Forming Sources for a Long-run Growth: How to Understand?
The paper analyzes the inconsequence and problems of Russian economic policy to accelerate economic growth. Authors consider three components of growth rate (potential, Russian and world business cycles) and conclude that in order to pursue an effective economic policy to accelerate growth, it has to be addressed to the potential (long-run) growth component. The main ingredients of this policy are the government spending restructuring and budget institutions reform, labor and capital markets reform, productivity growth.
Long-run economic growth, TFP, government spending, restructuring