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INVESTMENT AS A DETERMINANT OF ECONOMIC DEVELOPMENT
Salamov Farrukh Fattoevich
Acting Associate Professor of the Department of Economic Theory, Samarkand Institute of
Economics and Service.
E-
mail:
Key words:
investment, investment lending, economic growth, capital, interest.
Abstract:
the article is devoted to the history of the disclosure of the essence of the category
"investment" in the works of the classics of economic theory, which is a necessary condition for
the correct consideration of the essence of investments as the main factor in ensuring the
breakthrough economic development of the country.
The study of the investment process has been going on since the first empirical works related to
the study of social reproduction, its stages, cycles and dynamics of development. The evolution
of scientific ideas about the role of investments in the system of the reproduction process can be
seen in the works of scientists of the classical school of political economy and physiocrats such
as F. Quesnay, A. R. J. Turgot, N. U. Senior, J. B. Say, K. Marx, J. St. Mill. Scientists of later
schools of economic science, within the framework of constructing a model of economic man,
pay sufficient attention to the study of subjective, irrational motives for making investment
investments. In the works of O. Böhm-Bawerk, I. Fischer, L. Walras, V. Pareto, A. Marshall, A.
Pigou and many others study the investment process from the point of view of the methodology
of equilibrium analysis, which assumes the functional influence of the interest rate and the level
of money supply on the volume of investment in the economy.
A fundamentally different view of the development of the investment process is demonstrated by
representatives of the Keynesian school of economic science. The works of J. M. Keynes are
based on the established dichotomy of savings and investments, which suggests a clear
distinction between the economic activity of economic entities: households, firms, the state, etc.
The followers of J. M. Keynes - R. Harrod, E. Domar, E. Hansen - interpret Keynes's ideas about
the development of the investment process from the point of view of the dynamic approach. In
contrast , representatives of post-Keynesianism, neoclassical synthesis, and institutionalism such
as N. Kaldor, J. Robinson, P. Sraffa, J. Hicks, P. Samuelson, T. Veblen, J. Commons, G. S.
Becker, G. Simon are confident that investment can be carried out by various economic entities.
The monetary aspect of the study of the investment process is revealed in the works of
representatives of monetarism, monetary Keynesianism
and
neoliberalism. M. Friedman, J.
Tobin, J. D. Sachs, F. B. Laren, R. Clower, P. Davidson, G. Minsky, F. Hayek, L. Mises
approach the study of investments more realistically, assuming that monetary investments are
made not only in the real segment of the economy, but also in the financial sector. The expansion
of financial relations expands the investment opportunities of economic entities through the use
of modern investment instruments.
Modern authors A.V. Buzgalin, A.I. Kolganov, P. Hendershott, R. Lemon, I.E. Diskin, V.V.
Radaev, N.M. Rimashevskaya, V.A. Andreeva, M.I. Stolbov, I.A. Strelets study the investment
process in the conditions of the formation and development of the information stage of the post-
industrial society, substantiating the ongoing process of transformation of the motivational
component of the investment process.
The study of the peculiarities of investing in the information society is largely superficial and
fragmentary, since it does not take into account the deep theoretical and methodological aspects
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of the transformation of the investment process. Authors such as M. Hendell, D. Tapscott, N.
Leni, T. Mesenburg, R. Bukht, R. Hicks, R. Lamb, E. Popov, F. Maevsky, R. Dushkin, A.
Russell, A. Shivenbacher, N. Dorokhin, R. Jason, J. Best, R. Kutter, K. Teteriatnikov, I.
Lukasiewicz and others consider either the use of information technologies in the financial
sphere, indirectly, reflecting their impact on the investment opportunities of economic actors, or
focus on new investment tools, revealing their advantages and disadvantages for investors. The
issues of qualitative changes in the architecture of the investment process, the expansion of
investment opportunities for economic entities under the influence of the emergence of digital
investment instruments, and institutional regulation of the interaction of economic agents in the
investment market remain poorly studied.
A completely new direction of investment problems are the issues of its organization in the
conditions of technological, economic and financial sovereignty, the formation of a multipolar
system of interstate settlements using the currencies of other states and digital financial assets,
primarily cryptocurrencies, to ensure breakthrough economic development and the transition to
the sixth technological order, which forms the technological basis of a knowledge-intensive
economy.
Insufficient theoretical and methodological development of the above-mentioned issues
determines the choice and relevance of the research topic, the setting of goals and objectives.
Conclusion;
It has been established that investment in the economy is a determinant of
economic development, forming key prerequisites for economic growth and innovative
modernization, implying accelerated growth of investment in fixed and human capital. The
current state of investment in the economy does not meet the needs of the transition to the sixth
technological order, innovative improvement of the structure and institutional reorganization of
the investment process. Structural changes do not allow achieving technological, economic and
financial sovereignty of the national economy in the context of geoeconomic transformations of
the world economy.
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Blaug M. Economic Thought in Retrospect: Trans. from English. 4th ed. Moscow: Delo
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Quesnay F. Analysis of the economic table // History of economic doctrines: Reader /
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77-78
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Smith A. An Inquiry into the Nature and Causes of the Wealth of Nations / Smith A. – M.:
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Marx K. Towards a Critique of Political Economy / K. Marx, F. Engels. Works. - 2nd ed.,
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Malthus T. Experience on the law of population / T. Malthus; lane P.A. Bibikov. — M.:
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