SAVINGS AND INVESTMENTS IN THE THEORY OF ECONOMIC GROWTH
Abstract
The article is devoted to the research of the place of savings and investments in stimulating economic growth from the standpoint of economic theory, taking into account economic realities and prospects of developed society. The role of savings and investment in the theory of economic growth is defined, in particular, it is emphasized that the role of investment in the short term is to stimulate production through the impact on aggregate demand, and long-term – to impact on economic growth through gross fixed capital formation. It is identified that the accumulation of social capital is formed mainly through investment, then for the economy are important general economic savings, which are a source of investment. Thus, investment is a connecting element, which with the involvement of the labor force ensures the transformation of national savings into a major source of economic growth.It is found that the representatives of the leading directions of political economy emphasize two aspects of the problem of accumulation: demand for capital goods and supply of capital goods; matching savings and investments. It is established that the imbalance in these aspects causes market imbalance. It is generalized that the accumulation of capital is inextricably linked with the formation of savings and investments, which through the prism of the abstract-logical approach determine the macroeconomic balance, in ensure the stability of supply and demand for public goods. It is catch out that the savings that turn into the form of investment are the basis of economic growth, which is determined by the size and structure of investment, quality and speed of their implementation.It is revealed that nowadays a number of factors depend on the possibility of converting savings into investments, such as: wages, employment, interest rates, scientific and technical progress, foreign trade, capital armament, public policy, public institutions, development of financial and economic sectors and their ratios, virtualization of economy and globalization processes. Taking these factors into account should be key in shaping economic policies aimed at stimulating investment and economic growth.
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