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Management of intellectual factors and economic development of the country and the region: Evidence from the Rostov-on-Don Oblast

Vol. 15, Iss. 5, MAY 2019

Received: 27 February 2019

Received in revised form: 15 March 2019

Accepted: 2 April 2019

Available online: 16 May 2019

Subject Heading: SUSTAINABLE DEVELOPMENT OF ECONOMY

JEL Classification: А22, I21, L50, O47

Pages: 897–908

https://doi.org/10.24891/ni.15.5.897

Grechko M.V. Southern Federal University (SFEDU), Rostov-on-Don, Russian Federation
MVGrechko@inbox.ru

ORCID id: not available

Subject The article studies how intellectual factors influence the development of the national economy by determining what output is produced in the national economy as a result of intellectual factors and functional evaluation of innovation in the regional economy of the Rostov-on-Don Oblast.
Objectives The research studies the impact of intellectual factors on the development of the national economy and represents the functional evaluation of the regional economy of the Rostov-on-Don Oblast on the assumption that the reproduction of intellectual factors constitutes a synergistic and dynamic process, which requires to determine whether the economic system is responsive to knowledge and innovation.
Methods The research is based on the cognitive potential of the human capital theory, theory of economic evolution, political economy analysis, which helped measure the coefficient of the economic system responsiveness to knowledge and innovation, and set the membership function attributing the Rostov-on-Don Oblast to six classes of the region's states.
Results Relying upon the cognitive potential of the human capital theory, expert survey technique, I provide the model reflecting how intellectual factors influence the output of the national economy. I constructed the force field graph to determine the existence of driving forces for the region's development, describe the current foreign trade situation in the Rostov-on-Don Oblast.
Conclusions and Relevance The article systematizes the main conclusions. The findings shall subsequently underlie the quality management in the education system, improve its internal and external efficiency. Practical results may be used by public authorities to outline the national economy modernization strategy.

Keywords: intellectual capital, intellectual factor, innovation, knowledge, economic development

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