Respect for the entrepreneur as a prerequisite for economic growth

Abstract

In a market economy growth is generated by entrepreneurs. Innovators bring new products to the market. Millions of conventional entrepreneurs reveal new niches in the market they also stimulate demand, increasing the quality and availability of goods. The implementation of the May 2019 Presidential Decrees implies a technological breakthrough – GDP growth at a rate of 3–4% a year, which is two-three times more IMF forecast until 2023. To realize the planned breakthrough, a considerable increase in the number of entrepreneurs is needed. Sanctions against Russia limit the attraction of foreign direct investment and funds from the world market. The method of solution is based on generalization of the concepts of economic development in Russia by A. Kudrin and V. Titov in the form of three pairs of axioms: about entrepreneurs making growth; about institutions that form the investment climate; about the welfare of citizens as a growth target. The judgment on the conformity of the state of affairs in Russia with the axioms is based on the reference to each axiom of the ratings in which countries are ranked from the best to the worst. The gap in the values of the indices between the best and the worst country is taken as 100 and is divided into five equal parts. Additional information about the peculiarities of Russia can be obtained from an analysis of the composition of 10 countries neighboring Russia. Our analysis found that the poor quality of institutions in Russia is the main reason for the lack of entrepreneurship development in the country. The assessments of each axiom are made on several ratings. The results of this study justify the priority of measures to reform institutions in order to create a favorable business environment in the country.

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