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Journal: Academic Bulletin "Economics and Region" (Vol.6, No. 49)

Publication Date:

Authors : ;

Page : 125-129

Keywords : economic growth; physical capital; human capital; research and technological progress; sustainable development and ecology;

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An outline of mathematical models of economic growth simulation theory taking into account the processes of physical and human capital accumulation is provided in the paper. The necessity of developing 5- sector growth model, that takes into account the relationship and mutual influence of industrial, environmental, social sectors, education and scientific and technological progress sector, is substantiated. An important objective of the country’s economic policy is a choice of acceptable model of economic growth, that will provide stimulating of economic development potential, qualitative improvement of living standards, reducing poverty, ensuring social protection of vulnerable groups, healthy development and education of the young generation. In recent years, an increasing number of works, which study, how production growth reflects the ecological environment, how ecology affects the possibility of growth, the level of economic development is associated with different indicators of social status. However, not enough attention is paid to the mutual influence of economy, ecology and social services despite the desire of many countries to sustainable development, which is defined as the development that meets the needs of both present and future generations for the economic and environmental benefits. At present, an effective model of economic development, on the basis of which the conscious control of national and economic interests would be done, and that would become the theoretical basis of effective economic policy, has not been developed in Ukraine. The most comprehensive model is currently a description of the national economy by a system of nonlinear differential equations. It describes the development of the economy as a whole, with the possibility of managing the distribution of work resources. The production factors in the model are: the amount of physical capital, the amount of unskilled labor, skilled labor volume, stock of knowledge and technology in the economy, environmental index, social index and index of scientific and technical progress. The value of the amount of unskilled labor is given exogenously, all other factors are endogenous variables of the suggested model. Development and implementation of economic growth models should ensure the efficient management of national and economic interests, become the theoretical basis of efficient economic policy, lead the Ukraine's economy to a balanced state of its components: economic, technological, industrial, social, and environmental.

Last modified: 2016-08-18 16:52:54