Page 23 - Azerbaijan State University of Economics

N.Akimov., S.Baizakov., A. Oinarov., E.Utembayev: The analysis of the macroeconomic
dynamics and assessment of smart factors’ inputs to the balanced growth rates

driven components have been defined arbitrarily, thus, creating plenty of
contradictions‖ [Pikkety, T.,2015]. In his book, Thomas Piketty has explained the
contradictory nature of the indicators that were reflected in official economic reports
for over the past decades in France and in the UK [Pikkety, T.,2015]‖. That means,
A. Granberg‘s problem set of constructing the few- sectors‘ based model of
economic growth remains unsolved not only in Kazakhstan and Russia, but also, in
certain developed countries.
Under the contemporary realities, it becomes clear that the solution of the
Granberg problem is directly associated with the answer to the question on the origin
and nature of the labor cost, value of goods and services, and sources of
productivity. All those, in their aggregate, define the urgency for the applicable
methods - to measure expenditures and their outcomes.
As a result of the joint researches by the authors of the present statement, the
framework for the scientific explanation of those realities has emerged. The answer
to the quest what defines the coherence of the labor cost theory of Karl Marx and the
marginal utility theory of the Austrian economic school. If, the first theory
represents the most in-depth scientific apparatus of the cost, which has been
developed in accordance with labor costs, then the second theory is focused on the
rational use of the main factors of production (labor, capital, land and etc.) by
stimulating their marginal utility responses.
In general, only by means of setting up the main tasks and by solving the
concurrent tasks of effective management of limited production recourses that are
based on the two dimension principle, enables us to construct the inter-sector balance
of using labor resources by types of economic activity and in the reverse order.
In short, the two dimension principle enables the shift of the indicators (as
shown in the inter-industries balance sheets and expressed in monetary
measurements) to the commodity- and- goods measured indicators and, to compare
their dynamics movements, in the dynamics, over a time series of several years.
In turn, the principle of the shit of the matrix of full costs, in monetary form, to the
matrix, in the labor cost terms, (measured by the amount of time) enables the turnover
of monetary flows and of labor units and, also allows to ensure the mutual
complementarity of the concepts of the marginal utility theory and of the labor cost
theory for the assessment of monetary flows, as well as, of the labor cost theory, most
needed for the assessment of commodity flows.
Subsequently, the change in the current model of the balanced economic
growth for a re-visited economic model of assessment of the effectiveness of the
regulatory policies is possible by means of according the labor cost theory with the
marginal utility theory. That being the case, the theoretical and methodological basis

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