rosta [A formula for economic growth]. Moscow, Ekonomika Publ., 2007, 366 p.
  31. Alimov R.A., Berdintsev A.K., Rasulev A.K. et al. Uzbekistan: desyat' let po puti formirovaniya rynochnoi ekonomiki [Uzbekistan: Ten years towards market economy formation]. Tashkent, Uzbekiston Publ., 2001, 352 p.
  32. Innovatsii i ekonomicheskii rost [Innovation and economic growth]. Moscow, Nauka Publ., 2002, 377 p.
  33. Махмудов Н.М., Ҳакимов Ҳ.А. Иқтисодий ўсиш моделлари ва улардан макроиқтисодий таҳлилда фойдаланиш йўналишлари. Иқтисод ва молия, 2016, no. 3, pp. 2–8.
  34. Abulkosimov Kh.P. [Ways of reforming and modernizing the economy of the Republic of Uzbekistan over the years of independence]. Халқаромолия ва ҳисоб, 2016, no. 1. (In Russ.) URL: http://docplayer.ru/27913539-Puti-reformirovaniya-i-modernizacii-ekonomiki-respubliki-uzbekistan-za-gody-nezavisimosti.html
  35. Abulkosimov Kh.P., Berkinov B.B. Makroekonomicheskaya politika gosudarstva [Macroeconomic policy of the State]. Tashkent, Akademiya Publ., 2007, 198 p.
  36. Vakhabov A.V., Razykova G.Kh., Khazhibakiev Sh.Kh. Inostrannye investitsii i modernizatsiya natsional'noi ekonomiki [Foreign investment and modernization of the national economy]. Tashkent, Moliya Publ., 2011, 300 p.
  37. Chepel' S. [Uzbekistan's economic growth over the years of independence: Factors, problems and prospects]. Ekonomicheskoe obozrenie = Economic Review, 2003, no. 6, pp. 15–22. (In Russ.)
  38. Шодиев Т.Ш. Ишлаб чиқаришни модернизациялаш, интеллектуаллаштириш ва диверсификациялаш асосида иқтисодий ўсиш сифатини ошириш. Иқтисодиёт ва инновацион технологиялар, 2011, no. 1. URL: http://iqtisodiyot.uz/sites/default/files/maqolalar/23_T.Shodiyev..pdf
  39. Ali I., Son H. Measuring Inclusive Growth. Asian Development Review, 2007, vol. 24, no. 1, pp. 11–31.
  40. Kostina T.A. Kachestvo ekonomicheskogo rosta: predposylki, faktory, posledstviya [The quality of economic growth: Background, factors, consequences]. URL: http://e-edu.by/main/departments/business/staff/kostina/publications/28.pdf

View all articles of issue

 

ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 16, Iss. 8
August 2017

Archive