Technological development: investment structure impact

The study is aimed at determining the impact of a technology investment structure on changes in technological effectiveness of the economy that should be taken into account in the medium and long term. The research methodology includes structural and empirical analysis of the distribution of investment between new and old technologies, econometric models of technological level and investment in new and old technologies that have undergone a reasonable selection procedure according to the principle of best reliability; involves formulation of general principles and substantiation of technological development goals for the medium and long term. The technology structure determines potential of technological developmentanditsdynamics. It is based on realized medium- and long-term goals and search for responses to competitive challenges. The work results in confirmation of the investments structure influence on the overall level of technological effectiveness of the economy, different sensitivity of investment in new and old technologies to changes in risk and interest rates. For Russian economy the analysis of two sectors, particularly manufacturing and transactional raw materials ones, shows that with interest rates gone up, we observe faster decrease in investment in new technologies than those in old technologies, the level of manufacturability goes down as well. Therefore, the task of Russian economy technological renewal can be solved with regard to risk reduction measures in the manufacturing sector and application of differentiated interest rates in a sectoral perspective, ensuring its overall reduction. Using the taxonomic analysis method, the author identifies key models of technological development (at a theoretical level) according to characteristics of the structure of investment in new and old technologies. This helps specify economic policy measures in terms of the impact of investments distribution on the technological level, as well as their dynamics, that is, evaluate contribution of investments in various types of technologies to the overall rate of economic growth.