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Household Income as Factor of Economic Growth in Russia

Author

Listed:
  • E. S. Uzyakova

    (Institute of Economic Forecasting, Russian Academy of Sciences)

  • R. M. Uzyakov

    (Institute of Economic Forecasting, Russian Academy of Sciences)

Abstract

This article analyses the current economic situation from the standpoint of the influence of shortage in the labor market, household income differentiation, and social and monetary policy of the government. A hypothesis is put forward and empirically confirmed that household income is positively affected by the shortage of manpower and the official social policy and negatively affected by the monetary policy. That being said, changes in household income differentiation affect household consumption in both positive (through a rise in the income of middle-class population groups) and negative ways (through a rise in the income of high-income groups who allocate a large part of their income to savings). The analysis of the current statistics indicates that, in the current geopolitical context and considering the high significance of the household income rise in maintaining economic growth, traditional monetary policy methods have low efficiency.

Suggested Citation

  • E. S. Uzyakova & R. M. Uzyakov, 2025. "Household Income as Factor of Economic Growth in Russia," Studies on Russian Economic Development, Springer, vol. 36(3), pages 313-320, June.
    • Handle: RePEc:spr:sorede:v:36:y:2025:i:3:d:10.1134_s1075700725700030
    DOI: 10.1134/S1075700725700030
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