This article examines the problem of development of the production function and its significance in economic growth. Economic growth, according to the authors is the growth of socio – economic indicators of both the country and the region, which is associated with economic efficiency of production. It is shown that to assess the prospects of economic growth of the country's industry and the region's own analysis of its constraining factors. Examined foreign approaches V. Rostow (technological and intellectual factors), J. Galbraith (science and knowledge), D. Bell (science and technocratic factors), considering these factors as factors of economic growth. Russian authors (Y.P. Anisimov, A.I. Horev, T.I. Ovchinnikov, S.V. Kobeleva) examined economic growth from the point of view of the production characteristics (organizational factors, enhancing the development of engineering and technology, a result – improving of performance of work). The article presents a model for developing a comprehensive system of indicators of production capacity of the enterprise taking into account the implementation of organizational development, improve the level of equipment and technology, and algorithm of calculation of economic activity of the enterprise. Examined the proposals of foreign and domestic authors on the development of the intellectual factor as the factor of economic growth. Considered innovative factors: indicators of creative or support labour, the preferences of consumers in the choice of the production of those products, which are competitive, institutional capacity, calculated as the average number of workers at one workplace structural, informational potential, calculated according to the standards of the program documents, entrepreneurial potential, taking into account the production function in product development. The model of accounting innovation-intellectual components of the production function assumes a dynamic ratio of external and internal factors based on technical and technological development of enterprises, and based on the experience and abilities of staff functions and incentives.

1. 1 Rostow W. The Stages of economic growth. – New York: Frederick A. Prieur, 1961. 240 p.

2. 2 Galbraith J. Novoe institutsional’noe obshchestvo [New institutional society]. Moscow, 1969. pp. 45. (In Russ.).

3. 3 Harrod R. Teoriya ekonomicheskoi dinamiki [Theory of economic dynamics]. Moscow, TsEMI RAS, 2008. 210 p. (In Russ.).

4. 4 Ovchinnikova T.I., Anisimov Yu.P. Industrial innovation and growth enterprises. Region: sistemy, ekonomika, upravlenie [Region: systems, economics, management], 2015, no. 1 (28), pp. 149–156. (In Russ.).

5. 5 Khorev A.I., Ovchinnikova T.I., Pakhomov A.I., Kobeleva S.V. Methodological approaches to the analysis of economic security innovation and investment projects in the food complex. Vestnik Voronezhskogo gosudarstvennogo universiteta inzhenernyh tekhnologij. [Proceedings of the Voronezh state university of engineering technologies], 2013, no. 4 (58), pp. 241–246. (In Russ.).