Economic growth and the development of science and technology (theoretical strokes to the formation of policy)

In the framework of modern approaches in the theory of economic growth the specifics of the influence of various factors on the economic dynamics have been studied with emphasis on the scientific and technological progress factor and technological change. The purpose of the study is to examine the institutional and technological drivers of economic growth, using the accumulated knowledge in the framework of the modern growth theory, to show individual problems and unresolved issues. An urgent task for the Russian economy is to substantiate the policy of economic growth in conjunction with the theoretical developments that the economic science offers today. Particular emphasis is placed on presenting various possible modes and types of economic growth based on the state of the current technological function of the economic system that determines possible strategies not only for technological development but also for economic growth. The article shows how to build a scientifically grounded strategy for economic growth (an algorithm is proposed for generating solutions under the economic growth policies), taking into account emerging types of growth modes, when the economic system shows different dynamics, moving from one state defined by one of the sets of factors and conditions, to another, under a different set of factors and conditions. In addition, the set of factors may remain for some long period of time, but their weights, i.e., their value, change. The author investigates the role of technology and institutions in influencing economic growth and the models of economic policy - he proposes a growth model for the system that makes it possible to decompose the impact of a number of factors, determining the types of policy to change the growth strategy. This model is the result of elaborating a common approach to growth developed by S. Strumilin. The article determines a useful algorithm for substantiating the science and technology policy, corresponding to the level of existing and developed growth factors for the purpose of strengthening economic dynamics by improving the performance of the system, ensuring the proportionality of the impact of technology and institutions on growth rates.