About cohesion of monetary policy with strategy of development (a mechanism of destruction of innovativeness of the Polish economy

Abstract

Monetary policy and a lack of human capital constituted main elements of a mechanism of limiting innovative development of the Polish economy in 1990–2015 years. Strategical results of the mechanisms can be synthetized as: – De-scientisation and degradation of Poland to a late technological imitator, – Depreciation of human capital resources and material and human infrastructure of the sector „producing human capital” (education at all levels, scientific research, health), and they resulted from rational choices about „how much, how and where invest” as a result of economic calculation in the condition of high interest rates. A main aim of the study is to prove that inherent cohesion of a monetary policy with a strategy of development requires leaving aggressively restrictive (absolutely, or, at least, relatively) monetary policy to enable realization of „strategy of responsible development” by M. Morawiecki that refers to reindustrialization, sustainable development of regions, and especially to enhancing innovativeness of the economy. A method of the discussion is based on a deduction about events and real processes supported by theoretical dependencies between a level of interest rates and economic choices based on economic calculations and is empirically exemplified by some pathologies of economic development of Poland in 1990–2015 years, indicated in „Plan of Morawiecki”. Considering the aim, the thesis and the method, the paper is organized as follows: the first section makes comments about a lack of discussion about economic strategy in Poland; the second and a main section presents relation between interest rates and choices that constitutes actually realizes economic strategy and the third section, in the context of disputes about monetary policy in Poland between acknowledge persons, presents postulates about the monetary policy.