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Theories of economic growth and economic cycles in the research of regional processes of new industrialisation

Authors:

Ya. P. Silin Ural State University of Economics, Ekaterinburg, Russia

E. G. Animitsa Ural State University of Economics, Ekaterinburg, Russia

N. V. Novikova Ural State University of Economics, Ekaterinburg, Russia

Abstract:

Most scholars and practitioners in Russia are in no doubt about the necessity to implement the policy of new industrialisation. However, the scientific paradigm of new industrialisation is still in its infancy. The paper aims to justify the relevance of using a cyclic-wave methodology to study the regional processes of new industrialisation. Methodological basis of the research includes fundamental propositions of the theories of economic growth, economic cycles and regional economic development. The methods applied in the course of the study encompass structural and logical analysis, grouping, and statistical methods. The authors deduce a set of propositions and argue that economic development of regions can be studied in the context of a cyclic-wave methodology with the use of general scientific methods, including historical and civilisational approaches. The authors demonstrate that Russia not only lags behind the world leaders in economic indicators, but also fails to reach the world average, and point to the economic growth as the main characteristic of public production, a measure of economic activity of a country and a region. This results in a more comprehensive understanding of the essence, nature, and regularities of the economic dynamics, including from the spatial perspec‑ tive. Having systematised the models of social changes, factors and reasons behind economic growth, they conclude that economic growth is in the core of the social dynamics. The research proves that between economic growth and cyclical development of economy there are dialecti‑ cal relationships, which directly or indirectly affect economic, social, political and other processes in time and space. Interpretation of the basic propositions of a cyclic-wave methodology allowed classifying the theories of cycles into external and internal. Economic cycles turn out to be a phenomenon conditioned by internal factors inherent in the economic system, whereas economic waves are generated by external factors. The results of the research may provide a theoretical foundation for further research of the processes of new industrialisation in regional dimension

Keywords: new industrialisation; region; macroregion; economic space; theories of economic growth; theories of economic cycles; social dynamics models.

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For citation: Silin Ya. P., Animitsa E. G., Novikova N.V. Teorii ekonomicheskogo rosta i eko‑ nomicheskogo tsikla v issledovanii regional'nykh protsessov novoy industrializatsii [Theories of economic growth and economic cycles in the research of regional processes of new industriali‑ sation]. Journal of New Economy, 2019, vol. 20, no. 2, pp. 5–29. DOI: 10.29141/2073-1019-201920-2-1