Abstract
In the article, the proposition is substantiated that the current development of the agricultural sector is possible on condition of harmonization of environmental, social and economic factors based on the principles of consistency, balance and social justice. The paper examines the impact of the intellectual component of labor potential on economic growth in the agricultural sector. The study of the main types of production functions for macroeconomic analysis is conducted. The advantages of using the Cobb-Douglas production function in determining the levers of agricultural production growth in the context of sustainable development are substantiated. The present-day priority of activities intellectualization in the agricultural sector is proved. It is proposed to particularly focus on the use of intellectual assets of human potential for agricultural production intensification. The accomplished modeling of the agricultural sector sustainable development gives grounds for an optimistic forecast as to increasing the resource potential of agricultural production due to a growth in the quantitative and qualitative indicators of labor potential.
Highlights
The main purpose of sustainable development is to provide the population of the world with food, the problem of sustainable development for the agricultural sector is utterly relevant and developed at the sectoral level
The economic component of sustainable development of the agricultural sector provides for a constant increase in the volume of agricultural production and improvement of its quality, strengthening of the production potential, creation of a rational production structure, maintaining of an appropriate level of financial stability, increase in the labor productivity, establishment of an appropriate market infrastructure, improvement of the model for investment support and tax policy
The analysis showed that the growth of quantitative and qualitative indicators of the agricultural sector’s labor potential has a direct impact on the increase in the gross value added of agricultural produce, since there is a direct relationship between them
Summary
The main purpose of sustainable development is to provide the population of the world with food, the problem of sustainable development for the agricultural sector is utterly relevant and developed at the sectoral level. A human-centered economics of happiness changes the priorities of social existence and expands the interaction of the sustainable development components It is the socio-economic model that comes to the fore and determines sustainable economic development: the alternative to the gross domestic product is the Human Development Index, which measures the people’s capability of living a long, healthy, creative life. This model further develops the ideas of the Lukas and Romer [4,5,6] endogenous growth models, according to which the main factor of economic growth is an increase in investments in human capital that ensures the scientific and technological progress. The product created in the economy is the result of the following production factors’ interrelationship: labor (L), capital (K), land resources and technological progress factors (N), whose impact on the volume of the total output can be described with the use of production function as one of the ways to forecast the development of complex economic systems
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