INTANGIBLE RESOURCES OF ECONOMIC GROWTH

Abstract

In today’s economic science, more and more empirical evidence is accumulating that in some developed countries, intangible capital investments coincide or outperform investment in tangibles such as machinery, equipment and buildings. It enables such countries to maintain a high level of competitiveness on world markets and provide sustainable economic dynamics. After the restoration of economic growth in Ukraine in 2016, in front of domestic science arose an important task, namely, to identify what types of intangible capital Ukrainian enterprises are increasingly investing in to win a competitive struggle in the domestic and foreign markets. One of the backgrounds for its implementation is the search for answers to the following theoretical questions: what are the intangible resources, what types of intangible resources exist in the economy, how do they affect economic growth, and how to estimate their aggregate contribution? In the article, the concept of “intangible resources” is proposed to generalize assets that do not have physical or financial embodiment and are used to eliminate natural, technical and social restraints and constraints of the mobility of factors of production in the process of creating their new combinations in order to release new types of products. This scientific approach makes it possible to systematize all the diversity of intangible resources within six species groups that form the main types of intangible capital in the economy: human, institutional, social, informational and legal, organizational cultural and organizational capital. It is determined that institutional capital has the ability to create conditions for multiplying stocks of all other types of intangible capital. The author substantiates the methodology for assessing the main types of intangible capital for the economic growth of developing countries. Using this methodology the dynamics of GDP as a function of material (labor, land, capital) and intangible resources is studied.