Models of transformation of sectoral production functions of the Russian economy and their application at the new stage of industrial policy

Модели трансформации отраслевых производственных функций российской экономики и их применение на новом этапе промышленной политики

Yuriy Ponomarev and Rustam Magomedov

Working Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: Currently, the Russian economy is in a recovery phase after stagnation caused by a decrease in export prices for hydrocarbons, a reduction in budget revenues and international sanctions. The decline in profitability in the primary sectors of the economy has given some impetus to the development of the manufacturing industry, but industry growth rates are still very low and Russian industrial companies lag behind world leaders. As a result, the Russian economy is growing at a rate lower than the world average and cannot switch to sustainable growth. One of the key reasons for such development dynamics is the technological lag of the Russian economy from the developed countries and the lack of sufficient prerequisites for narrowing the gap, which in the long run will only increase due to the accelerated technological development of developed countries in the fourth industrial revolution. Due to the instability of the country and sectoral terms of trade, the need to integrate into the international division of labor within the fourth industrial revolution currently taking place in the world and the need for structural and technological transformation of the Russian economy, the issue of identifying the necessary conditions for positive changes in production functions is now a highly topical task. The goal of the research was testing the hypotheses about the impact of new technologies on the productivity and production functions of Russian companies. For that we provided: the review of industrial revolutions in developed and developing countries was conducted; theoretical and empirical studies on new technology adoption models were analyzed; the review of empirical approaches to the estimation of impact of technological changes on productivity and production functions was conducted; case studies of adoption of new technologies were analyzed; the impact assessment of new technologies on TFP and production functions in cement industry and steel industry in Russia.

Pages: 88 pages
Date: 2019-03
New Economics Papers: this item is included in nep-cis and nep-tra
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