Regional Economic Policy: Structured Approach and Tools (The Oretical Formulation

Abstract

The subject matter of the article is the development of a doctrine of coordinated regional development and the study of the structural quality of development of regional systems based on the theoretical analysis of institutional factors (parameters) that determine the technological efficiency of the regional economy. The purpose is to show possibilities of technological changes and the shift of economic growth in a particular regional system, with strict limits for accelerated development, with emphasis on industrial regions. For this purpose, we generated a number of structural models, analyzed the impact of technological factors on parameters of growth of the regional economy and determined conditions for development of industrial regions. We applied correlative and regression analysis to establish a statistically significant correlation between relevant parameters, used econometric models to show the possibility to estimate parameters of growth through control parameters, including technological factor. The structural aspect of regional economic growth is measured by dividing investments into two classes: old and new technologies. It is possible to increase the technological efficiency of the regional economy by improving results with regard to used (old) technologies and applying new technologies. This approach fundamentally refines the priority queue algorithm for regional development, provides a choice of a strategy of regional technological development. When resources are directed only to the latest technologies, the disproportion in development of the regional economic system can dramatically increase, and parameters related to diversion of resources and creation of a new resource will determine the growth rate of the region. The behavior of investment in old technologies has a major impact on the rate of regional economic growth in Russia, while investments in new technologies are minor and did not have an equivalent impact on the economic growth rate compared with old technologies. Institutional corrections that define parameters of resource diversion from old technologies and creation of a new resource for development, will determine the quality of new economic growth.