From Relevant to in Demand?

2018 ◽  
Vol 2018 (3) ◽  
pp. 3-22
Author(s):  
Andrey Shastitko
Keyword(s):  
Economic Theory ◽  
Economic History ◽  
Capital Accumulation ◽  
Karl Marx ◽  
Subsequent Development ◽  
Fundamental Question ◽  
Economic Research ◽  
Institutional Economic ◽  
Production Relations ◽  
Key Aspects

The article offers a survey of some of the ideas of Karl Marx in the context of the subsequent development of the new institutional economic theory in the 20th - early 21st centuries. It discusses various aspects of the unity of the historical and the logical in Marx’s Capital in the light of various ways of combining the historical and the theoretical in economic research, including a new economic history. The article considers the issues of the linkages between the problems of import and transplantation of institutes and the export of production relations, as well as the interaction of institutes and technologies, but in the context of the contradiction between productive forces and production relations, and possible parallels between the initial ideas of transaction costs and costs of circulation in the second volume of Marx’s Capital. It discusses the fundamental question of the absolute law of capital accumulation in the context of two key aspects of institutes - coordination and distribution.

Public finance during the reign of Catherine the Great

2020 ◽  
Vol 26 (9) ◽  
pp. 2138-2150
Author(s):  
L.V. Gudakova ◽  
E.D. Grebennikova
Keyword(s):  
Public Finance ◽  
Economic History ◽  
Capital Accumulation ◽  
Banking System ◽  
State Regulation ◽  
Economic Research ◽  
Monetary Reform ◽  
New Instrument ◽  
The Creation

Subject. We study the main directions and special aspects of the monetary system development during the reign of Catherine II. We discuss the monetary reform associated with the introduction of bank notes and the emergence of the banking system, as well as the creation of new financial systems. Objectives. We focus on identifying the economic reasons that propelled Catherine the Great to use a new instrument of State regulation of the financial system, on showing how the creation of the banking system, still within the conditions of serfdom, acquired its own specifics. Methods. We apply the logical, historical and diachronous approaches, economic research methods. We also use the principles of historical method, dialectics, the method of scientific abstraction and analysis, which determine the foundations of the financial reforms of Catherine the Great. Results. We revealed the role of creating the banking system and non-banking institutions during the second half of the eighteenth century, classified their types and goals, determined the main characteristics of paper money. The monetary reform of Catherine the Great, which created favorable conditions for external borrowings, ensured the recovery of public finance in general. Conclusions. The study concludes on important role of State regulation in the development of financial infrastructure, on the need to use the experience in the modern practice of private enterprise development and capital accumulation. The findings can be used in lectures and seminars for basic courses, like History of Finance and Economic History.

scholarly journals Public finance during the reign of Catherine the Great

2021 ◽  
Vol 26 (4) ◽  
pp. 434-444
Author(s):  
Lyudmila V. GUDAKOVA ◽  
Elena D. GREBENNIKOVA
Keyword(s):  
Public Finance ◽  
Economic History ◽  
Capital Accumulation ◽  
Banking System ◽  
State Regulation ◽  
Economic Research ◽  
Monetary Reform ◽  
New Instrument ◽  
The Creation

Subject. We study the main directions and special aspects of the monetary system development during the reign of Catherine II. We discuss the monetary reform associated with the introduction of bank notes and the emergence of the banking system, as well as the creation of new financial systems. Objectives. We focus on identifying the economic reasons that propelled Catherine the Great to use a new instrument of State regulation of the financial system, on showing how the creation of the banking system, still within the conditions of serfdom, acquired its own specifics. Methods. We apply the logical, historical and diachronous approaches, economic research methods. We also use the principles of historical method, dialectics, the method of scientific abstraction and analysis, which determine the foundations of the financial reforms of Catherine the Great. Results. We revealed the role of creating the banking system and non-banking institutions during the second half of the eighteenth century, classified their types and goals, determined the main characteristics of paper money. The monetary reform of Catherine the Great, which created favorable conditions for external borrowings, ensured the recovery of public finance in general. Conclusions. The study concludes on important role of State regulation in the development of financial infrastructure, on the need to use the experience in the modern practice of private enterprise development and capital accumulation. The findings can be used in lectures and seminars for basic courses, like History of Finance and Economic History.

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.

Key aspects of economic theory of war

2016 ◽  
Vol 2016 (3) ◽  
pp. 51-68
Author(s):  
Robert Pustoviit ◽  
Keyword(s):  
Economic Theory ◽  
Theory Of War ◽  
Key Aspects

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.

American Institutional Studies: Present Knowledge and Past Trends

1971 ◽  
Vol 31 (1) ◽  
pp. 87-105 ◽  
Author(s):  
James H. Soltow
Keyword(s):  
Economic Theory ◽  
Economic History ◽  
Present Knowledge ◽  
Quarter Century ◽  
The Past

The production of economic history, like that in many fields of scholarly endeavor, increased sharply in the past quarter-century, compared to the rate of output in earlier eras. While the “new” economic history, with its emphasis on economic theory and measurement, has attracted considerable attention during the last decade, “traditional” economic history, written along institutional lines, has continued to be significant, both quantitatively (in terms of numbers of books and articles) and qualitatively (as assessed by contributions to our understanding of economic processes.)

Mercantilism Revisited

1980 ◽  
Vol 23 (4) ◽  
pp. 773-791 ◽  
Author(s):  
D. C. Coleman
Keyword(s):  
Economic Theory ◽  
Economic Policy ◽  
Seventeenth Century ◽  
Economic History ◽  
Extreme Case ◽  
Economic Thought ◽  
The State ◽  
Economic Situation ◽  
The Status

The intention of this paper is to look at some of the problems which arise in attempts to provide ‘explanations’ of mercantilism and especially its English manifestations. By ‘explanations’ I mean the efforts which some writers have made causally to relate the historical appearance of sets of economic notions or general recommendations on economic policy or even acts of economic policy by the state to particular long-term phenomena of, or trends in, economic history. Historians of economic thought have not generally made such attempts. With a few exceptions they have normally concerned themselves with tracing and analysing the contributions to economic theory made by those labelled as mercantilists. The most extreme case of non-explanation is provided by Eli Heckscher's reiterated contention in his two massive volumes that mercantilism was not to be explained by reference to the economic circumstances of the time; mercantilist policy was not to be seen as ‘the outcome of the economic situation’; mercantilist writers did not construct their system ‘out of any knowledge of reality however derived’. So strongly held an antideterminist fortress, however congenial a haven for some historians of ideas, has given no comfort to other historians – economic or political, Marxist or non-Marxist – who obstinately exhibit empiricist tendencies. Some forays against the fortress have been made. Barry Supple's analysis of English commerce in the early seventeenth century and the resulting presentation of mercantilist thought and policy as ‘the economics of depression’ has passed into the textbooks and achieved the status of an orthodoxy.

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