Economic Analysis: Theory and Practice
 

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On mechanisms and systems for endogenous economic growth strategy implementation in Russia

Vol. 18, Iss. 1, JANUARY 2019

Received: 9 October 2018

Received in revised form: 19 October 2018

Accepted: 7 November 2018

Available online: 29 January 2019

Subject Heading: ECONOMIC ADVANCEMENT

JEL Classification: O10, O20, O50

Pages: 421

https://doi.org/10.24891/ea.18.1.4

Matyushok V.M. Peoples' Friendship University of Russia, Moscow, Russian Federation
vmatyushok@mail.ru

ORCID id: not available

Balashova S.A. Peoples' Friendship University of Russia, Moscow, Russian Federation
sveta.b2@gmail.com

https://orcid.org/0000-0003-1797-8825

Subject The article considers economic mechanisms and systems for implementing the economic strategy under the new reality conditions. The mechanisms and systems rest on the concept of endogenous economic development that integrates the neoclassical, institutional and evolutionary approach.
Objectives The purpose of the study is to justify the Balanced Integrated Functional Economic System as a way of implementing the strategy of endogenous economic development of the Russian Federation.
Methods The study employs the methodology of systems analysis, dialectical method of scientific cognition, methods of historical, logical and comparative analysis.
Results The evolution of economic mechanisms and the genesis of functional economic systems are disclosed in a systematic way. We propose an original concept of Balanced Integrated Functional Economic System. To reveal its essence, we use the Balanced Scorecard methodology, which involves transforming the economic strategy, in this case the macro system, into four interrelated perspectives: Capital, knowledge, innovation, resources; Market demand, customers; Finances, currency, taxes; life quality. Each perspective contains strategic goals, indicators, and events or projects through which a strategic goal is achieved.
Conclusions Annual average GDP growth rates above the world average can be achieved through the economic strategy of Russia on the basis of the endogenous economic development concept. The success of the strategy implementation largely depends on its balance and interdependence of elements, relationships with higher-level systems, the form of its presentation and the control module (management system). For these purposes, we offer our own concept of Balanced Integrated Functional Economic System.

Keywords: economic mechanism, balanced integrated functional economic system, economic growth, endogenous development, system paradigm

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