Production Function of Regional Economies: The Case of the Ural Economic Region

Tatyana V. Alferova and Yelena A. Tretyakova
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Tatyana V. Alferova: Perm State National Research University
Yelena A. Tretyakova: Perm State National Research University

Journal of New Economy, 2018, vol. 19, issue 5, 72-83

Abstract: The research examines the dependence of gross regional product on payroll and fixed assets compar? ing the economies of the Ural Economic Region with a view of reviewing the prospects of the regional economic systems to improve their efficiency. The methodological foundations of the work cover re? gional economics and research in the field of economic-mathematical modelling of regional economic processes. The information base of the research includes socioeconomic indicators of regions forming the Ural Economic Region for 2005–2016. The authors apply the methods of economic-mathematical modelling; system, logical, statistical, correlation and regression, and economic analysis. As a result of the research, the authors build statistically significant production functions of the seven regions of the Ural Economic Region and determine key efficiency indicators of using labour and capital resources during GRP creation. The authors arrive at the conclusion that the regions under consideration have a common economic problem field, appeared as a consequence of significantly deteriorated fixed assets, a decrease in both population and number of people employed in the economy. It implies that the labour resources maintain GRP growth in these regions. Regional government authorities should definitely take this fact into account during the indicative planning, development and revision of regions’ socioeco? nomic development programmes

Keywords: production function; regional economy; fixed assets; gross regional product; payroll budget; Ural economic region. (search for similar items in EconPapers)
JEL-codes: N15 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:url:izvest:v:19:y:2018:i:5:p:72-83

DOI: 10.29141/2073-1019-2018-19-5-6

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