The problem of quality of economic growth in Ukraine: theoretical approaches and policy routines
DOI:
https://doi.org/10.35774/visnyk2019.01.007Keywords:
economic development, quality of economic growth, technological progress, rate of savings, consumption, policy routines, quasi-market economy.Abstract
The article considers the main theoretical approaches to assessing the quality of economic growth. More specifically, the paper covers the evolution of the concepts of economic development and quality of economic growth and their meanings. The concept of qualitative growth of economy, which has gained world recognition, is defined and characterized in detail. The nature of economic growth in Ukraine is explained and extensive factors that dominate in the economy are revealed. The research paper highlights the main government’s failures in policy-making for economic development. They are born out of using cheap labour and exporting raw materials. The analysis made it possible for the author to view the government’s initiatives in the economy as policy routines that contradict the theory of qualitative economic growth. The social risks of freezing the current situation are specified and characterized.
The results indicate that one of the major obstacles to the qualitative economic growth of Ukraine is the quasi-market, oligarchic-clan economic system which is capable to self- reproduce. Therefore, the proposals on the transition to a model of qualitative growth of the economy are formulated.
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