Opportunities for economic growth of regional economic systems in the context of the implementation of the concept of balanced development

Abstract

One of the goals of the economic policy of most countries of the world is to increase the pace of economic growth. The successful socio-economic development of national economies and regional economic systems largely depends on the achievement of this goal. Many scientists-thinkers of the past, from T.R. Malthus and A. Smith to modern scientists-economists R.E. Lucas and P.M. Romer (Nobel Prize laureates in Economics) addressed this problem, offered their solutions. This article retrospectively analyzes the models of economic growth of the twentieth century by such well-known scientists as R. Harrod, E. Domar, R. Solow, T. Swan, K. Arrow. The author comes to the conclusion that, theoretically, there have been significant changes regarding views and approaches to solving issues of increasing the economic growth of national economic systems. In the scientific environment, new growth theories will prevail, in which the emphasis is on endogenous factors. At the same time, economic growth is closely interrelated with the economic development of regional economic systems, which, in the context of the implementation of the concept of balanced development, strive for sustainability. In turn, sustainable development, at its core, when conducting production and economic activities, provides for the leveling of negative consequences (externalities) such as excessive consumption of natural resources, harm to the environment, destruction of the ecosystem. As a solution, the author proposes the implementation of the "green" economy model. It is concluded that in the long term, in the context of the implementation of the concept of balanced development, economic growth of regional economic systems becomes possible, and new growth theories in which endogenous factors are dominant can serve as a theoretical foundation. The article is part of the author's dissertation research.