Interrelation of economic theory and the policy of the Russian state

The paper studies the relationship between economic theory and public policy. The relevance of this problem is in no doubt, because national economic development depends on the decision-making in the field of economic policy. The paper focuses on the use of supplyside economics, monetarist and Keynesian theories at various stages of the Russian post-Soviet economy development. These economic theories constitute the methodological basis of the research. The methods applied in the course of the study include observation and collection of facts; causal analysis; synthesis; systems, historical and logical approaches. The paper analyses Russia’s economic development at its different stages in the context of certain economic theories used in the public policy. The author assesses the efficiency of the implemented measures, substantiates the positive and negative consequences of economic policy, and identifies the conditions for the most effective use of various economic theories in Russian practice, as well as demonstrates that it has not always been adequate to the situation in the country. The theoretical and practical significance of the study is that it justifies the need to apply the Keynesian theory and supply-side economics to ensure economic growth in the Russian economy at present. The results of the study can be a basis for improving monetary, financial, foreign economic and social policy in the country.