Structural dynamics of the economy: impact of investment in old and new technologies

The purpose of the study is to determine the degree of impact of investment in technological renewal on economic growth, to establish the ratio of the contribution of investment in old and new technologies to the growth rate. This problem is solved when considering the GDP structural dynamics by expenditure in the case of the United States, Germany, Russia and China. The research methodology is based on structural analysis, which establishes a “structural formula” assessing the contribution of investment in new and old technologies to the growth rate of the economy, as well as the contribution of other GDP components by expenditure. This approach allows us to distinguish the existing models of economic growth in the countries under consideration - consumer, investment, mixed models andtechnological development modes according to the sensitivity of the overall technological economy to investment in new and old technologies. Investment in new technologies is understood as investment in technological innovations, and the overall technological efficiency of the economy is determined by the ratio of the volume of innovative goods shipped and the volume of non-innovative goods, works, and services. The investment breakdown method helps to assess the contribution of investment in new technologies to economic growth, both in a comparative way relative to other GDP components, and for the considered countries. The result of the study is the identification of the economic growth model by the largest contribution to GDP component in the period under review, the contribution to the rate of investment in new and old technologies, as well as the determination of the sensitivity of technology to investment in new and old technologies in the United States, Germany, China and Russia. The analysis found that the impact of investment on the GDP dynamics and the level of technology is not synchronized, which requires to change the approach to macroeconomic policy, aimed not only at stimulating investments as a driver of growth, but also their distribution in such a way which would lead to an increase in the technology of the economy together with changing the institutions.