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Author(s): O. Moskalenko

Journal: Economics of Development
ISSN 1683-1942

Volume: 67;
Issue: 3;
Start page: 16;
Date: 2013;
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Keywords: methodology | outstripping economic development | theoretical model | economic policy | capabilities

With the growth of unequal economic development in the global economy countries with a lower level of economic development realize the objective demand and the urgent need of the transition to a new model of economic development. The last would provide dynamic benefits to the economy in the long run. Variants of these economic models are considered mainly in terms of innovation economy, knowledge economy, information economy etc. However, the less successful economies require breakthrough model, economic model of trust that would ensure accelerated economic growth and qualitative economic development. Such kind of model is a model of outstripping economic development, which is based on the transition to innovative ways to compete with the developed countries, to overcome unequal exchange, understanding the insufficiency of favourable economic conditions for the qualitative development of a country, the focus on the human investments, and the development of human potential. Accordingly, there is a need to define the methodology of research in modern political economy and its theoretical representation.The subject of the research is the theoretical model of outstripping economic development and methodology of its research.The objectives of the article are to define the research methodology of of outstripping economic development theoretical model in modern political economy and to prove an objective need for this model for countries with post-transformational economies, and to reveal the essence of outstripping development and its types.General scientific methods – induction and deduction – are used in revealing the essence of outstripping development, historical method – when analyzing examples of outstripping development in the new economic history and specific methods – statistical method and economic analysis – in the application of statistical rules for GDP per capita growth for Ukraine to attain the middle-income countries.It is shown that the theoretical model of outstripping economic development can be realized in economic policy from the perspective of its compliance with the technical and economic paradigm and also with the main role of public management, activation of motivational system’s potential of society, and a technological system’s potential too. Outstripping development is not only meant to catch up economically successful countries but this is the type of development in which a country can faster than other countries master new technologies before their mass distribution. Outstripping economic development is a process of qualitative transformation of the economic system and society, social institutions, and behaviour of economic agents in identifying and meeting the spiritual and material needs of a human to outperform. It is followed by outstripping development of the civil society, outstripping in the quality of macroeconomic governance. It appears as the objective necessity which exists in potential and is released in the system of intellectual-stimulated incentives to improve the quality of society’s life, and particularly an individual in it. The tools of outstripping development are the advanced methods for macroeconomic management with the constructive character of relationships between government and business. Such kinds of relationships are oriented on the release economic potential and also on the innovation-intensive nature of the industry. The priority of outstripping development of investments in a human, his knowledge and experience, and in science is emphasized.Theoretical model of outstripping economic development has a legitimate right to exist as an objective need for the global community in the identification of a new model of economic development that responds to the realities and challenges of the international economy, the growth of the intellectualization of society, increasing demands to improve quality of human life.Theoretical model of outstripping economic development can be used as a basis by governments of countries with post-transformational economies for transition to a new model of economic development under conditions of instability in the world economy. The model has the goal not only to maintain sustainable economic growth, but to ensure the development by outstripping qualitative paces for the long term, to use innovative mechanisms of competition with developed countries, and to form the economy for a human being, the growth and development of his creative and health potential.
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