Page 16 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.73, # 1, 2016, pp. 4-37

scientific inheritance. In this regard, capital profitability measurement, in the form,
of money and capital productivity, in the form of goods, has especially been valued.
Further, the merited contribution by V. I. Lenin, in the same area, was in the
development of the interconnection between capital, in the form of money, and
capital, in the form of goods with due account to the ‗scientific and technical‘
progress. His contribution was also in the science-based explanation of the surplus
value generated by an autonomous source and ‗smart‘ factors.
Availing of the two dimensional methodology on identifying labor and capital
costs, K. Marx developed a simple and the expanded reproduction schemes. Later,
V.I. Lenin further added these schemes with the details of the scientific and
technical progress. As a result of such an in-depth science-driven approach, the
economic science has gradually acquired the permanent features such as: coherence
& continuity. Eventually, an additional impulse has been given to the process of co-
measuring labor and capital expenditures and their outcomes.
Such impulse in the form of an autonomous and a ‗smart‘ factor of the
economic development, under market economy, may, indeed, be named as the level
of the science and technology potential of the country. The latter may be deemed to
possess its inner sources of self-improvement, in the form of a surplus value.
Science and human intellect were taken as key factors of the socio-economic
development of any given country and, thus, served as major advantages of the
Lenin version of reproduction schemes.
Noteworthy is that V. I. Lenin (in his comments on the book ―Accumulations
of the Capital‖ written by R. Luxemburg) insisted on recognizing the scientific and
technical progress as a self-sufficient factor of continuous growth of labor
productivity. The latter entailed from investments in human development and in the
main capital.
Subsequently, the methodology of the analyses of the macroeconomic
dynamics in the ex-soviet economic school substantially differed from the western
economic schools. The difference was seen in the choice of the methodological base,
relating to the assessment of the effectiveness of regulatory policies.
In specific terms, such difference was primarily seen in the need to develop the
applied analyses models for the macroeconomic dynamics. The model was based on
the two-dimensional measurement of the economic growth, capable of replacing
one-dimensional system of economic analyses.
Thus, Alexandr Granberg has explored the Marxian reproduction schemes
from the perspective of the opportunities that those provided for setting up the
mathematized models ─ to reflect economic dynamics.

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