The economic growth: from neoclassical economics to the institutional treatment

The paper generalizes the common flaws of neoclassical growth models based on the basic model of R. Solow and its development within the framework of the Lucas-Romer type models, with the designation 20 Экономический рост: от неоклассики … of the relevant institutional factors. The concept of economic growth is presented in terms of D. North's theory of economic change, different types of investments, regarded as the main factor of modern economic growth, are described. However, analysis of Russian conditions for economic growth leads us to the conclusion that the component of total consumer spending was the most significant during the period of growth in 2000-2014, except for the crisis years of 2009 and 2015-2016, which requires changes in economic policies implemented under the crisis conditions. In Russia in the first phase of growth, it is necessary to stimulate consumption with further enhancement of investment belonging to the types that are analyzed in this article. The analysis of sensitivity of the economic growth rate to the measures of economic policy in Russia was conducted, which allowed us to establish the possibility for both monetization of the economy and reduction of interest rates, those being general conditions affecting the growth of non-primary factors. The task of restraining inflation in Russia is not a determining condition for growth, as the current economic structure will trigger an upward trend in prices at the start of growth. If you follow the "monetary rule", it should reflect the need of the economic structure for money at the given rate of economic growth. Institutional and structural explanation for the growth conditions, in contrast to the neoclassical models, would be a more adequate means to describe the problems of growth in Russia.