INSTITUTIONAL ECONOMIC THEORY AND DEVELOPMENT WORLD ECONOMIC SCIENCE IN CONDITIONS GLOBALIZATION CHANGES

2018 ◽  
Author(s):  
Mykola Strishenets ◽  
◽  
Olena Pavlova ◽  
Kostiantyn Pavlov ◽  
◽  
...  
Keyword(s):  
Economic Theory ◽  
Economic Science ◽  
Institutional Economic ◽  
World Economic

scholarly journals ECONOMIC SCIENCE CRISIS AS A REFLECTION OF THE WORLD ECONOMIC CRISIS. AKNOWLEDGMENT AND APPROACHES

2018 ◽  
pp. 97-104
Author(s):  
MEDEA SHAPATAVA
Keyword(s):  
Economic Theory ◽  
Global Economy ◽  
Extreme Points ◽  
Economic Science ◽  
Investment Bank ◽  
Contemporary World ◽  
Mortgage Crisis ◽  
The World ◽  
World Economic ◽  
Pros And Cons

Contemporary world admits and analyses the destroying results and consequences of the largest-ever bankruptsy of the Lehman Brothers Investment bank which lead to the mortgage crisis and turned into the global one. The recession continues up to present, i.e. almost for ten years. Leading economists forecast the further negative issues and confess that the economic figures would never go back to the ones we had back ten years ago. The extreme points of consideration the recession and the crisis issues are in contradiction with the economic theory which predicts further recession though may never provide consistent and exact figures and dates. The reflection of the crisis onto the economic theory and science may provide further materials for discussions and arguments against existence of the crisis, as the global economy development never interrupted. Moreover, the world faced the birth of an absolutely new and enigmatic product on the market – cryptocurrency. The question is: would the cryptocurrency bring the relief in terms of recession or would it lead to a new default of the market? The economic science estimates the pros and cons of the existing risks and market threats and hopefully will play its substantial role in eliminating them.

Economic theory in IMEMO (The Soviet period)

2016 ◽  
pp. 117-134 ◽  
Author(s):  
V. Avtonomov
Keyword(s):  
Economic Theory ◽  
International Relations ◽  
World Economy ◽  
Theoretical Work ◽  
Economic Research ◽  
Soviet Period ◽  
Economic Science ◽  
History Of ◽  
World Economic ◽  
Academy Of Sciences

The article deals with the history of economic research at the Institute of World Economy and International Relations (IMEMO) of the Russian Academy of Sciences. This history is analyzed in the context of the Soviet and world economic science. The specific nature of Soviet economic theory is characterized as well as a special position of IMEMO, in its function of the leading thinktank in the field of world economy and international relations. Two main directions of theoretical work of IMEMO economists are identified: transition from the facts and statistical data towards a revision of dogmatic Marxism, and from Western theories to original ideas and practical recommendations. The connection of the theory and applied expertise is given a special attention.

scholarly journals On the Influence of Metamodernity on Institutional Economic Theory

2021 ◽  
pp. 69-76
Author(s):  
Svetlana L. Sazanova
Keyword(s):  
Economic Theory ◽  
Interdisciplinary Approach ◽  
Emotional Reactions ◽  
Economic Behavior ◽  
Economic Research ◽  
Economic Science ◽  
Economic Agents ◽  
Institutional Economic ◽  
The Times

The article analyses the influence of the philosophy of metamodernism on the institutional economic theory. The author considered the philosophy of metamodernism as a complex of ideas that form the “spirit of the times” – ​the “era of metamodernity”, which is an external environment in relation to institutional economic theory. Having analyzed the key characteristics of modernity and postmodernity, the author proved that metamodernity is not only a synthesis of the philosophical ideas of modernity and postmodernity, but also a new worldview that embraces the entire socio-economic reality. The author formulated the features of the era of metamodernity in the context of economics-society-institutions. The author found that under the influence of the ideas of metamodernity, there have been changes in the motivation of economic agents: from the satisfaction of subjective preferences to the search for new emotional reactions. This, in turn, led to changes in collective (social) economic behavior: rejection of traditional values in favor of values of self-expression, rejection of long-term relationships in favor of long-term ones. According to the author, changes in individual and collective economic behavior occur in parallel with institutional changes at the micro, meso and macro levels: hierarchical institutional structures are being replaced by socio-economic and business ecosystems. Exploring the evolution of economic science in the context of evolution from modern philosophy to postmodern and metamodern philosophy, the author revealed the influence of the ideas of metamodernity on modern economic theory in general and institutional economic theory in particular. The author found that under the influence of the ideas of metamodernity, changes occur in the object and subject of economic research, which requires the improvement of the methodology of institutional economic theory based on an interdisciplinary approach.

Beyond Market: Institutions of Governance in the Complex World (Nobel Memorial Prize in Economics 2009 - Oliver Williamson and Elinor Ostrom)

2010 ◽  
pp. 82-98 ◽  
Author(s):  
Ya. Kuzminov ◽  
M. Yudkevich
Keyword(s):  
Economic Theory ◽  
Behavioral Economics ◽  
Nobel Prize ◽  
Organization Theory ◽  
Development Studies ◽  
Complex World ◽  
Market Institutions ◽  
Institutional Economic

The article surveys the main lines of research conducted by Oliver Williamson and Elinor Ostrom - 2009 Nobel Prize winners in economics. Williamsons and Ostroms contribution to understanding the nature of institutions and choice over institutional options are discussed. The role their work played in evolution of modern institutional economic theory is analyzed in detail, as well as interconnections between Williamsons and Ostroms ideas and the most recent research developments in organization theory, behavioral economics and development studies.

Jean Tirole: The political economy of corporate finance (On the book by J. Tirole “The theory of corporate finance”)

2017 ◽  
pp. 128-141
Author(s):  
N. Ranneva
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Graduate Students ◽  
Corporate Finance ◽  
Critical Review ◽  
The Political ◽  
Institutional Economic ◽  
New Type ◽  
Finance Theory ◽  
Empirical Material

The present article undertakes a critical review of the new book of Jean Tirole, the winner of the 2014 Nobel Prize in Economics, “The theory of cor- porate finance”, which has recently been published in Russian. The book makes a real contribution to the profession by summarizing the whole field of corporate finance and bringing together a big body of research developed over the last thirty years. By simplifying modeling, using unified analytical apparatus, undertaking reinterpretation of many previously received results, and structuring the material in original way Tirole achieves a necessary unity and simplicity in exposition of extremely heterogeneous theoretical and empirical material. The book integrates the new institutional economic theory into classical corporate finance theory and by doing so contributes to making a new type of textbook, which is quite on time and is likely to become essential reading for all graduate students in corporate finance and microeconomics and for everyone interested in these disciplines.

Bulgaria’s Economy 1989–2019

2020 ◽  
Vol 44 (2) ◽  
pp. 260-282
Author(s):  
Georgy Ganev
Keyword(s):  
Economic Theory ◽  
The State ◽  
Institutional Changes ◽  
Institutional Economic ◽  
State Of The Economy ◽  
Degree Of Convergence

Based on an analytical narrative, and utilizing macroeconomic and new institutional economic theory, this exposition studies the Bulgarian economy during the decades after 1989. The three decades are placed in the context of the century-and-a-half-long Bulgarian development and convergence dynamic. They are then presented in terms of clearly defined sub-periods, and each sub-period is analyzed in detail. The analysis for each period focuses on three sets of issues: macroeconomic developments, microeconomic developments, and institutional changes. The exposition ends by applying the insights from the analysis to the question of whether the state of the economy in Bulgaria as of 2019 gives grounds for pessimism (Bulgaria will continue the cycles of unsuccessful convergence) or for optimism (Bulgaria will achieve an unprecedented degree of convergence in the coming decades). The answer is that at present both expectations can be supported by sets of serious arguments.

The Idea of a Meaningful Synthesis of Marxist and Non-Marxist Systems of Political Economy as a Mirror of Intellectual Turmoil (About V.T. Ryazanov’s Book «Modern Political Economy: Prospects of Neo-Marxist Synthesis»)

2019 ◽  
pp. 74-98
Author(s):  
A.B. Lyubinin
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Economic Status ◽  
Economic Science ◽  
Objective Reality ◽  
Commodity Production ◽  
Subjective Assessments ◽  
The Subject ◽  
The Difference ◽  
Political Economic

Review of the monograph indicated in the subtitle V.T. Ryazanov. The reviewer is critical of the position of the author of the book, believing that it is possible and even necessary (to increase the effectiveness of General economic theory and bring it closer to practice) substantial (and not just formal-conventional) synthesis of the Marxist system of political economy with its non-Marxist systems. The article emphasizes the difference between the subject and the method of the classical, including Marxist, school of political economy with its characteristic objective perception of the subject from the neoclassical school with its reduction of objective reality to subjective assessments; this excludes their meaningful synthesis as part of a single «modern political economy». V.T. Ryazanov’s interpretation of commodity production in the economic system of «Capital» of K. Marx as a purely mental abstraction, in fact — a fiction, myth is also counter-argued. On the issue of identification of the discipline «national economy», the reviewer, unlike the author of the book, takes the position that it is a concrete economic science that does not have a political economic status.

First International Lvov Forum

2021 ◽  
pp. 155-162
Author(s):  
Svetlana L. Sazanova
Keyword(s):  
Economic Theory ◽  
Economic System ◽  
Development Strategy ◽  
System Development ◽  
Basic Research ◽  
Economic Science ◽  
Economic Knowledge ◽  
New Paradigm ◽  
Russian Scientific ◽  
The Face

The article is devoted to the analysis of the content and results of the First International Lvov Forum, dedicated to the 90th anniversary of the birth of Academician D. S. Lvov (1930–2007). The forum was held on October 20–21, 2020 at the State University of Management with the support of the Russian Foundation for Basic Research (RFBR), project No. 20-010-22058. Major Russian and foreign scientists, academicians and corresponding members of the Russian Academy of Sciences, leading Russian universities, universities of the Czech Republic, France, Bulgaria and other countries took part in the First Lvov Forum. The Forum discussed fundamental problems of modern Russian and world economic science, including: the problem of the crisis of the paradigm of economic theory; the problem of the relationship between philosophical and economic knowledge; the need to form a new paradigm of economic science; the problem of interaction between society, state and business at the micro, meso and macro levels in the face of modern challenges; place and role of Russia in the world socio-economic system; development strategy of the Russian socio-economic system in the context of the new paradigm of economic science in the context of modern challenges. The discussion of the above fundamental problems was on the basis of a synthesis of the principle of dichotomy and a systematic approach. The First Lvov Forum took a significant place among such major Russian scientific events as the Gaidar Economic Forum, the Krasnoyarsk Economic Forum, the Moscow Economic Forum, etc. due to the relevance of the problems considered at the Forum, the novelty of the methods proposed for their solution. The ideas of Russian and foreign scientists presented at the Forum can be used for the further development of modern economic theory, as well as for the development of programs for the development of the Russian economy at the micro, meso and macro levels.

scholarly journals The crisis in economics – nature and ways to overcome it

2019 ◽  
Vol 89 (1) ◽  
pp. 24-37
Author(s):  
A. D. Nekipelov
Keyword(s):  
Economic Theory ◽  
Economic System ◽  
Economic Crisis ◽  
Economic Science ◽  
Mainstream Economic ◽  
Pure Science ◽  
Economic Problems ◽  
Neoclassical Economic Theory ◽  
Multiple Alternative ◽  
Alternative Approaches

Recent decades have witnessed an upsurge in multiple alternative approaches to unraveling major economic problems, together with the mainstream economic theory, which in this study has been considered an indicator of economic crisis. In this study, we attribute institutional stasis, as well as methodological heterogeneity of its two constituent sections, micro- and macroeconomics, to the primary drawbacks of neoclassical economic theory. Overcoming the crisis of economic science correlates with the creation of a general economic theory on the principles of “pure science,” with elucidated functions of various socioeconomic disciplines. If “pure economic theory” intends to form an intellectual layout of the economic system, then the “realistic sciences,” also including modern macroeconomics in this study, are tools for analyzing specific socioeconomic phenomena and processes. As people with consciousness and interests act in the society, this study postulates the existence of a certain zone of ambiguity, which cannot be entirely covered.

Theory of institutional and economic disfunctions in the Russian school: Retrospective and prospective views

2021 ◽  
Vol 16 (1) ◽  
pp. 19-38
Author(s):  
Oleg Sergeevich Sukharev ◽  
Keyword(s):  
Economic Systems ◽  
Economic Science ◽  
Modern Theory ◽  
Institutional Effects ◽  
Institutional Economic ◽  
Functional Potential ◽  
Management Recommendations ◽  
Lock In ◽  
Institutional Efficiency

The article challenges the stereotype which underestimates the accomplishments of the national scientists which generate and develop the current institutional and economic dysfunction theory and provide the pragmatic opportunities for the dysfunction theory. The research aims to consider the contribution of the modern Russian institutional economic school into generating and developing the institutional effects theory with the focus on its tool segment - the theory of economic and institutional dysfunctions. Methodologically, the article is based on the economic theory of institutions, provisions of the modern theory of institutional effects, including the institution dysfunctions, management theories for the economic systems of different complexity levels, as well as the comparative analysis, elements of mathematical modeling, and solutions of the differential equations. Tool capabilities of the dysfunction theory are illustrated for the developing of management recommendations, a measurement device is created to identify a dysfunction and to apply it in order to access the quality of the institutions and economic systems, the possibilities for applying the dysfunctions in the institutional modeling are defined. To do this, a function equation for the financial support of the institution is obtained to examine the connections between the institution monetization, the quality of their functions and their dysfunctions. The differences between the lock-in and dysfunction effects which characterize their connections with the categories, including stability, efficiency/inefficiency, institutions’ quality, are specified, and a dysfunction is defined as a dynamically changing condition, while lock-in can be static. The article points out the key prospective developments of the institutional and economic dysfunction theories: 1) better tools for measuring the dysfunctions; 2) evaluation of the institutional efficiency and functional potential of the institutions, as well as the quality of the institutions and economic systems; 3) dysfunction modeling, including at the level of its connection with the macroeconomic parameters. Further research into the Russian institutional school of the economic science is seen in the development of the dysfunction theory and its methodological tools for its application to analyze different socio-economic phenomena.

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