Abstract

KOREN, Andrei V.; BONDARENKO, Tatyana N.  and  PUSTOVAROV, Artem A.. Human wellbeing as the main factor of economic growth. Universidad y Sociedad [online]. 2020, vol.12, n.5, pp. 172-177.  Epub Oct 02, 2020. ISSN 2218-3620.

Currently, almost all countries in the world are faced with the problem of economic growth rate reduction. The search for ways to stimulate the growth of macroeconomic indicators poses many challenges to research factors that stimulate not only market supply, but also demand. Studies on multilateral assessment of the level of human wellbeing and consumer confidence are of particular importance from the point of view of factors stimulating demand. Thus, this study is aimed at solving the problems of substantiating the interconnections between the income level of the population, their dynamics and economic growth in the long term. The paper analyses statistical data for more than a ten-year period. The dynamics of GDP, its stimulation through the development of factors of production and monetary mechanisms are estimated. As a result of the study, conclusions were drawn about reducing the influence of investment factors on the restoration of economic growth. The excess conservatism of the current monetary stimulation of demand through an increase in household incomes is estimated. The need for a more effective use of mechanisms that stimulate consumer demand, as well as the introduction of additional methods that determine a higher level of income stability, is theoretically substantiated. As a result of the study of foreign experience in stimulating economic growth, conclusions are drawn about the limited possibilities of its application in the Russian Federation due to the low diversification of the national economy.

Keywords : Welfare; economic growth; GDP; population incomes; statistical observations; investments; credit resources; consumer confidence; standard of living; emission, monetary circulation, budget funds, Gini coefficient, macroeconomics, fixed capital.

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