RuEn

Journal section "Innovative development"

Innovation Approaches to the Formation of Investment Policy Tools from the Perspective of a Neo-Industrial Economic Development Paradigm

Kormishkina L.A., Koloskov D.A.

Volume 10, Issue 6, 2017

Kormishkina L.A., Koloskov D.A. Innovation Approaches to the Formation of Investment Policy Tools from the Perspective of a Neo-Industrial Economic Development Paradigm. Economic and Social Changes: Facts, Trends, Forecast, 2017, vol. 10, no. 6, pp. 218-233. DOI: 10.15838/esc.2017.6.54.14

DOI: 10.15838/esc.2017.6.54.14

Abstract   |   Authors   |   References
The current macro-environment of the Russian economy formed under the influence of its raw-materials export model does not facilitate investment activity or intensify investment in the country, which ultimately hinders the re-industrialization of the productive forces and establishes the technological and economic gap between Russia and world’s developed economies. Such a situation clearly indicates the need for a transition to a new economic paradigm, the implementation of which will ensure accelerated modernization of the economy based on innovative content of investment. We are talking about the neo-industrial paradigm of modern development developed by the Russian economic school in 2007–2014. In this regard, the purpose for the study is to develop the theory and methodology of formation of investment of a new – innovative – type, adequate to the neo-industrial economic paradigm; to identify the factors deterring innovative accumulation of investment in modern Russia; to develop proposals aimed at stimulating investment and innovation activity of business entities of the national economy given the subordination of the country’s resource and economic potential to the future neo-industrial development. The research framework is based on an integrative approach which requires analysis of historical, political, legal, economic, and other prerequisites for the development of socio-economic systems of different levels and is crucial for the analysis of the transformation of categories in the process of a paradigm shift. According to the methodological approach, the authors position the category of “investment” as one of the key categories of the hereditary (genetic) core of the neo-industrial economic paradigm; and introduce the term “innovative type of investment”. Such an approach to studying investment differs from their interpretation in traditional neoclassical, Keynesian and institutional frameworks. The main priorities of innovative content of investment are: active development of the human component of intellectual capital; generation of innovative technical and technological resources; establishment of effective innovation systems; an integrated, generalizing criterion of “gross accumulation rate” which in relation to the Russian economy amid capital-intensive and innovative investment should not be lower than 28–30% of GDP. The article analyzes the performance and intensity of innovative processes development in the economy of the Republic of Mordovia – one of the leaders in improving the rank in the ranking of innovative development of regions of the Russian Federation for 2008–2015. The methodological framework of such analysis is represented by a macro-model of innovative systems proposed by D.H.C. Chen and C.J. Fuhrman, adapted to the Russian economy with the use of the method of model-oriented structuring by Glisin F. and Kalyuzhnyi V. We clustered constituent entities of the Russian Federation according to the index value of “the region’s knowledge economy”. We formulate offers to intensify investment activity in Russia and transform its investment policy taking into account the stimulation of innovative content of investment

Keywords

investment, investment policy, neo-industrial economic paradigm, innovative content of investment, de-industrialization, “knowledge economy” index

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