Measuring economic growth factors: Dynamic trends and prospects

Subject. The article is devoted to measuring the factors of economic growth. Objectives. The purpose is to identify and measure economic growth factors in Russian regions. Methods. To analyze economic growth, the study employs the apparatus of production functions. The toolkit is based on the Cobb–Douglas production function, which, with the help of some transformations, takes a dimensionless form, namely, the resulting indicator is the growth of gross regional product, and the index of physical investment growth and employment growth in the region act as independent factors. Results. We built production functions for regions of the Central Federal District, analyzed changes in production functions for individual groups of regions. Conclusions. The findings of our research of production functions of regions of the Central Federal District for 2010–2022 showed less uniformity in parameters compared with the study of 2000–2009. Investments yield less return. The mechanisms of the classical theory of economic growth do not work as effectively as 15-20 years ago. The main economic growth depends on the amount of labor employed in the economy. The shortage of employees can be overcome only by changing the economic structure, intensification of mechanization processes, and robotization of production.