Ways of Upgrading Macro-Economic Stimulation of Labour Productivity in View of Neo-Keynesian Economic Theory

Abstract

The article analyzed the experience of economic system functioning in view of researching trends acute for resolving problems of labour productivity in Russia. The research goal is to find ways of optimizing economic policy of labour productivity stimulation. The author conducted theoretical research in raising labour productivity within the frames of neo-Keynesian theory and studied retrospective ideas concerning this problem in the previous classical economic theory. The research showed the emergence of ideas dealing with the role of labour in value creation, macro-economic balance between investment and remuneration in labour productivity. The author identified in theory and proved in practice the importance of raising labour productivity as a factor of economic growth. Based on empiric research results of economic policy were analyzed in certain fields, such as wages, investment macro-economic policy and technological policy of state. By using post-soviet economy of Russia as an example the author proved key economic theses about trends of economic policy necessary for stimulating labour productivity. The importance of macro-economic regulation and innovation was highlighted in view of foreign-economic sanctions and trade restrictions. Findings of the research demonstrate key trends needed to resolve the problem of raising labour productivity and put forward steps necessary to reach positive results.

Keywords

• economic policy
• macro-economic regulation
• innovation policy
• innovation
• wages
• inflation
• macro-economic balance
• gdp