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Journal number 1 ∘ Ramaz Abesadze
Fundamental factors of economic development

Summary. In the work is discussed about fundamental factors of economic development such as: entrepreneurship, potential of natural resources, science, technologies, innovation and other factors.

Also is shown that the correct combination of these factors takes place when  government fulfills its role as the "helmsmen" of economy.

Keywords: Economic development, education and science, invention, physical and human capital, natural resources


Economic development is the process of transitioning to a qualitatively new, more perfect level  of the economy. Unlike of economic growth, it is associated with progressive qualitative changes in economics,  while economic growth was driven only  by quantitative changes. During a very long period of mankind existence, the well-being of humans was only source of economic growth, as qualitative change in  economy proceeded at a very slow pace. However, each new stage of economic development was precisely driven by economic development. Nowadays, however, economic development is largely determines the well-being of humans, growth of their comfort, and even the economic growth. Not any issues of economic growth can change the outcome of using qualitatively new technologies (and products which are produced ). The well-being  of human beings can be boosted  even by zero level of growth in economy, even more so,  it’s possible in the face of economic downturns. The best  example of it is transformation of  the post-communism   when  people’s life  from  a very low level of living circumstances  gradually increased to the comfort for all ( usage of cell phones, computers, Internet, the new forms of services, manufacturing many types of new products and so on.) In the same time much more successful are the  countries which  had  begun a progressive qualitative changes  in economic development earlier than other. But  countries which failed to make these changes did not reach a necessary  level of success in their economic development .

Thus, at the common stage, the increasing of humans  well-being   depends largely on the country's innovative development or economic development. And economic development is determined by the factors which are affecting on it by the correct way,  with synergistic interaction of all these factors.                                                                      

                                                                      Education and Science

Education. The wearing chain of education for innovative development in economy is one of  the most important issue, as each of these links requires highly skilled workers (scientists, inventors, entrepreneurs, the labor force). Education has a huge impact on economy as a prerequisite issue for  development  science and a major factor for enhancing productivity. Education also affects to consumers, it increases their tastes and needs, which in turn, enhances and expands  of the market.

Education as an economic category, it  is a field of services where human capital is perfected. The expenditure that is spent on education is treated as investment for creation the capital. Education can also be characterized as the process by which a person, at first, acquires knowledge and, with it masters  his or her human characteristics (qualification, skills, culture, ethics, aesthetics, outlook, spirituality, and etc.).

Education creates a special kind of product that is produced by both teachers (professors) and pupils (students) in the training process and is used to improve the human capital.

The educational institution is a special kind of enterprise where - the producer (teacher) and the consumer (student) both increase the country's human capital. The cost to create this capital is born either by the consumer himself/herself and/ or by public. Getting education is never free.

Economics is the main demand for education. Therefore, it must meet the needs of economy. Education has a great importance for economic development, and it has evolved along with improving economy. If, for centuries (in traditional economy), a skilled workforce was not trained in a publicly organized way, in the same time, a highly complex educational system was emerged due to the high technical and organizational requirements of economy. However, because of its high importance, it is inadmissible to rely solely on market forces for its development.  Organization of educational system by the state is a very necessary issue, naturally, through the usage of market relationship.

It is possible to draw the wrong conclusion that education is a key factor for economic development, as if so a higher number of graduates means the faster  economic development . In a past time, the most developed countries decided to raise the educational level  of  entire population. Billions of dollars were spent on that program, but decades later it turned out to be ineffective. In many countries of Asia, Africa, Latin America, the situation has not changed significantly too after that step.

The main task of educational economy is to determine exactly how much money a country should spend on education and how effectively it should be spent for training the highly qualified staff.

Not a few theories exist for evaluation the effectiveness of education   [Becker ... 1964; Capital formation… 1960; Schults ... 1963], consideration of  all of them is useful , but their accuracy is very approximating, due to complexity of the task . In that case, we fully agree and support  A. Marshall's consideration that public and private expenditures on education cannot be measured by the issue which directly is derived from it. It is a long-standing investment resource that enables the masses of people to benefit from it. The economic cost of one industrial genius is enough to cover the all spending for education throughout the whole city. Expenditure on higher education over the years will be well reimbursed when another Newton, Darwin or Shakespeare will be reviled [Marshall 1983].

The overriding criterion for evaluating the effectiveness of education should be knowledge. One of the main criteria for evaluating education should not be remuneration. A higher-skilled worker should have much more income. Otherwise, the economic essence of education would be violated. In some cases, there is a tendency of tracking for diplomas and not to acquire a real knowledge. Such a wrong situation is characterized by existence of an imperfect market mechanisms and it will be eliminated by  improvement of market relationship.

Like the all types of investments, investment into human capital is also associated with the risk driven by innovation in economy. Thus, the most important requirement for educational system is to maximally match the specialties and programs of  economics  that are concerned with  specific demands of  economy. That is related to good organization of current and strategic planning. Therefore, the process of modern education is much more dynamic in the face of ongoing changes in economics.

Thus, the main factor in the demand for education should be incentive to get a higher paid job, and not only the prestige of higher education.

As is mentioned above, education is a prerequisite for development of science, but they are still very different categories. Although education gives the knowledge,  but it cannot create a new knowledge that leads to innovative development of economy. A new knowledge is created by science, which is the basis for progress in all areas of human activities, even in education, itself. Thus, science should be given priority in accelerating of problems in economic development, of course, by recognizing the great role of education in that process.

The key to innovation lies into process of discovering, at first of all, it’s a fundamental issue which then is applying  to science. The scientific discovery is kind of novelty that sheds light on the unrecognized by-laws of nature and/or human development and thus the fundamental changes. It brings the world into cognition. The invention is a novelty based on knowledge that has already gained in development of science [Chikava ... 2006].

 The economic science has a greatly influence on economic development. It is precisely that  economic science gives to government to play a leading role in economy, it equips  it with theoretical and applied knowledge. The advances in the field of economic science make it possible to elevate entrepreneurs and managers, as so as other employed in other businesses.     

                                            Invention, technology and technological knowledge

Invention is based on scientific discoveries and innovations (the new techniques, ideas, forms and methods of organization, etc.). Naturally, without scientific invention, the realization of scientific discovery would not be possible as so as without the appropriate technical progress and economic development.

 Technology is the proper rules and means by which the source of material is transformed into a commodity or service. More exactly, technology is a combination of quality habits, devices, infrastructure, tools, and relevant technical skills for making the desired transformation in the materials, information or people [Мескон… 1992].

Technological knowledge means that  process of selecting the best technologies for producing goods and services. It illustrates how human beings are clearing up  in the world of technological advances.

Technological progress is possible through innovation. The greatest innovations in history of mankind were: industrial revolution, standardization, mechanization, conveyor lines. Their abilities  made  possible to improve materials, making flexible  manufacturing and  technology, leading to higher level productivity, changing the role of people  and their  functions  in production line, increasing  capacity of products  in the concrete  country. The implementation of processes on the basis of the usage  of automatic devices is in turn based on production electronics, computerization and robotization.  In modern time, development of eco-friendly technologies has a  great importance for  sustainable  development of economics,  formation  a "green" and  "circular" economics.

High technologies  (hi-tech) has a particular importance in the modern era. The most important changes are being driven by that shift in economy, changing its development trends both, locally and globally. As a result of the improvement of production line, creation of new types of goods and services, transactional and transformational costs are reduced, and  rational usage of resources is increasing too. The forms and methods of organization production line are changing and, the most importantly is the place and role of human being in that process. The essence, forms, and methods of social enterprise, itself, also has changed.
In the modern stage, the field of electronics is distinguished form of high technology, especially its sub-division - microelectronics. It is precisely development the electronics which  made  possible to create computing techniques, information systems, integrated circuits, digital integrated circuits, microprocessors, resistors, capacitors, diodes, transistors, radio, television, robots, computers, and etc. Nowadays, economy cannot exist without all of these tools, it would be impossible to obtain the process, transfer and usage of them in the modern life .

High technologies also include artificial intelligence, the machines  and tools that have the hallmarks of a living organisms  (reasoning, mind) ( perception, movement, etc.). Nowadays, it is not just about artificial intelligence, but about “ a mind-boggling” machines that have  devices like the man’s  brain. It is about the artificial mind.

Biotechnology (which is based on genetics, microbiology, molecular and cell biology, biochemistry, embryology, etc.) is also considered as a high technology field, computer software, nanotechnologies, robotics, telecommunication, aeronautics and aerospace.

Information and telecommunication technologies which have led to formation of information society, should be separated. Particular attention to that  problem is known since  1970s [Bell ... 1976], and  in the works of  [Masuda ... 1988]and other.

Physical and human capital

Any progressive changes  in physical capital directly contributes to economic development and  as it results is improved in labor productivity, quality of products, it’s reduced output and energy efficiency, as so as improve labor conditions, and so on.

The quantitative and qualitative changes in physical  capital is a result of separation of physical labor from the direct impact on products. Thus, production processes requires   more intellectual labor than physical one. And such a work is largely based on knowledge and experience that one gains in learning and working.

The term "human capital "  at first was  used by Nobel laureate Theodore Schultz [Schultz ... 1968] and then developed by his successor Gary Becker [Becker ... 1964]. We also should mention that a significantly  contribution for  resolving that  problem are made by E.  Denison [Denison. 2006], S. Fisher [Фишер … 2002.], J. Kendrick [Кендрик,,. 1976] etc.

Human capital is the concrete knowledge and skills that one acquires through education and practical experience and applied into production process. A new economy requires an extremely high degree of human capital focused on cutting-edge technics and technology, widespread usage  of information and computer systems, flexible manufacturing, and  introduction to  innovation system.

In our opinion, we can identify the following basic elements of human capital [Tsereteli , Abesadze ... 2004]: 1.Physical and spiritual health.  2. Mental and physical abilities. 3.The habits (professional and institutional). 4. Experience (professional and life experience); 5. Knowledge  (professional and general). 6. Motivation and some more.

Human capital is a key factor in the process of economic transformation and modernization. But the process of human capital formation and perfection cannot stop economy, the process of development of its productive forces. Otherwise, we will get the result of having a large number of formally educated people who cannot put their knowledge into practice. Investments in human capital must be in a proper  line with  interests of economic development.

National human capital is an integral part of national wealth. It represents almost half of national wealth of developing countries and 70-80% of developed countries [Марцинкевич … 1995]. It increases when the human capital’s quality of concrete country increases or  outflow of highly skilled personnel decreases, when there is a decrease in a quality of  human capital of it,  outflow of highly qualified staff  from  country or influx of low qualified one.

A human capital is perceived as an endowment, but it can also be negative. The negative aspects of  human capital,  which are corresponding to the costs that have  incurred in its creation. It also requires additional costs to become positive.  It is particularly characteristics  for some post-communist countries  where mismanagement  led to criminal elements, low-skilled workers, corruptors, drug addiction, drunkards, idlers, and etc.

Investments in human capital must be in a proper line with interests of economic development.

                                                             Natural Resources, Energy Factor

The impact of natural resources on economic development is reflected in: the new types of resources which are assimilated during economic activity, the usage  of them is  greatly influences economic development. According to the materials that were used in period of the Stone Age, Bronze Age, Cooper Age, Iron Age.

It may be argued that under the modern conditions, these factors are not decisive for a particular country,  because of  internationalization of economy, strengthens the high-tech of poor by natural resources  countries (like Japan, South Korea, Singapore, etc.) to successfully usage of  natural resources of other countries. But in other equal terms, a country that is rich in natural resources has additional advantages, of course.

Economic development is significantly dependent on a concrete kind of energy that is used and  also on the usage of new types of energy. It can be said that energy has a definite role to play in any area of ​​human activities, especially in economics.

The most importantly, energy is, from a qualitative point of view, one of the key preconditions for technical progress, since every major leap in technology is only possible through  discoveries  and usage of the  new types of energy. That is confirmed by the whole history of technical development. For example, the feature of electricity in  orderly movement of ions was the basis for  emergence of a new field of industrial electronics. All electronic components and systems of modern technology, radio-technical equipment, computing machines have emerged from that field, creating the new opportunities for transforming the technical base of economy. The changes in  structure of  economy are also caused by the usage of electricity in technological and managerial  processes  which in many areas lead to the transition of  new technological methods.


The institutionalism was founded on the edge of  nineteenth and twentieth centuries. Its founder was   American economist T. Veblen, and the most famous representatives had been: D. Commons, W. Mitchell, M. Weber, W. Sombart, D. Galbraith, J. Myrdal, R. Coase , A. Alchian, K.Erow, D. Buchanan, D. North, T. Stiglitz, O. Williamson and etc.

The impact of institutions on economic development is immense, because of  institutions define  “the rules of making  business”,  model of  market system  and infrastructure,  nature and quality of governmental regulation,  level of corruption, nepotism, etatism,  and  etc.

It is well known that  the formal and informal institutions are distinguished from each other. It is possible to move from a formal institution to informal one, and vice versa. The formal institution adopted by informal and it is the closest to nature of human being.

It’s clear that the whole reflection of informal institution to formal sense is not possible at all. But if more informal institutions become formal, they will be more natural as so as  more relevant interests to economic development they will reflect .

When formal institutions are imperfect, it promotes the emergence of negative informal institutions and activates existing one which strongly impedes economic development. Generally, it is impossible to create absolutely perfect formal institutions, so the shadow sector in any country is, of course, different. When one economic set-up changes to other, then the institutions are destroyed, especially formal institutions. Creating new institutions is a very difficult process. These difficulties are often caused by new ignorance or deliberate mistakes. The faster progressive changes are made to both formal and informal institutions, the faster will be created conditions for economic development.


The first major study of economic development was made by prominent scientist Joseph Schumpeter in his book “Theorie der wirstschaftlichen Entwicklung “ [Шумпетер ... 2007]. He considers  that the  entrepreneurship and innovation as the key factors in economic development. Based on these assumptions, entrepreneurship was recognized as the fourth factor in production, and profit as income of the entrepreneur, not capital, as it was considered in three factor modeling  by  Zh. Say-?

Schumpeter discusses about  5(five)  new combinations which  entrepreneur should implement. These combinations are: 1. Creating the wealth  that is still unknown to  consumer or generating some new qualities; 2. Inculcating a new,  unknown method(s) of production; 3. Adopt new key markets, regardless of whether such markets existed or not before ; 4. Acquisition of fresh raw materials or semi-finished products, whether or not they existed; 5. Implementing of  appropriate reorganization.

Schumpeter calls the entrepreneurs to those economic entities which  function is to make the new combinations. He notes that not all independent economic entities are entrepreneurs at their own risk and responsibility, and  ownership of that enterprise or any other properties  does not constitute an essential sign for entrepreneurship that not only the peasants and craftsmen who sometimes own them, but also manufacturers, fabricants, commersants  who   always are  in that group, but not always can be called the entrepreneurs. However, the entrepreneur must necessarily make a profit.

Nowadays, both in scientific literature and in practice, entrepreneurship is perceived in many ways. One part of the opinion coincides with I. Schumpeter's view, others believe that any business activities are   entrepreneurship.

Naturally, entrepreneurship, is understood as a type of innovative economic activity, is indeed one from  many (and a lot of other) factors of economic development, as it promotes positive qualitative changes in economics. That provision has no adversary, both in theory and in practice.

Given that entrepreneurial ability has  already universally recognized as a factor in production, and entrepreneurship as one of the factors of economic development, we may conclude that activities linked not to continuous repetitive production processes but to innovation in production must necessarily be separated from each other.

 In that case, in general, the term 'business activities' may be used to refer  innovative and non-innovative activities.

Therefore, entrepreneurship (as considered by a very small number of scholars and practitioners) should be understood as a special type of economic activity, in which innovation (`new com munities') takes place and generates profit. An entrepreneur is an economic entity engaged in entrepreneurship, that is, possesses entrepreneurial skills. However, since after Schumpeter, economic theory and practice have undergone major changes, with some new combinations to be added: 6. Improving of institutions; 7. Improving of human capital; 8. Creating  (or mastering ) high technologies; 9. Improving of  information. But such an understanding of entrepreneurship is not consistent with practice. For example, the Law of Georgia on Entrepreneurs defines entrepreneurship as any form of economic activity that is not prohibited by law. Innovative and non-innovative activities are both understood as entrepreneurship.

This inconsistency can be resolved by recognizing entrepreneurship as an innovative business activity and adopting by the Law on Smallholder  instead of the Law on Entrepreneurs, where the term 'smallholder' will be used instead of the entrepreneur.

Finally, we can conclude that: entrepreneurship can be considered as a particular type of business activity that is necessarily related to the implementation of new resources  in innovation. Therefore, the notion of "entrepreneurship" should be distinguished from the concept of "business", since a concrete business can be  innovative and/or  non-innovative. Also the concept of "entrepreneur" should be distinguished from the concepts of "businessman" and "manager". Not every business owner can master the qualities of entrepreneur, set up a new venture, introduce new technologies and new forms of organization, assimilate the  new market segments, take risks, react to financial threats, work long and hard. An entrepreneur may also lack managerial organization management skills such as: planning, organization, motivation and control, and vice versa, a manager may not possess the qualities of an entrepreneur.

The key role is for small entrepreneurship for economic development. Small business, as a term, comes not from the fact that it produces a small number of products nationwide, but because it’s organizational form is a small enterprise. Its great role, first of all, is that in the developed world it now accounts for almost half of all manufactured products.

In terms of impact on economic development, the advantage of a small business is that it is an essential factor in eradicating poverty and unemployment, and hence in macroeconomic and social equilibrium; Powerful means of identifying capable entrepreneurs, forming a broader class of entrepreneurs and developing entrepreneurship; it promotes the formation of a competitive environment and is the basis for the formation of the middle class. Small entrepreneurship is also recognized as a powerful way to introduce innovation.                                                                       


The essence of innovation lies in renewal, more progressive implementation, and economic growth. The term innovation in economics was first introduced by Joseph Schumpeter, an Austrian economist, who linked innovation to entrepreneurial activity.

Especially noteworthy is the development of the theory of innovation. N. Kondratiev; Erhard Mensh [Mensh  ... 1979]; S. Kuznets [Kuznets ... 1930]; K.Sorokin [Сорокин... 2000]; John Bernal [Бернал ... 1956]; B. Twiss [Twiss ... 1989]; A. Anchishkin, K. Wicksell [Big … 2008]; J.  Larner; S. Stern; A. Gambarella; A. Arora; K. McConnel; L. Brue; M.  Giratan; A. Pagano; M. E. Todaro; B. Kuzik; I. Yakovets [e.g. Arora..., Gambarella... 2005; Анчишкин... 1986; Макконнелл.., Брю... 1992; Кузык..., Яковец... 2004] and  others.

Innovation is not something like an independent action. Its implementation and is served by  market mechanism and state innovation policy, the entire innovation system in the country and the relevant infrastructure. Innovations are the result of  tireless work of scientists, inventors, entrepreneurs, innovators and officials.

It can be said that the process of economic development is innovative, both, in physical capital and in forms of organization, human capital, technology, institutions, human knowledge, skills, traditions, legal and cultural norms, etc.

Innovation takes place at any given time, but it is especially important at a certain stage when innovations are continuous and become the most important factor for development. These processes began worldwide in 1970s and reached the highest level of development in the world's advanced countries. That is why the economies of these countries are called innovative economies.

Innovative economics is based on knowledge, innovation flows, technologies, information, institutions, human capital, organization of production line , products, etc. Constant perfection, the intellectual work of scientists and innovators, not just capital, itself. Science, invention, and innovation are the only organic factors in development of that  economics.

The state as the helmsman of economy 

One of the key factors for economic development is effective state regulation of economy. The government must ensure that the above factors are properly matched in which case economic recession and negative impacts ( unemployment, poverty, etc.) on  economy will be avoided, of course, along with scientists and businessmen. We will not touch upon the well-known economic functions of the state here.

Establishing and maintaining a development-oriented economic system depends first and foremost on a well-established economic system based on a market mechanism. To create such an economic system, the state must ensure: freedom of entrepreneurship; the domination of private property and its inviolability; turning business into creative activity; having healthy finances; education and science development; coordination of scientific and technological potential of the state and private sector;

a close link between government, science and business; innovative tools should be given priority over the state regulatory tools. In the implementation of domestic policy, activities of the state should be directed towards formation of moral societies,  development of culture, arts and sports and should be improved the criminal situation, and the strengthening of judiciary system and civil society. In the foreign field, the state must avoid military conflicts, pursue a peace policy, ensure the positive effects of globalization, and avoid negative consequences. In addition, the state should develop a strategy for innovative development of  economy and offer  5 or 7-year action plans which should prioritize the relevant period.

The state should adopt a policy of support for national production which will make domestic products more competitive compared to the low-quality imported goods. Proper state policy should ensure that market principles are put into practice, eliminated by paternalism, ‘etatism-nepotism’, corruption and any other negative consequences.

In order to assess the origin of regressive processes in economy, a system of determinants may be used which must be consistent with its sources. For example, deficiencies in institutions must be identified in order to reveal the institutional regression.

Therefore, in order to build a growth-oriented or innovative economy, it is necessary to actively lead the economy, the state must play the role of the “helmsman” of the economy.


1. For innovative development of  economy, the combination of factors is necessary to achieve progressive qualitative changes, economic development. The innovation process begins with development of education and science, science gives a new knowledge, through which the invention creates new technologies and physical capital, and finally, the entrepreneur turns it into an innovation. Under modern conditions, human capital  as well as institutions play a major role in that process. Of course, the innovation chain cannot be assembled without natural and energy resources. The state, as the head of the economy, is leading the whole process;

2. There are a lot of economic factors in development of  market economy, both economic and non-economic issues. The most important of these are fundamental factors such as: education and science; invention of technology and technological knowledge; physical capital; human capital;  natural resources; energy factor; institutions; entrepreneurship; innovation.

3. Education has an impact on economy as a prerequisite for  development of science and a major means of enhancing labor productivity;

4. Technology is the manner and means by which the source material is transformed into  necessary goods or services. Technological knowledge means choosing the best technologies for the production of goods and services;

5. The impact of natural resources on economic development is expressed as follows: during economic activities the new types of resources are used, the usage of which has a major impact on economic development. Prehistoric times according to the materials used are: The Stone Age, Bronze Age, Copper Age, Iron Age.

6. The modern economy requires an extremely high degree of human capital focused on cutting-edge technics  and technology, widespread of usage  of information and computer systems, flexible manufacturing, and the introduction of an innovative system.

7. The discoveries are based on innovations ( the new techniques, new ideas, new forms and methods of organization, etc.) based on scientific discoveries.

8. The main essence of innovation lies in renewal, more progressive introduction of production which leads to economic development;

9. Entrepreneurship is a type of innovative business activity whereby innovation is introduced;

10. It may be argued that under modern conditions, that is not a decisive factor for a country as a result of intensification of  internationalization of economics, and high-tech countries (like Japan, South Korea, Singapore, etc.) that have successfully used the natural resources of other countries. But in other equal terms, a country that is rich in natural resources has additional advantages, of course.

11. Any progressive changes  in physical capital is directly attributable to economic development, as it results in improved the labor productivity, improved product quality, reduced material output and energy efficiency, improved labor conditions, and so on.

12. Energy is, from a qualitative point of view, one of the key preconditions for technical progress, since every major leap in technology is only possible through the discovery and usage of new types of energy;

13. The impact of institutions on economic development is strong, as institutions define the “rules of making  business”, the model and infrastructure of the whole system,  nature and quality of government regulation, the level of corruption, nepotism, etatism, and  etc.;

14. Agility in economic development depends on how correctly and effectively these factors are applied. Here, too, the government is of great importance. It is through the mechanism of the market that it must ensure a synergistic combination of these factors, together with  avoidance of negative factors, that can be said is playing  the role of the  ‘ helmsman of economy'.


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