NON-ECONOMIC FACTORS IN THE THEORY OF ECONOMIC GROWTH: A SOCIO-CULTURAL COMPONENT

Abstract

Currently, the observed changes in the economies of highly developed countries indicate the increasing importance of sociocultural potential as an important factor of economic development, which largely determines the efficiency of the functioning of the economy. The question of the relationship between culture and national mentality with economic behavior and social institutions (formal and informal) is of particular importance in modern conditions. Analysis of the impact of various economic and non-economic factors on the development of the economy is a topical problem of economic science throughout the period of formation and development of economic systems. In contemporary research, the authors move away from the traditional approach to economic growth, which does not take into account the importance of institutions, cultural traditions, religion, the role of environmental, political and social factors. Empirical studies of economic growth factors that have used standard production functions have failed to confirm the thesis about the decisive role of «physical capital» accumulations. Scientists have found that in addition to traditional factors (labor, land, capital), the growth of the national economy is influenced by others: political (socio-political stability, nature of political regime, peculiarities of economic and social policy of the state, etc.); social; geographical (geographical location, climatic conditions, minerals, nature of population reproduction, etc.); innovative and technological; infrastructure; psychological, socio-cultural. The role of socio-cultural potential of society in the system of economic development of the country is analyzed. The relationship between culture and national mentality with economic behavior and public institutions has been established. G. Hofstede's approach to constructing a system of socio-cultural indicators that determine the socio-cultural potential of economic growth is analyzed. The socio-cultural characteristics that determine the economic growth of the country are characterized. The analysis of the methodology of shaping the sociocultural potential of the society made it possible to identify indicators that will allow to quantify it. The system of indexes for quantitative assessment of socio-cultural potential of economic development of the country is constructed. Keywords: economic growth, factors of economic growth, socio-cultural potential, socio-cultural factors, values, culture, institutional environment.