scholarly journals THE BEHAVIORAL ECONOMICS: AN INFLUENCE OF PSYCHOLOGICAL FACTORS ON THE ECONOMIC GROWTH

2020 ◽  
Vol 3 (33) ◽  
pp. 85-92
Author(s):  
D.M. Vukolov ◽  
Keyword(s):  
Economic Growth ◽  
Behavioral Economics ◽  
Aggregate Demand ◽  
Personal Characteristics ◽  
Economic Agents ◽  
Irrational Behavior ◽  
Long Time ◽  
History Of ◽  
Behavioral Mechanisms ◽  
Historical Past

Psychology as a branch of science could not take its place in the world for a long time. This fact says about a huge omission of a horribly mass of the intelligence by a human. However psychology became more significant for people and the economy in general. Being a science that would not exist without a human, it is impossible to omit its influence in it. Therefore, the main goal of this work is to consider the influence of behavioral mechanisms on decision-making by economic agents and, as a result, on the economic growth. Openings within the frame of behavioral economics embraces both the present and the past, which are aimed at showing both the fundamental nature of this knowledge and their undisputable relevance. These factors together represent a brief history of the development of this branch of knowledge. Through the prism of the main achievements of scientists of different years in the sphere of behavioral economics, which are selected according the author's preference, the irrational behavior of consumers was analyzed. This behavior was clearly reflected in the examples, which showed simultaneously both: the main flaws of the classical macroeconomic models, and the importance of considering behavioral economics when analyzing aggregate demand and aggregate supply. Such examples were taken from foreign practice and the historical past of Russia. At the end of the analysis of the influence of behavioral factors on economic agents some conclusions occur. They were confirmed by the statistics or logical facts that flowed from the fundamental laws of macroeconomics. As a result, it was concluded that it is impossible to simply answer the question of about what the result the behavioral economy leads to (growth or decline). Because much depends on the degree of economic power of the economic agents, as well as it depends on many other factors (age of consumers, degree of education, personal characteristics of each consumer, market for analysis, state policy, mentality, etc.).

scholarly journals THE BEHAVIORAL ECONOMICS: AN INFLUENCE OF PSYCHOLOGICAL FACTORS ON THE ECONOMIC GROWTH

MEST Journal ◽  
2021 ◽  
Vol 9 (1) ◽  
pp. 199-206
Author(s):  
Dmitry Vukolov
Keyword(s):  
Economic Growth ◽  
Behavioral Economics ◽  
Aggregate Demand ◽  
Macroeconomic Models ◽  
Economic Agents ◽  
The Past ◽  
Irrational Behavior ◽  
Long Time ◽  
History Of ◽  
Behavioral Mechanisms

Psychology as a branch of science could not take its place in the world for a long time. This fact says about a huge omission of a mass of intelligence by a human. However, the time overtook its own, and psychology became more significant for people and the economy in general. Being a science that would not exist without a human, it is impossible to omit its influence in it. Therefore, the main goal of this work is to consider the influence of behavioral mechanisms on decision-making by economic agents and, as a result, on economic growth. The theoretical part is closely interconnected with the practical part. This explains why the article does not have a clear separation between the two ones. Openings within the frame of behavioral economics embrace both the present and the past, which are aimed at showing both the fundamental nature of this knowledge and its undisputable relevance. These factors together represent a brief history of the development of this branch of knowledge. Through the prism of the main achievements of scientists of different years in the sphere of behavioral economics the irrational behavior of consumers was analyzed. This behavior was reflected in the examples, which showed simultaneously both: the main flaws of the classical macroeconomic models, and the importance of considering behavioral economics when analyzing aggregate demand and aggregate supply.

scholarly journals ECONOMIC GROWTH MODEL FOR BOSNIA AND HERZEGOVINA IN THE PERIOD 2007-2017 - OPPORTUNITIES FOR FUTURE RISKS REDUCTION -

2019 ◽  
Vol 1 (18) ◽  
pp. 61
Author(s):  
Saša Stevanović
Keyword(s):  
Economic Growth ◽  
Nash Equilibrium ◽  
Gross Domestic Product ◽  
Bosnia And Herzegovina ◽  
Aggregate Demand ◽  
Economic Life ◽  
Domestic Product ◽  
Economic Agents ◽  
Productivity Function ◽  
Economic Growth Model

The theory of the system indicates that the metastable state (state of the system described as a state which is close to the equilibrium state) will go into equilibrium if we wait long enough. The behavior of a particular system in the future depends on historical events, current and future shocks. In the equilibrium, all participants in economic life - economic agents are satisfied with their position, and economists call this a state of Nash equilibrium. The problem that we will deal with is the question of whether the economy of Bosnia and Herzegovina is in equilibrium, how to measure equilibrium, how to achieve stability and the balance of the system. The research will focus on productivity function for BiH, the concept of a potential gross domestic product, deviations in the nominal gross domestic product from the potential. We will analyze aggregate demand with the aim to define the model of economic growth of Bosnia and Herzegovina. We believe this knowledge will provide a basis that we believe can serve to create instruments, measures and policies that are needed to reduce future risks - deviations in economic growth.

ORTHODOX COLLECTIONS IN THE FUNDS OF THE MUSEUM OF ARCHEOLOGY AND ETHNOGRAPHY OF THE IEI UFRC RAS

2021 ◽  
Vol 0 (3) ◽  
pp. 113-118
Author(s):  
R.M. MUKHAMETZYANOVA-DUGGAL ◽  
◽  
D.A. EFIMOV ◽  
Keyword(s):  
Significant Contribution ◽  
Southern Urals ◽  
Qualitative Composition ◽  
The Southern Urals ◽  
Material Sources ◽  
Long Time ◽  
History Of ◽  
The Subject ◽  
Historical Past ◽  
Comprehensive Study

The article analyzes the quantitative and qualitative composition of the collection of the Museum of Archeology and Ethnography of the R.G. Kuzeev Institute for Ethnological Research of the UFRC RAS (MAE IEI UFRC RAS) related to Orthodoxy. It is noted that these items were collected as a result of ethnographic expeditions, donations and purchases, are stored and studied for a long time. The article provides information about the history of the appearance, methods of use, as well as what these objects carried and carry meaning in the religious life of the peoples of Bashkortostan. The conclusion is formulated, according to which, the objects of religious cults from the collection of the MAE are mainly represented by material and pictorial documents. Pictorial sources include icons depicting St. Nicholas the Wonderworker, the Tabyn Mother of God, especially revered in the Southern Urals, saints and sculptural images of the crucifixions of Christ. The material or material sources include crosses (body, altar), items of church utensils, vestments of priests, etc. In general, the objects of religious cults of the peoples of the Southern Urals are a kind of document, evidence reflecting the historical past of the region. The introduction of museum sources into scientific circulation, their comprehensive study will significantly expand and supplement the source base of research. At the same time, the development of the main problems of preservation, use and interpretation of these sources should become the subject of independent scientific research, which can make a significant contribution to the understanding of the cultural heritage of the Southern Urals, Bashkortostan in particular.

scholarly journals GENESIS AND ESSENCE OF COGNITIVE MARKETING

2020 ◽  
Vol 1 (18(46)) ◽  
pp. 31-38
Author(s):  
Victoria Krykun
Keyword(s):  
Cognitive Psychology ◽  
Consumer Behavior ◽  
Behavioral Economics ◽  
Personal Characteristics ◽  
Problem Formulation ◽  
Product Positioning ◽  
Herbert Simon ◽  
Cognitive Approach ◽  
Interdisciplinary Field ◽  
Irrational Behavior

The development and formation of the cognitive marketing notion are considered in the article. The emergence of cognitive marketing implies the development of a new approach to influencing consumer behavior, namely the formation of consumer consciousness, the creation of a consumption style, which in the future will determine the demand for new products. After the first cognitive revolution, which gave impetus to a more thorough study of these processes, much attention was paid to the study of cognitive psychology, which examines various mental processes, such as sensation and perception, pattern recognition, attention, learning, memory, concept formation, thinking, language, emotions and developmental processes. The essence of cognitive psychology is investigated and works of scientists-psychologists, which explain the essence of the cognitive approach in marketing are analyzed. Scientists who laid the foundations for the development of cognitive psychology are Jean Piaget, Jerome Bruner, Leo Vygotsky, Ulrich Neisser, Robert Solso. Also, the notion of behavioral economics, which combines investigations in the field of psychology and economy, and also generates the basis for cognitive marketing is considered. The article analyzes the works of Leon Festinger, Herbert Simon, Daniel Kahneman and Amos Tversky. All human decisions are almost always based on subjective imagination, depending on values, problem formulation, experience, habits and other personal characteristics. In many cases, people are not inclined to act in accordance with the requirements of neoclassical economics and often show a tendency to a completely irrational behavior. Also, different approaches to the essence of cognitive marketing formulation are analyzed and generalized. Cognitive marketing is an interdisciplinary field that combines cognitive psychology, behavioral economics, classical marketing, which with this synergy allows better understand consumer behavior and expands the tools of research and influence of traditional marketing, to help build effective marketing strategies for product positioning and promotion. Cognitive marketing aims to create new, previously unaware consumer needs for a particular product and creates a new desired style and standard of living, seeked by the consumers of this product.

scholarly journals Evolution of views on the role of central bank policy: conclusions for Ukraine

2021 ◽  
Vol 2021 (4) ◽  
pp. 7-23
Author(s):  
Bohdan DANYLYSHYN ◽  
Ivan BOHDAN
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Emerging Markets ◽  
Inflation Targeting ◽  
Financial Intermediation ◽  
Aggregate Demand ◽  
Economic Recovery ◽  
Economic Agents ◽  
The Interest Rate ◽  
The Impact

The effects of COVID-19 pandemic resulted in modification of the goals and instruments of central banks activities in the context of strengthening their responsibility for supporting aggregate demand, more effective financial intermediation, smooth functioning of financial markets and creating conditions for inclusive economic growth. The purpose of the article is to elaborate proposals for changing the priorities of monetary policy in an economy with emerging markets in the post-crisis economic recovery. The article criticizes the concept of money supply neutrality from the standpoint of its simplified interpretation of the impact of the interest rate on activities with different duration and complexity of the technological process, as well as its detachment from the principles of inclusive economic growth. The authors reveal the factors that reduce the effectiveness of the application of the monetary regime of inflation targeting in countries with emerging markets, which consist in the dominance of non-monetary inflation factors, high import dependence of the economy etc. Based on empirical data for 1990-2019, they prove that low inflation is not a sufficient and necessary prerequisite for achieving economic success by a country. Authors suggest that the share of components of the inflation basket in Ukraine with high non-monetary effects is 62%, which indicates the presence of high risks of failures of the monetary policy transmission mechanisms. They argue that under the Ukrainian conditions at the beginning of 2021 an increase in the central bank’s key rate will appear to be counterproductive: the access to critically needed borrowed resources will go down, economic agents will spend more of their savings, and the pace of economic recovery will slow down. The recommendations for improving the NBU policy have been devised; they consist in ensuring the flexibility of the monetary inflation targeting regime, introducing targeted refinancing instruments to increase the efficiency of the financial intermediation, developing effective coordination of monetary and fiscal policy, and implementing measures aimed at creating conditions for inclusive economic growth.

scholarly journals The Impact of Financialization and Income Inequality on Economic Growth, Investment Processes and Innovation

2018 ◽  
Vol 11 (6) ◽  
pp. 57-68 ◽  
Author(s):  
A. K. Karayev
Keyword(s):  
Economic Growth ◽  
Income Inequality ◽  
Wealth Distribution ◽  
Aggregate Demand ◽  
Bank Loans ◽  
Economic Agents ◽  
Education Levels ◽  
Skill Improvement ◽  
Household Incomes ◽  
The Impact

For the macroeconomic policy to be effective, macroeconomic models must take into account the interrelations between the financial and real sectors of the national economy. The subject of the research is the impact of financialization (expansion of the financial sector influence) and heterogeneity of investment decisions made by households and organizations on the inequality of income and wealth distribution as well as on household consumption and investment demand generated by organizations. The purpose of the research was to simulate the integrated influence and inter- influence of financialization of the economy leading to the following phenomena: an increase in the financial capabilities of economic agents, households and organizations and an increase in their debt; heterogeneity of decisions made by households (with account for different education levels) towards investment in their professional skill improvement, in particular through bank loans; heterogeneity of decisions made by organizations towards investment in expanding the existing production or mastering innovative product manufacturing; inequality in distribution of household incomes, components of aggregate demand in the economy, unemployment, etc. The research was carried out using an agent-oriented AB-SFC model with consistent flows and reserves that takes into account the specifics of investment behavior of economic agents (households and companies). The paper concludes that the financialization can contribute to the economic growth and the leverage and, accordingly, to the debt of economic agents and a higher volatility of macroeconomic aggregates such as aggregate demand components. The research finding also show that innovation and technological changes resulting from investment preferences of organizations and households can also, along with the financialization, aggravate the income inequality of households.

Direct Democracy and Referendums

2017 ◽  
pp. 364-386 ◽  
Author(s):  
Matt Qvortrup
Keyword(s):  
Economic Growth ◽  
Human Development ◽  
Human Development Index ◽  
Direct Democracy ◽  
Statistical Evidence ◽  
Development Index ◽  
Political Expediency ◽  
Long Time ◽  
History Of ◽  
Practical Conduct

This chapter outlines the history of the use of the referendum and outlines why politicians have resorted to using referendums. While referendums may be justified on the grounds that they provide legitimacy to controversial decisions, the empirical and statistical evidence suggests that referendums are generally held due to political expediency. Looking at the practical conduct of referendums, this chapter suggests that those in office tend to lose them if they have been in government positions for a long time. Finally, the chapter suggests that provisions for referendums are correlated with economic growth, as well as a higher Human Development Index.

Inter-country inequality as a dynamic process and the problem of post-industrial development

2018 ◽  
pp. 5-29 ◽  
Author(s):  
L. M. Grigoryev ◽  
V. A. Pavlyushina
Keyword(s):  
Economic Growth ◽  
Political Institutions ◽  
Industrial Development ◽  
Modern World ◽  
New Approach ◽  
Development Level ◽  
The World ◽  
Long Time ◽  
The Difference ◽  
Post Industrial

The phenomenon of economic growth is studied by economists and statisticians in various aspects for a long time. Economic theory is devoted to assessing factors of growth in the tradition of R. Solow, R. Barrow, W. Easterly and others. During the last quarter of the century, however, the institutionalists, namely D. North, D. Wallis, B. Weingast as well as D. Acemoglu and J. Robinson, have shown the complexity of the problem of development on the part of socioeconomic and political institutions. As a result, solving the problem of how economic growth affects inequality between countries has proved extremely difficult. The modern world is very diverse in terms of development level, and the article offers a new approach to the formation of the idea of stylized facts using cluster analysis. The existing statistics allows to estimate on a unified basis the level of GDP production by 174 countries of the world for 1992—2016. The article presents a structured picture of the world: the distribution of countries in seven clusters, different in levels of development. During the period under review, there was a strong per capita GDP growth in PPP in the middle of the distribution, poverty in various countries declined markedly. At the same time, in 1992—2016, the difference increased not only between rich and poor groups of countries, but also between clusters.

BRIDGE BUILDING AS A PROBLEM OF URBAN INFRASTRUCTURE DEVELOPMENT IN THE EUROPEAN NORTH OF RUSSIA IN THE EARLY XX CENTURY

2019 ◽  
Vol 15 (2) ◽  
pp. 125-135
Author(s):  
Tatiana S. Minaeva ◽  
Sergey S. Gulyaev
Keyword(s):  
Urban Infrastructure ◽  
Local Administration ◽  
Infrastructure Development ◽  
European North ◽  
Long Time ◽  
History Of ◽  
Floating Bridge ◽  
Historical Comparative ◽  
Bridge Building ◽  
Xix Century

Introduction. The organization of transport links and the bridge building in cities located on the banks of wide rivers has always been one of the most important tasks of the local administration. The study of the history of bridge building allows not only to trace the process of modernization of different regions of the country, but also to help in solving similar problems of our time. Nevertheless, the history of Russian bridge building is poorly studied. The purpose of the article is to determine the characteristics and features of the organization of bridge building in big cities of the European North of Russia as a way to solve one of the problems of urban infrastructure in the early XX century. Materials and Methods. The sources for this study are the documents of the State archive of the Arkhangelsk region, published documents on the history of Vologda, articles in the local periodicals of the early XX century. The analysis of the studied problem used a systematic approach, the method of economic analysis, historical and historical-comparative methods. Results and Discussion. The building of permanent bridges was a need for the development of Arkhangelsk and Vologda. In Vologda the two wooden bridges were built in the middle of XIX century on city funds and in the future these bridges were repaired or rebuilt. The Arkhangelsk city authorities did not hurry to solve a problem of city infrastructure by own efforts and a long time they used the floating bridge. The lack of experience in the building of large bridges and the desire to save money led to the rapid destruction of the first permanent bridge in Arkhangelsk. Conclusion. The Development of trade and industry in cities of the European North of Russia, such as Arkhangelsk and Vologda, led to the expansion of their territory and the emergence over time, the so-called third parts of the cities. Despite the comparable size of the population of the districts located across the river, the process of connecting them with bridges to the rest of the city went at different rates, which depended on the attitude of the local administration to the problem of urban infrastructure.

Inclusive Growth with Zakat

2015 ◽  
Vol 54 (4I-II) ◽  
pp. 997-1010
Author(s):  
Muhammad Mazhar Iqbal
Keyword(s):  
Economic Growth ◽  
Aggregate Demand ◽  
Economic Consequences ◽  
Poor People ◽  
Kuznets Curve ◽  
Inclusive Growth ◽  
Marginal Productivity ◽  
The Social

Zakat is an annual religious levy that is collected from rich Muslims and its proceeds are disbursed among poor people of the society. It has many spiritual and social merits. For example, it purifies the hearts of zakat-givers as they give away a part of their wealth, one of the most precious things in their lives, seeking the pleasure of God without requiring any worldly gains whatsoever. It bridges the social gap between „haves‟ and „have-nots.‟ This study analyses, however, only economic consequences of Zakat for economic growth. They cannot be appreciated duly unless one understands the following concepts of modern economics; various theories of consumption, aggregate demand, stagnation thesis, consumption puzzle, marginal productivity of capital and Kuznets curve.

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