Problems of Preferential State Investment through Support Measures

The article provides an analysis of the challenges associated with preferential state investment facilitated by support measures employed in the economic policy of the Russian Federation, encompassing issues of resource allocation optimization, efficiency evaluation, and non-compliance with principles of equal investment opportunities. The first part of the work is dedicated to the axiological and legal complexities inherent in the application of support measures in relation to and in the interests of specific entities, often grounded in expert recommendations. From an ethical standpoint, the provision of such support may be justifiable for the purposes of sustainable development; however, abuse of this economic policy instrument can lead to a positive feedback effect – wherein increased support engenders a greater necessity for such measures. The author underscores the imperative for harmonizing legislation pertaining to competition and investment norms on one hand, and fund standards on the other, proposing pathways for the development of theoretical foundations underlying the examined economic policy instrument. In the second part, the model demonstrated how the provision of targeted support measures creates an incentive for the implementation of investment projects, the implementation of which would be impractical without support, and how this leads to a systemic decrease in the efficiency of resource investments. It also pointed out the gap in the management contour in the case of the use of the economic policy instrument “support measures”, as well as the inadmissibility of assessing the effectiveness of this instrument based on the results of supported projects. In this regard, it was substantiated that without a new paradigm for development management, the use of this instrument will have limited effectiveness; the possible important role of the UN statistical framework in overcoming this gap was revealed.