| 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 This email address is being protected from spambots. You need JavaScript enabled to view it. 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) |
| References | 1. Economic Theories in Space and Time. Edited by V.S. Avtonomov, A.Ya. Rubinshtein. Saint Petersburg, 2020, 360 p. (In Russian). 2. Minakir P.A. Economic Growth and Development: Regional Application. Federalizm = Federalism, 2013, No. 2 (70), pp. 49–62. (In Russian). 3. Minakir P.A. Regions’ Economics. Russian Far East. Edited by A.G. Granberg. Russian Academy of Sciences, Far Eastern Branch, Economic Research Institute. Moscow, 2006, 848 p. (In Russian). 4. Minakir P.A. Stages of Development: Is a New Transition Possible? Economic Research on the Problems of Development of the Far East: Scientific and Practical Conference (November 10–11, 2021, Khabarovsk). Available at: http://www.ecrin.ru/images/conf/2021/50/Minakir_doklad1.mp4 (accessed December 2021). (In Russian). 5. Minakir P.A. To the Question of Economic Dynamics. Zhurnal Ekonomicheskoy Teorii = Russian Journal of Economic Theory, 2010, no. 4, pp. 129–139. (In Russian). 6. Minakir P.A., Prokapalo O.M. Program Economy: Far Eastern Projection. Regionalistica [Regionalistics], 2021, vol. 8, no. 4, pp. 36–44. http://dx.doi.org/10.14530/reg.2021.4.36 (In Russian). 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. (In Russian). 8. The Russian Far East: On the Way to Future. Edited by P.A. Minakir. Khabarovsk: ERI FEB RAS, 2017, 395 p. (In Russian). |
| Submitted | 10.11.2021 |
| Approved after reviewing | 01.12.2021 |
| Accepted for publication | 09.12.2021 |
| Available online | 24.12.2021 |