Analysis of the Role of Institutions and Technologies in Economic Growth of the Late USSR in a Cross-Country Comparison
https://doi.org/10.26794/2220-6469-2020-14-4-81-95
Abstract
The article presents the results of a study aimed at defining the role of institutional and technological dynamics in the economic growth of the late USSR in comparison with reference countries. We propose a modification of the production function, similar to the exogenous growth model by Mankiw, Romer, Weil (1992) with physical and human capital, by augmenting it with variables for institutional and general technological components. We present our new estimates of the effects of an increase in physical and human capital in the late Soviet economy. Also, we obtain statistical assessments of the negative contribution of the decrease in the technological level of the industrial economy of the USSR. We partially confirm the hypothesis about the deterioration of the institutional environment in the USSR. But its negative contribution was not more decisive and more significant than in other countries. Thus, the idea of the doom of the Soviet economy, due to the substantial flaws of its institutions, was not confirmed. Finally, we discuss the prospective lines of further exploration into the issues under study.
Keywords
planned economy,
new growth theories,
production function,
human capital,
institutional environment,
technological level
Supporting agencies: The study was carried out with the financial support of the Russian Foundation for Basic Research within the framework of scientific project No. 19–010–00680 “Research of institutional mechanisms of interaction between science and economic management in the USSR (the mid-1950s — late 1980s.) in the context of the development of a strategic planning system in the public sector of the economy R.F.”.
About the Authors
D. V. Didenko
Russian Presidential Academy of National Economy and Public Administration
Russian Federation
Russian Federation
Dmitry V. Didenko — Dr Sci. (Econ.), Cand. Sci. (Hist.), Leading Researcher
Moscow
N. V. Grineva
Financial University, Russian Presidential Academy of National Economy and Public Administration
Russian Federation
Russian Federation
Natalia V. Grineva — Cand. Sci. (Econ.), Associate Professor
Moscow
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Review
For citations:
Didenko D.V., Grineva N.V. Analysis of the Role of Institutions and Technologies in Economic Growth of the Late USSR in a Cross-Country Comparison. The world of new economy. 2020;14(4):81-95. (In Russ.) https://doi.org/10.26794/2220-6469-2020-14-4-81-95
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