ECONOMIC GROWTH AND MARKET EQUILIBRIUM
Abstract
The article is devoted to the characterization and generalization of the main views of economists on the nature of market equilibrium as a prerequisite for economic growth. The following research methods are used in the article: analysis and synthesis, systematization and generalization, historical-genetic and monographic methods. Based on the analysis of the works of the main representatives of various currents of economic theory, it is found that economic growth is accompanied by market imbalances caused by imbalances in social production and consumption, mismatch of flows of goods and incomes in the macroeconomic cycle. Based on the research of approaches of different currents of economic thought on the issue of economic growth and maintaining market equilibrium, it was found that each theory of economic growth tries to explain the optimal conditions of macroeconomic proportionality, defining the following: market competition; stimulating aggregate demand through consumption, savings and investment, government regulation; availability of resources and their most rational combination for production purposes; foreign markets; development of institutions and state industrial policy. It is established that the actual achievement of market balance conditions in economic growth is quite difficult, as it requires not only a single action of these factors, but the impact of their whole complex, because in countries where insufficient production resources, inefficient public policy and underdeveloped inclusive institutions, even unprecedentedly high rates of accumulation and innovation will not be able to ensure stable economic growth of the country. In the article it is proposed to solve this problem to use a comprehensive action of these factors in order to stimulate the reproduction of capital in its various forms. The results of the conducted study can be used by public authorities in the formulation of the country’s economic growth strategy. It should be carried out taking into account the theoretical and practical developments of economic theory, which have been tested by time, history and experience of different countries.
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