In the section From the Chief Editor
Title of the article Economic Development ‘Trapped’ in Economic Growth: The Case of the Russian Far East
Pages 7-15
Author Pavel Aleksandrovich Minakir
Academician RAS, Doctor of Economics, Professor, Research Supervisor
Economic Research Institute FEB RAS
153 Tikhookeanskaya St., Khabarovsk, 680042, Russian Federation
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ORCID: 0000-0002-5451-5662
Abstract We discuss the issue arising from the stalling of the new economic policy implemented in the Russian Far East in the context of the dichotomy between economic development and economic growth. We consider the actual difference in the economic content of these two components of the objective function of regional economic dynamics. It is demonstrated that the difference in the internal content of these two components determines, in turn, the difference in economic policy itself and determines the fact that such economic policy itself is internally contradictory. We argue that the order of ‘steps’, through which the regional economic policy is implemented, plays the key role and the final result is determined directly and clearly by the way the order of objectives set in the objective function: ‘growth and development’ or ‘development and growth’. Three waves of economic dynamics of the Far East over a 150-year period are demonstrated, and a question of whether it is possible to move on to the fourth wave is raised. We also assess the most likely outcomes of the current policy which are exaggerated development of the resource sector, stalling of the growth of endogenous aggregate demand and the inability to switch to endogenous growth, the dominance of the parameters of external and national growth over the parameters of economic growth in the region, and stagnation of the parameters of economic development in the region. We determine the main reason for the discussed outcomes: the gap between the resources that should generate development and growth, and the demand that should accumulate these resources and transform them into development results that must eventually become the basis of economic growth
Code 330+332
JEL O10, R11, R58
DOI https://dx.doi.org/10.14530/se.2021.4.007-015
Keywords economic dynamics ♦ economic growth ♦ economic development ♦ regional economic policy ♦ likely outcomes ♦ Russian Far East
Download SE.2021.4.007-015.Minakir.pdf
For citation Minakir P.A. Economic Development ‘Trapped’ in Economic Growth: The Case of the Russian Far East. Prostranstvennaya Ekonomika = Spatial Economics, 2021, vol. 17, no. 4, pp. 7–15. https://dx.doi.org/10.14530/se.2021.4.007-015 (In Russian)
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7. Minakir P.A., Prokapalo О.М. Far East-Priority: Combinations of Investment and Institutes. Zhurnal Novoy Ekonomicheskoy Assotsiatsii = Journal of the New Economic Association, 2018, no. 2, pp. 146–155. https://doi.org/10.31737/2221-2264-2018-38-2-7 (In Russian).
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Submitted 10.11.2021
Approved after reviewing 01.12.2021
Accepted for publication 09.12.2021
Available online 24.12.2021

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