Acceleration Of Economic Growth Research Articles

Additive economy and new horizons of innovative business development

The disruptive technologies and cyber-physical production systems are important factors that bring transformations to socio-economic formations. The paper aims to formulate the content, key directions, positive and negative effects of additive economy (AE) in the current transition phase to Industry 4.0. The research method is based on the analysis of structural links in socio-economic systems, where the additive economy potential is realized. The additive economy is treated as a new approach to production technological aspect based on the additive principle of manufacturing and aimed at minimizing the use of primary natural resources for dematerialization of social production. AE is the antithesis of the subtractive economy, which dominates today and uses only a tiny proportion of extracted natural resources. Among the positive effects of AE, there are the reduction in energy intensity of products, dematerialization of production, solidarity of society, economic systems sustainability, and intellectualization of technologies and materials. Among the negative expectations of AE, there are increased information vulnerability of production, risk of losing control over cyber-physical systems, expanding the unification of individuals, and increasing psychological stress. The additive economy is more sustainable than the subtractive economy since it does not require extra components to the production spheres, reduces the resource scarcity, and could satisfy more economic agents’ needs. Therefore, improved production efficiency due to AE promises economic growth acceleration, environmental burden and social risk reduction. Acknowledgment The publication was prepared in the framework of the research projects “Sustainable development and resource security: from disruptive technologies to digital transformation of Ukrainian economy” (№ 0121U100470); Fundamental bases of the phase transition to an additive economy: from disruptive technologies to institutional sociologization of decisions (No. 0121U109557).

Analysis of Increasing the Productivity of Quail Egg Farming in BUMDES Desa Kota Datar

Bumdes as one of the vehicles for accelerating the acceleration of economic growth in rural communities is a close part of agricultural development that supports the provision of nutritious and highly competitive food from livestock, as well as creating jobs in the livestock agribusiness sector. The development of the main livestock population and their production is an illustration of the level of availability of national protein sources. Quail eggs are one of the livestock commodities from the type of egg production that has a fairly high demand and has advantages as a provider of protein for the community. Its nutritional content is able to compete with popular poultry, such as native chickens, broilers, and ducks. The amount of consumption of quail eggs and the nutritional value and benefits contained in quail eggs indicate a fairly large business potential and show a contribution to the sufficiency of national protein intake and the development of Indonesian human quality. This study aims to identify internal and external factors that affect the increase in productivity of Quail Eggs in Kota Datar Village, Hamparan Perak Subdistrict, Deli Serdang Regency, which are included in the scope of Bumdes Kota Datar as a business forum and recommend alternative strategies to overcome the problems faced by the community. rural economy. The study was conducted from July to August 2021. The conclusion of this study is that the presence of Bumdes in increasing livestock productivity can be seen from the running of the marketing system, livestock and physical quality and quail meat which has an effect on increasing egg yields.

Road Transport Infrastructure Planning Study: Panacea for Nigeria Economy Development

The growth of regions and cities is dependent on transportation infrastructure. Access to city transportation infrastructure services, in general, has a significant impact on reducing income disparity. Despite all efforts to adopt a sustainable transport policy in Nigeria, the country's transportation infrastructure remains in poor condition, thwarting the lofty goal of reshaping the transportation network and economy. As a result, this study has demonstrated the need for proper transportation infrastructure investment as a panacea and national remedy for the Nigerian economy's enhancement and acceleration of economic growth and functioning national mobility. This study adopted the empirical exploratory analysis by surveying stakeholders in the state of Lagos. A qualitative research technique was employed, which included conducting in-depth interviews. The study recommended that the federal government's budget allocation to the transportation sector be raised, as this will increase funding directed toward improving existing transportation infrastructure such as roads, bridges, seaports, airports, trains, and canals. Keywords: Infrastructure, Transport, Quality, Economy, Policy DOI: 10.7176/DCS/12-4-04 Publication date: April 30 th 2022

The Dynamic Link of Energy Consumption, Economic Growth and Poverty in Eastern Indonesia: Panel VECM and FMOLS Approach

This study aims to investigate the pattern of dynamic relationships between energy consumption, economic growth, and poverty in panel data set of 12 provinces of Eastern Indonesia during the period 2009-2019. PVECM and FM-OLS were applied to analyze the dynamic link of the variables both in the short and long term. All secondary data used were collected from BPS and the Ministry of Energy and Mineral Resources. The results of this empirical study in the short term corroborate the neutrality hypothesis, which reveals that there is no short-term relationship in the case of energy-growth nexus, energy-poverty nexus, and poverty-growth nexus. In the long term, empirical evidence corroborates the feedback hypothesis in the case of the energy-growth nexus and poverty-growth nexus. Concerning the long-run energy-growth nexus, the increase in energy consumption has a positive effect on the acceleration of economic growth, and also the increase in economic growth requires the fulfillment of adequate energy consumption. Furthermore, a feedback relationship is found in the poverty-growth nexus case which explains that the progress of poverty reduction is significantly determined by sustainable economic growth that supports several previous studies and the trickle-down economics argument or pro-growth-poverty. On the other hand, widespread poverty has a negative impact on the achievement of economic growth.

Pro-poorness of rural economic growth and the roles of education in Bhutan, 2007–2017

Among south Asian countries, Bhutan has the second lowest poverty incidence; but, there is a large difference in poverty incidence between urban and rural areas. While urban areas registered a very small poverty incidence, 12.0% of rural population were still below the national poverty line in 2017. Poverty is by and large a rural phenominon in Bhutan. Against this background, this study examines whether Bhutan’s rural economic growth was pro-poor from 2007–2017 by using the Bhutan Living Standard Surveys. It also conducts an IV probit analysis to explore the determinants of poverty. Even in rural areas, growth is necessary for the reduction of poverty. Besides relying on trickle-down effects from hydropower projects and tourism, promotion of agriculture-based small scale industries is essential for the acceleration of rural economic growth, where further development of basic industrial and transportation infrastructure and socioeconomic facilities is imperative. The country also needs to promote and strengthen basic education since education is found to have played an important role in reducing poverty. Many rural households are vulnerable to poverty. To prevent vulnerable households from falling into poverty, more effective social safety net programs may be necessary based on regional differences in factors affecting living conditions.

Is the Digital Economy Driving the Economic Growth of the Sumatra Region During the Pandemic?

Digitalization has an essential role during the pandemic because it helps facilitate various economic activities. This study aims to analyze the economic digitization of financial technology on economic growth in the Sumatra region (North Sumatra, West Sumatra, and South Sumatra) in January 2020-June 2021. We also used macroeconomic indicators in the form of inflation, foreign direct investment (FDI), and domestic investment (DI) as a control to explain economic conditions. The analysis results using the Panel Vector Autoregression (P-VAR) showed that fintech contributed positively to economic growth. This result was supported by maintained inflation stability that created a conducive investment climate, thereby attracting FDI. We recommend that the regional government take advantage of existing fintech and that "prudent" policies on inflation management must always be adequately prioritized to support the acceleration of economic growth in the Sumatra region, especially North Sumatra, West Sumatra, and South Sumatra.

Applications, planning and socio-techno-economic analysis of distributed energy systems for rural electrification in India and other countries: A review

Electricity is significant for acceleration of economic growth, employment generation, poverty alleviation and human development especially in rural areas. With advent of mobile phones and computer systems, electricity has become human’s basic necessity. Renewable energy sources driven decentralized energy systems have gained attention to satisfy the electric needs of rural communities. This paper attempts to present an exclusive literature review for application of decentralized energy system for development of rural microgids. Comparative analysis in terms of governing principle, installed capacity, performance parameters, operating efficiency, and GHG emissions for both renewable and non-renewable energy Distributed Energy Systems (DES) technologies has been presented. Optimization algorithms developed for optimal planning, sizing and citing of DESs and storage has been studied. Socio-techno-economic studies for assessing the feasibility of developed rural microgrids has been presented. Inferences based on the literature study to attract significant attention of microgrid developers and operators has been notified.

Export Promotion Changes of Sme’s for Export Expansion Directions Development in Lithuania

The article aims to show that conditioned by globalization processes integration tendencies in the world economy stimulate the search of new export expansion directions and development methods. Their evaluation and implementation are important driving forces for national economic growth and sustainable development of regions. Current Lithuanian state’s position in export promotion, as it enters into exchanges with the ever-changing global environment, must be conceptually justified, enabling equal participation in the international trade and the ability to withstand globalization’s challenges. Most importantly, export promotion and development mechanisms and instruments should allow for timely responses towards the increasing liberalization of economic relationships and encourage the introduction of prerequisites for the acceleration of economic growth through export expansion.

Solving the Economic Growth Acceleration Model with Memory Effects: An Application of Combined Theorem of Adomian Decomposition Methods and Kashuri–Fundo Transformation Methods

The primary purpose of this study is to solve the economic growth acceleration model with memory effects for the quadratic cost function (Riccati fractional differential equation), using Combined Theorem of Adomian Polynomial Decomposition and Kashuri–Fundo Transformation methods. The economic growth model (EGM) with memory effects for the quadratic cost function is analysed by modifying the linear fractional differential equation. The study’s significant contribution is to develop a linear cost function in the EGM for a quadratic non-linear cost function and determine the specific conditions of the Riccati fractional differential equation (RFDEs) in the EGM with memory effects. The study results showed that RFDEs in the EGM involving the memory effect have a solution and singularity. Additionally, this study presents a comparison of exact solutions using Lie symmetry, Combined Theorem of Adomian Polynomial Decomposition, and Kashuri–Fundo Transformation methods. The results showed that the three methods have the same solution. Furthermore, this study provides a numerical solution to the RFDEs on the EGM with memory effects. The numerical simulation results showed that the output value of Y(t) for the quadratic cost function in the economic growth model is significantly affected by the memory effect.

The Road and Belt Initiative in Malaysia: Challenges and Recommendations

ABSTRACT In recent years, China has expanded its relations with other nations through the Belt and Road Initiative. This initiative was formally introduced after it was launched in 2013 by President Xi Jinping. It comprises two components, namely, the Silk Road Economic Belt and the 21st Century Maritime Silk Road Initiative, both of which aim to stimulate the acceleration of economic growth in Asia, Africa and Europe. This research attempts to provide a detailed review of the execution of this initiative through empirical studies based on qualitative analysis, which are closely related to BRI implementation in Malaysia. The focus of this research, however, is not limited to studying the viewpoints of leaders and scholars on the initiative; rather, it will also attempt to discuss theBRI’s progress and the obstacles encountered to date from the political aspects of both China and Malaysia. By identifying the potential challenges to come, this research will prove to be significant, as it proposes some comprehensive measures to address and forestall any setbacks that may arise, which may affect the implementation of the BRI between the two nations. Keywords: Belt and Road Initiative (BRI); Malaysia–China relations; Silk Road; China–ASEAN relations; Maritime Silk Road A

СУЧАСНІ ТЕНДЕНЦІЇ РОЗВИТКУ КООПЕРАТИВНОГО ПІДПРИЄМНИЦТВА

The article notes that cooperation has recently become increasingly large-scale, covering all levels of production. The article examines essence and special characteristics of the modern cooperative entrepreneurship, the theoretical aspects of cooperative enterprises in Ukraine have been considered in the article, in particular the problems of its identification and adequacy to the international cooperative principles. The difference between cooperative enterprises and joint stock ventures has been explained. The conclusion is made about the essence of the cooperative idea as a whole, aimed at the comprehensive development of the personality, the realization of its capabilities and the satisfaction of needs. This article defined by negative and positive sides of the functioning of cooperative organizations in a market economy. The main task of the cooperation in the current context is not an adaptation to market principles, but development of cooperation phenomenon unique characteristics, creating and increasing competitive advantages, underlying the cooperative form of economy management. The analysis of foreign experience of cooperative entrepreneurship shows that in many countries collective management is considered as an effective means of solving economic and social problems. At the same time, the main feature of a cooperative enterprise is the participation of employees in the company's capital, which requires the formation of a qualitatively different culture of corporate management, aimed at the broad involvement of employees in management and economic processes. It was noted that implementation of state support measures, creation of cooperative entrepreneurship supporting structures, development of democratic principles in the management of enterprises are necessary for the development of the cooperative entrepreneurship in Ukraine. The development of cooperative entrepreneurship will contribute to the strengthening of multi-organization, the effective implementation of the collective form of ownership, the expansion of cooperative relations and the acceleration of economic growth in Ukraine.

Regional Competitiveness Analysis in Province of Gorontalo

The increased power is important based on the ability of the region to increase it. Regional ability to increase competitiveness depends on the ability of regions to find and determine the driving factors of competitiveness and provide economic policies that focus on transforming the acceleration of regional economic growth. This study aims to analyze the competitiveness of the macroeconomic stability of Gorontalo Province. The research is intended to find out how competitive macroeconomic stability of each district and city in Gorontalo Province. The districts/cities analyzed consisted of Gorontalo Regency, North Gorontalo Regency, Boalemo Regency, Pohuwato Regency, Bone Bolango Regency, and Gorontalo City. The research method applied in this study is descriptive analysis which provides an overview and geographic distribution of Gorontalo Province followed by quantitative calculation. The analytical tool engaged in this competitiveness study is the indicators and scope utilized by the Asian Competitiveness Institute (ACI). The results indicated that two of the six regencies and cities in Gorontalo Province were more competitive than the provincial average, specifically regency of Gorontalo and regency of Boalemo.

ИНВЕСТИЦИОННАЯ ПОЛИТИКА ГОСУДАРСТВА КАК ИНСТРУМЕНТ ЭКОНОМИЧЕСКОГО РОСТА

The article defines the role of the state's investment policy as an instrument for the effective development of the leading sectors of the economy, the stable functioning of the basic infrastructure, achieving macroeconomic stability and stimulating economic growth. The object of the study is the investment policy of states. The subject of the study is the mechanisms of economic growth of the country. The purpose of the study is to identify and scientifically substantiate the role of investment policy in the economic growth of the country. A detailed analysis of the share of capital investments in GDP, the index of investments in fixed assets for 2017-2021 is presented, and the investment policy determining the state of developed countries and developing countries is also evaluated. The methods of correlation and regression analysis used made it possible to determine the relationship between real GDP, the share of industrial production in GDP and the index of investment in fixed assets in countries with a transforming economy. It is established that in the vast majority of countries, an increase in investments in fixed assets contributes to the acceleration of economic growth, and the level of economic growth determines the investment potential of countries. It is determined that the heterogeneity of the impact of investments on the level of economic growth in countries with transformational economies is due to their raw orientation, insufficient level of validity and predictability of the implemented investment policy of the state. It is proved that the investment policy of the state is an important tool for ensuring macroeconomic stability and stimulating economic growth in a recession. It is proposed to create conditions for the macroeconomic balance that contribute to the increase of business activity of enterprises due to the purposeful influence of state investment policy on economic processes by ensuring qualitative transformation and innovation of the national economy. The results obtained show that the level of influence of public investment in relation to the level of economic growth varies significantly depending on the level of development of financial institutions in the country and the infrastructure of the financial market

ЭКОНОМИЧЕСКИЙ РОСТ НА ОСНОВЕ ПРОЕКТОВ ГОСУДАРСТВЕННО-ЧАСТНОГО ПАРТНЕРСТВА В НЕКОТОРЫХ СЕКТОРАХ

The development of infrastructure in the main spheres of human activity is one of the effective factors of economic growth. The infrastructure development contributes to the creation of a single economic space, the forma- tion of a transport and logistics network across the country, the accumulation of highly qualified human capital, and the provision of energy for production. With regard to information technologies, there is no direct relationship with the pace of economic growth, but the accumulation of their critical mass has an impact on the quality of economic growth, as a result, increasing labor productivity and the level of socio-economic development. Recently, the mechanism of public-private partnership (PPP) has been effectively used for the implementation of such pro-jects. Thereupon the purpose of the study is to analyze the impact of the imple- mentation of classical public-private partnership projects in the housing, trans- port, social and IT spheres on economic growth in federal districts and regions. The methodology of the study is the analysis of systematized data, tables and diagrams obtained as a result of the distribution of the database on the PPP mar- ket by federal districts and regions. The results of the study are in assessing the impact of the development of infrastructure and information technologies based on PPP mechanisms on economic growth in federal districts and regions. There is a highlight in the main characteristics of infrastructure development in each area, contributing to the acceleration of economic growth. Following the results of the study, recommendations are given for further infrastructure development and investment in the areas considered

Estimates of the possible economic effect of the demographic dividend for sub-Saharan Africa for the period up to 2036

An acceleration of economic growth in Tropical Africa is currently expected due to the demographic bonus. These expectations are based on the assumptions of an accelerating decline in fertility in the countries of Tropical Africa. At the same time, it should be noted that a significant number of countries in the region have faced rather long periods of no decline in fertility, or even some fertility increase. Accordingly, the scenario of an accelerated fertility decline is by no means guaranteed. Moreover, in order to receive a demographic bonus, a specific employment policy (aimed at full-time employment) is required, as well as policies related to wages and social issues. However, the implementation of these measures should not be taken for granted; it is possible that they will not be implemented. This raises the question of the difference between development scenarios taking place with or without such measures. We model these two scenarios and compare them, revealing a significant impact of the demographic bonus on GDP per capita, which should be expected in various African countries under the scenario of an accelerated decline in fertility. For Nigeria and Niger, the differences in growth rates are most pronounced, and the demographic bonus is the largest. An accelerated decline in fertility could boost economic growth in Nigeria by 2.5 times, or 2.7 percentage points. However, this scenario is definitely not guaranteed. Our analysis provides several reasons to seriously doubt the prospects for an “automatic” fertility transition in Tropical Africa in the next few decades.

Exchange Rate Policy Regimes, Private Investment Behaviour and Economic Growth in Nigeria (1960 -2020)

To improve economic growth acceleration, the Nigerian government should continue to formulate and implement several policies including exchange rate policy regimes. Exchange rate policy regime of any government could be a fixed exchange rate regime when the price of a country’s currency in terms of another country’s currency is fixed to a value by the monetary authority; it could be a floating regime when the price of a country’s currency in terms of another country’s currency is left to be determined by the forces of demand and supply, while a managed-floating regime is undertaken when there is an element of both fixed and floating regimes. Following the Barro (1990) theoretical framework, this study attempted to assess the effects each exchange rate regime has on the economy through the mechanism of private investment spending. The researcher carefully selected macroeconomic variables that have been considered in the econometric models for empirical analysis of the research study in this dissertation through statistical estimation techniques as guided by Barro (1990) and international studies, specifically that of Sahoo et al., (2012), in this area of study. These variables include GDP as an indicator for economic growth, Private capital, private sector credit, real exchange rate, interest rate, government capital expenditure, trade openness, exchange rate regimes dummies, total employment, and spending on health and education. Specifically, the study set out to empirically quantify the impact of both fixed and floating regimes on private investment spending and in turn, on economic growth in Nigeria.Through this study, the key determinants of private investment spending and economic growth in Nigeria. To achieve the study’s objectives and address the respective research questions, preliminary examinations of the data were conducted through the use of visual and unit root tests and some of the variables were found to be stationary at levels (i.e., 𝐼(0)) while some are stationary in their first differences (i.e., 𝐼(1)). The study proceeded to estimate both private investment and economic growth models simultaneously using Two-Stage Least Squares (TSLS) method.

CONSIDERATIONS ON THE IMPACT OF HIGHER EDUCATION FROM AN ECONOMIC AND NON-ECONOMIC PERSPECTIVE

The impact of higher education is reflected in both individual and collective benefits, economic and non-economic. For example, if pursuing higher education means an increased chance of employment at the individual level and of being better paid, at the macroeconomic level, a higher share of the population with higher education is associated with lower unemployment rates, with an increase in productivity and, consequently, with an acceleration of economic growth. The economic advantages of higher education are complemented by non-economic advantages such as: increased manifestation of civic spirit, increased care and better health, a decrease in crime etc. among the population with higher education. This article aims to highlight some of the economic and non-economic benefits, individual or collective, of higher education, starting on the one hand from information in the literature and on the other hand from official statistical information, using EU statistical information.

Application of the Project Approach in the Territorial Development of the Eastern Regions of Russia

Natural resources extraction, industrial and social development of the Eastern regions of Russia is associated with great costs and takes a long time. These costs are due to both natural and climatic conditions, and poor-developed infrastructure of the territory. Use of the project approach may accelerate regional development. The project approach assumes the achievement of goals in a short-time period and the use of various investment sources. The Krasnoyarsk Krai applies the project approach for natural resources extraction and industrial development. In the region, large-scale investment projects have been implemented for 20 years. These projects have huge socio-economic effects. The Krasnoyarsk Krai has unique features that make it possible to implement large-scale investment projects based on the principle of public-private partnership, where private investments make up the bulk of the total investment. The regional advantages are its geographical position; huge reserves of hydrocarbons, coal, gold and other minerals; involvement in natural resources development of large companies and investors, such as MMC Norilsk Nickel, Rosneft Oil Company, Rusal, Sberbank and others. Significant industrial and scientific potential also contributes to the successful implementation of large-scale investment projects in Krasnoyarsk Region. The purpose of the study is to assess the socio-economic effects of large-scale investment projects implemented in the Krasnoyarsk Krai. The paper analyzes investment projects for the integrated development of the Lower Angara region, the Arctic zone of the Krasnoyarsk Krai and «Yenisei Siberia». The results demonstrate that projects of natural resource use result in the infrastructure development, new jobs creation, an increase in tax revenues, and the acceleration of economic growth. The paper also identifies problems, bottlenecks and risks of the investment projects, which enables the planning and economic authorities of the region to correct investment decisions and prevent negative social, economic and environmental consequences

THE IMPACT OF LENDING TO NON-FINANCIAL CORPORATIONS ON ECONOMIC GROWTH

Acceleration of economic growth, especially in modern conditions, requires the use of stimulating measures of fiscal and monetary policy. Measures to stimulate economic growth should also maintain macroeconomic stability. Many emerging markets and developing economies are pursuing high interest rate policies to curb inflation, but this leads to a reduction in lending to non-financial corporations and to economic growth rates decline. The goal of the study is to show that pursuing high interest rates policy is insufficient. We tested several hypotheses: first, we assume that an increase in lending to non-financial corporations stimulates economic growth. Our second hypothesis, in contrast, suggests that increasing interest rates on loans dampen economic growth. Third, we assume that inflation has no significant effect on economic growth. Forth, we consider that lending to non-financial corporations does not spur inflation. We empirically assess the data for 13 countries related to emerging markets during 2001–2020. The results of the research confirmed all the hypotheses. The monetary policy of maintaining high interest rates used by many developing countries leads to low lending to non-financial corporations and reduced economic growth. We propose several policy implications aimed at stimulating the lending to non-financial corporations and scarce inflation.

Environmental Political Model and Deforestation Analysis in South Kalimantan, Indonesia

In Banjar Regency, South Kalimantan, Indonesia, there has been a reduction in the forest area of ​​32,209.24 hectares over the last 10 years. The area experiencing deforestation is on the east side of Banjar Regency which is one of the production forest areas. Environmental change does not occur naturally but is an implication of the socio-political aspects that surround it. This study aims to explain the model of environmental politics in the context of deforestation in the Banjar Regency. The theory used is the theory of political systems from Gabriel Almond and the concept of environmental politicization. The research method used is descriptive qualitative. The type of data is in the form of secondary data related to legal documents on forest management authority, and primary data in the form of findings on the characteristics of actors and the motives of the interests of the actors involved in them. The informants of this research include elements of the South Kalimantan provincial government, the district government, the Environmental Care Community, and local community groups. The results show that the environmental politics model in the context of deforestation in Banjar Regency is centralized. The centralized political environment model is a model that shows the alternating political currents that ultimately refer to the interests of the central government. This interest is oriented towards forest management to support the acceleration of national economic growth.