Pub Date : 2023-12-11DOI: 10.15407/etet2023.04.022
Victor Mandybura
The article reveals the political and economic essence of economic pragmatism as a dialectical-centrist antipode to liberal-monetarism and economic voluntarism. The author gives a theoretical evaluation of the manifestations of new understanding of economic pragmatism in the context of two manifestations of falsification of its political-economic essence. It is proved that the experience of Poland, which is proposed by the "new pragmatism" as a modern model, cannot be implemented in Ukraine in the post-war period to ensure the dynamic development of the real sector on a modern technical and technological basis. From the standpoint of economic pragmatism, it is proved that the "dosed" convergence of "socialist" relations in the economy of a capitalist country cannot be extended to its political, ideological and social spheres. The author reveals the reasons for the fact that the specified unique socio-political and economic symbiosis not only contributed to the dynamic development of China, but provided this country’s evolution to a society of "general welfare" and made it possible to lay the foundations for a long period of development of "market-state socialism".
{"title":"Economic pragmatism: political-economy essence, antipodes and imitation","authors":"Victor Mandybura","doi":"10.15407/etet2023.04.022","DOIUrl":"https://doi.org/10.15407/etet2023.04.022","url":null,"abstract":"The article reveals the political and economic essence of economic pragmatism as a dialectical-centrist antipode to liberal-monetarism and economic voluntarism. The author gives a theoretical evaluation of the manifestations of new understanding of economic pragmatism in the context of two manifestations of falsification of its political-economic essence. It is proved that the experience of Poland, which is proposed by the \"new pragmatism\" as a modern model, cannot be implemented in Ukraine in the post-war period to ensure the dynamic development of the real sector on a modern technical and technological basis. From the standpoint of economic pragmatism, it is proved that the \"dosed\" convergence of \"socialist\" relations in the economy of a capitalist country cannot be extended to its political, ideological and social spheres. The author reveals the reasons for the fact that the specified unique socio-political and economic symbiosis not only contributed to the dynamic development of China, but provided this country’s evolution to a society of \"general welfare\" and made it possible to lay the foundations for a long period of development of \"market-state socialism\".","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138979767","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-11DOI: 10.15407/etet2023.04.072
Igor Piliaiev
The article examines the experience of value-based work motivation in modernized East Asian societies and economies of the Confucian tradition. The author considers the ontological, anthropological, civilization-cultural, socio-psychological, political-economic and applied (on the cases of Japan and China) aspects of the above mentioned problem. Performed an interdisciplinary analysis of the worldview and value-based foundations of work motivation, and various characteristic features of the labor and corporate ethics of the Confucian-tradition countries, which contributed to the phenomenal success of their post-war reconstruction, and economic and social modernization. Applied the fractal-synergistic method developed by the author, along with various tools of social philosophy, political economy, psychology, and modernization theory. The author shows that the present mode of thinking (and the corresponding value-based motivation) of a typical Western person, based on the dichotomy of the individual “I” and the outside world, turns out to be significantly more conservative and resistant to the Fourth Industrial Revolution, associated with the widespread introduction of artificial intelligence and the blurring of boundaries between inorganic, living and digital realities, than the traditionally holistic consciousness of China and the “Confucian tigers”, which perceives nature, society and human in an organic unity. This phenomenon is in sharp contrast to the eras of the first three industrial revolutions, when the West, primarily the Protestant West was the undisputed global leader in technological progress, the introduction of innovations, and the intensive growth of labor productivity. It is proved that in the newly industrialized countries of East Asia, the reformed and modernized Confucianism actually acts as a consolidating positive civil religion and a value-motivational driver of dynamic socio-economic development. The author evaluates the relevance of the East Asian experience of the value-based work motivation in the context of the transformation of societal values in Ukraine and the imperatives of the post-war reconstruction of this country’s economy. It is concluded that the communitarian-solidarist system of labor ethics inherent in East Asian countries has a significant potential for its implementation in Ukraine.
{"title":"Value-based work motivation: the East Asian experience","authors":"Igor Piliaiev","doi":"10.15407/etet2023.04.072","DOIUrl":"https://doi.org/10.15407/etet2023.04.072","url":null,"abstract":"The article examines the experience of value-based work motivation in modernized East Asian societies and economies of the Confucian tradition. The author considers the ontological, anthropological, civilization-cultural, socio-psychological, political-economic and applied (on the cases of Japan and China) aspects of the above mentioned problem. Performed an interdisciplinary analysis of the worldview and value-based foundations of work motivation, and various characteristic features of the labor and corporate ethics of the Confucian-tradition countries, which contributed to the phenomenal success of their post-war reconstruction, and economic and social modernization. Applied the fractal-synergistic method developed by the author, along with various tools of social philosophy, political economy, psychology, and modernization theory. The author shows that the present mode of thinking (and the corresponding value-based motivation) of a typical Western person, based on the dichotomy of the individual “I” and the outside world, turns out to be significantly more conservative and resistant to the Fourth Industrial Revolution, associated with the widespread introduction of artificial intelligence and the blurring of boundaries between inorganic, living and digital realities, than the traditionally holistic consciousness of China and the “Confucian tigers”, which perceives nature, society and human in an organic unity. This phenomenon is in sharp contrast to the eras of the first three industrial revolutions, when the West, primarily the Protestant West was the undisputed global leader in technological progress, the introduction of innovations, and the intensive growth of labor productivity. It is proved that in the newly industrialized countries of East Asia, the reformed and modernized Confucianism actually acts as a consolidating positive civil religion and a value-motivational driver of dynamic socio-economic development. The author evaluates the relevance of the East Asian experience of the value-based work motivation in the context of the transformation of societal values in Ukraine and the imperatives of the post-war reconstruction of this country’s economy. It is concluded that the communitarian-solidarist system of labor ethics inherent in East Asian countries has a significant potential for its implementation in Ukraine.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139010431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-11DOI: 10.15407/etet2023.04.049
Vasyl Humeniuk
The article reveals the assumptions and main factors for the implementation of a system of state strategic planning in Ukraine as the key link in the process of public administration. The author shows a retrospective of the attempts to legislatively regulate relations in the field of strategic planning in Ukraine and obstacles to their implementation, as well as the practice of producing ersatz of such planning in the form of numerous programs and conceptual documents of various directions and areas of application that do not allow the executive branch to formulate and implement proactive policies for achieving national development goals, rational use of resources in the intended directions and sectors of national development. The article outlines the main aspects of the author's approach to building a model of strategic national planning as a basic subsystem of public administration, which allows to achieve the intended goals of nationally rooted development by creating mechanisms for coordinated and targeted efforts of all branches of executive power and to use the synergy of the planned regulatory and administrative influence of managerial decisions to achieve desirable results in conditions of war and modern challenges of globalization.
{"title":"Strategic planning as a way of public administration","authors":"Vasyl Humeniuk","doi":"10.15407/etet2023.04.049","DOIUrl":"https://doi.org/10.15407/etet2023.04.049","url":null,"abstract":"The article reveals the assumptions and main factors for the implementation of a system of state strategic planning in Ukraine as the key link in the process of public administration. The author shows a retrospective of the attempts to legislatively regulate relations in the field of strategic planning in Ukraine and obstacles to their implementation, as well as the practice of producing ersatz of such planning in the form of numerous programs and conceptual documents of various directions and areas of application that do not allow the executive branch to formulate and implement proactive policies for achieving national development goals, rational use of resources in the intended directions and sectors of national development. The article outlines the main aspects of the author's approach to building a model of strategic national planning as a basic subsystem of public administration, which allows to achieve the intended goals of nationally rooted development by creating mechanisms for coordinated and targeted efforts of all branches of executive power and to use the synergy of the planned regulatory and administrative influence of managerial decisions to achieve desirable results in conditions of war and modern challenges of globalization.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138981684","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-11DOI: 10.15407/etet2023.04.005
V. Tarasevych, Valentyna Lebedieva
The article continues the series of publications about the universum evolution of the Ancient Greek sub civilization of the Antique civilization and is devoted to the characteristics of the structure of the power-holding group, the exchange of its essential forces for those of the polis civil community, as well as the struggle of its actors for the appropriation of the centralized excess, surplus and necessary product and the corresponding contradictions. The rise and development of polis democracy allowed the inclusion of representatives of various social clusters and actors of various forms of appropriation in the permanent composition of the power-holding group, and a significant complication of the latter’s composition and structure. The power-holding group becomes an aggregated actor of the mixed social-individual appropriation, and the interaction of the corresponding forms of object appropriation mainly corresponds to the complex network interconnections between this group’s traditional, socio-economic and functional sub-actors. The role of primary driving force in the evolution of the power-holding group is performed by the contradictions between its socio-economic sub-actors, whose transformed form are the contradictions between functional sub-actors. The use of the potential of the labor theory of value and the general theory of value makes it possible to define the conditions and contents of the equivalent and non-equivalent exchange of humanized and objectified essential forces between the power-holding group and the civil community in the polis, as well as the general public, synergistic public, power-proprietary and exploitative components of the centralized excess, surplus and necessary product. Despite the obvious progress, the power-holding group failed to achieve a level of complexity and self-organization adequate to the existing civil community of the polis, since the effectiveness of the mechanisms of realization of general public and synergistic public interests was inferior to that of the realization of private, clan and corporate interests.
{"title":"A classical ancient polis: the power-holding group and the features of exchange and appropriation","authors":"V. Tarasevych, Valentyna Lebedieva","doi":"10.15407/etet2023.04.005","DOIUrl":"https://doi.org/10.15407/etet2023.04.005","url":null,"abstract":"The article continues the series of publications about the universum evolution of the Ancient Greek sub civilization of the Antique civilization and is devoted to the characteristics of the structure of the power-holding group, the exchange of its essential forces for those of the polis civil community, as well as the struggle of its actors for the appropriation of the centralized excess, surplus and necessary product and the corresponding contradictions. The rise and development of polis democracy allowed the inclusion of representatives of various social clusters and actors of various forms of appropriation in the permanent composition of the power-holding group, and a significant complication of the latter’s composition and structure. The power-holding group becomes an aggregated actor of the mixed social-individual appropriation, and the interaction of the corresponding forms of object appropriation mainly corresponds to the complex network interconnections between this group’s traditional, socio-economic and functional sub-actors. The role of primary driving force in the evolution of the power-holding group is performed by the contradictions between its socio-economic sub-actors, whose transformed form are the contradictions between functional sub-actors. The use of the potential of the labor theory of value and the general theory of value makes it possible to define the conditions and contents of the equivalent and non-equivalent exchange of humanized and objectified essential forces between the power-holding group and the civil community in the polis, as well as the general public, synergistic public, power-proprietary and exploitative components of the centralized excess, surplus and necessary product. Despite the obvious progress, the power-holding group failed to achieve a level of complexity and self-organization adequate to the existing civil community of the polis, since the effectiveness of the mechanisms of realization of general public and synergistic public interests was inferior to that of the realization of private, clan and corporate interests.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138979891","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-11DOI: 10.15407/etet2023.04.105
Olexandr Bandura
The paper demonstrates the necessity and possibility to unify the controlling indicators for different types of monopoly (monopolistic competition, oligopoly, natural monopoly) in order to increase efficiency of the monopoly control. Especially this concerns the complex types of monopoly from the point of view of its control, for example, oligopoly. The complexity of this type of monopoly control is associated with the actual inevitability of the appearance of tacit pricing coordination among the oligopoly participants. And the problem is not so much in admitting that the very fact of such a coordination is difficult to prove as in defining the harm it causes to the market and the entire economy. This paper shows the possibility to use the quantitative indexes of monopoly control proposed based on author’s CMI-model of macroeconomic dynamics, to apply these indexes for various types of monopoly. A distinctive feature of this model is the possibility to calculate the vector of “natural” prices for any sector (i.e., the prices that correspond to the state of perfect competition even if it is impossible to reach this state in the existing markets). And the comparison of the actual market price with the “natural” one allows us to control a monopoly using the price indexes alone. In turn, it allows us to perform a monopoly control at various hierarchical levels of the economic system (a firm, an economic sector and economy as a whole). Such a control enables us to calculate the degrees of the monopoly impact both on the entire economy, and on its various sectors. Quantitative values of these degrees can be used as evidence in antitrust litigations and for choice of corresponding instruments to “punish” the monopoly for such abuses. The paper reveals the mechanism of use of the proposed formulas for determination of the monopolistic power and degree of its impact on economy and various economic sectors for the cases of oligopoly and natural monopoly. Also, this paper demonstrates the mechanism of the influence of antimonopoly policy on the configuration of business cycle and on economic growth rate (when other policies are neutral). This opens up the possibility to combine the antitrust policy with the anticyclical and fiscal ones, because, under recession, increased monopolistic power in an individual sector may help the whole economy get out of the crisis.
{"title":"Oligopoly control and unification of quantitative indexes to control different types of monopoly","authors":"Olexandr Bandura","doi":"10.15407/etet2023.04.105","DOIUrl":"https://doi.org/10.15407/etet2023.04.105","url":null,"abstract":"The paper demonstrates the necessity and possibility to unify the controlling indicators for different types of monopoly (monopolistic competition, oligopoly, natural monopoly) in order to increase efficiency of the monopoly control. Especially this concerns the complex types of monopoly from the point of view of its control, for example, oligopoly. The complexity of this type of monopoly control is associated with the actual inevitability of the appearance of tacit pricing coordination among the oligopoly participants. And the problem is not so much in admitting that the very fact of such a coordination is difficult to prove as in defining the harm it causes to the market and the entire economy. This paper shows the possibility to use the quantitative indexes of monopoly control proposed based on author’s CMI-model of macroeconomic dynamics, to apply these indexes for various types of monopoly. A distinctive feature of this model is the possibility to calculate the vector of “natural” prices for any sector (i.e., the prices that correspond to the state of perfect competition even if it is impossible to reach this state in the existing markets). And the comparison of the actual market price with the “natural” one allows us to control a monopoly using the price indexes alone. In turn, it allows us to perform a monopoly control at various hierarchical levels of the economic system (a firm, an economic sector and economy as a whole). Such a control enables us to calculate the degrees of the monopoly impact both on the entire economy, and on its various sectors. Quantitative values of these degrees can be used as evidence in antitrust litigations and for choice of corresponding instruments to “punish” the monopoly for such abuses. The paper reveals the mechanism of use of the proposed formulas for determination of the monopolistic power and degree of its impact on economy and various economic sectors for the cases of oligopoly and natural monopoly. Also, this paper demonstrates the mechanism of the influence of antimonopoly policy on the configuration of business cycle and on economic growth rate (when other policies are neutral). This opens up the possibility to combine the antitrust policy with the anticyclical and fiscal ones, because, under recession, increased monopolistic power in an individual sector may help the whole economy get out of the crisis.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138980924","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-30DOI: 10.15407/etet2023.02.053
V. Lypov
In the conditions of Russia's military aggression, the role and importance of measures aimed at ensuring the energy security of the state is growing. The introduction of digital technologies has a significant potential for improving management mechanisms, increasing the reliability and efficiency of both individual components and the country's energy system as a whole. A special place in this process is occupied by the deployment and integration of the sector of local networks of renewable energy generation into the country’s energy system, which are created on the basis of digital platforms. The purpose of the proposed work is to define the potential of digital platforms as a means to coordinate the interaction between private generators of renewable energy in local energy markets. The research tools include structural, functional, systemic and institutional analysis. It is shown that the development of microgrids of renewable energy generation based on digital platforms is able to stimulate radical restructuring of the production system and electricity distribution markets. The author reveals various peculiarities of digital platforms as an organizational form of interaction in local energy markets. It is shown that they provide a synergistic effect of uniting small producers of renewable energy into a microgrid and forming a two-sector model of the public energy system. The structure of microgrid digital platforms is presented. They unite the owners of personal rooftop solar photovoltaic systems, wind, bio-, and hydropower units, power generation surplus storage stations, consumers, and energy distribution companies on the basis of the core platform. The article reveals the mechanism of building energy systems based on the principles of "Industry 4.0". Attention is focused on the need to implement a comprehensive policy to support the platformization of the renewable energy sector. The tools for its provision are presented.
{"title":"\"Mosquito flotilla\" on the energy front: small energy networks based on digital platforms","authors":"V. Lypov","doi":"10.15407/etet2023.02.053","DOIUrl":"https://doi.org/10.15407/etet2023.02.053","url":null,"abstract":"In the conditions of Russia's military aggression, the role and importance of measures aimed at ensuring the energy security of the state is growing. The introduction of digital technologies has a significant potential for improving management mechanisms, increasing the reliability and efficiency of both individual components and the country's energy system as a whole. A special place in this process is occupied by the deployment and integration of the sector of local networks of renewable energy generation into the country’s energy system, which are created on the basis of digital platforms. The purpose of the proposed work is to define the potential of digital platforms as a means to coordinate the interaction between private generators of renewable energy in local energy markets. The research tools include structural, functional, systemic and institutional analysis. It is shown that the development of microgrids of renewable energy generation based on digital platforms is able to stimulate radical restructuring of the production system and electricity distribution markets. The author reveals various peculiarities of digital platforms as an organizational form of interaction in local energy markets. It is shown that they provide a synergistic effect of uniting small producers of renewable energy into a microgrid and forming a two-sector model of the public energy system. The structure of microgrid digital platforms is presented. They unite the owners of personal rooftop solar photovoltaic systems, wind, bio-, and hydropower units, power generation surplus storage stations, consumers, and energy distribution companies on the basis of the core platform. The article reveals the mechanism of building energy systems based on the principles of \"Industry 4.0\". Attention is focused on the need to implement a comprehensive policy to support the platformization of the renewable energy sector. The tools for its provision are presented.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131801663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-30DOI: 10.15407/etet2023.02.029
V. Kornivska
The article presents the results of a study of deep transformations of the institutional environment, unfolding during the digital transition and related to ideas about information asymmetry. The author shows the latter’s evolution and various features of its modern reformatting, whose cornerstone is the introduction of digital currencies of central banks. Information asymmetry is considered as the basic awareness of economic players in the context of the spatio-temporal conditions of existence as an integral state of the market communication process, which is connected with the very existence of human society and its creative activities and restructuring in the process of economic evolution based on professional knowledge. Information asymmetry is a risk distribution format adequate for a market society. At the same time, market stability under economic freedom requires information asymmetry and a decentralized information circulation system. The article shows that the global structuring of information on the basis of transparency criteria, which is characteristic of the digital transition, leads to the degradation of the basic historical foundations of the regulation of socio-economic interaction based on ideas about information asymmetry, trust, credibility and professionalism. At the same time, the structuring of the digital society in order to achieve information orderliness and the a priori reliability of the communication environment results in the denial of the institution of trust. The comprehensive fight against the "human factor" through increased supervision of the state and financial operators concentrates the risks of the economic system. The introduction of digital currencies of central banks becomes the final stage on the way to the creation of a fully transparent, and information-ordered economic environment, which is actually ambivalent and contradictory, as it reduces the economic competences of market subjects and delegates a significant part of market communications to digital algorithms, which leads to the emergence of societies with concentrated and undiversified risks.
{"title":"Institutional transformations in the digital society: from information asymmetry to digital currencies of central banks","authors":"V. Kornivska","doi":"10.15407/etet2023.02.029","DOIUrl":"https://doi.org/10.15407/etet2023.02.029","url":null,"abstract":"The article presents the results of a study of deep transformations of the institutional environment, unfolding during the digital transition and related to ideas about information asymmetry. The author shows the latter’s evolution and various features of its modern reformatting, whose cornerstone is the introduction of digital currencies of central banks. Information asymmetry is considered as the basic awareness of economic players in the context of the spatio-temporal conditions of existence as an integral state of the market communication process, which is connected with the very existence of human society and its creative activities and restructuring in the process of economic evolution based on professional knowledge. Information asymmetry is a risk distribution format adequate for a market society. At the same time, market stability under economic freedom requires information asymmetry and a decentralized information circulation system. The article shows that the global structuring of information on the basis of transparency criteria, which is characteristic of the digital transition, leads to the degradation of the basic historical foundations of the regulation of socio-economic interaction based on ideas about information asymmetry, trust, credibility and professionalism. At the same time, the structuring of the digital society in order to achieve information orderliness and the a priori reliability of the communication environment results in the denial of the institution of trust. The comprehensive fight against the \"human factor\" through increased supervision of the state and financial operators concentrates the risks of the economic system. The introduction of digital currencies of central banks becomes the final stage on the way to the creation of a fully transparent, and information-ordered economic environment, which is actually ambivalent and contradictory, as it reduces the economic competences of market subjects and delegates a significant part of market communications to digital algorithms, which leads to the emergence of societies with concentrated and undiversified risks.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121908663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-30DOI: 10.15407/etet2023.02.071
Tetiana Krychevska
The second of two articles which reveal the theoretical and practical significance of the researches awarded 2022 Sveriges Riksbank Prize in Economic Sciences. The author shows the theoretical and practical influence of B. Bernanke's research on the non-monetary effects of the banking crisis on the course of the Great Depression, which marked the beginning of recognition and measurement of the macroeconomic effects of financial intermediaries as institutions performing important functions under information asymmetry. The peculiarities of the global financial crisis and the latest crisis processes in the banking sector, which are taking place in the conditions of a change in the global monetary environment, are considered in light of the laureates' works. This change – a rapid tightening of monetary policy in developed economies was a reaction not only to global price shocks associated with the full-scale Russia's invasion of Ukraine, but also to the previous delay in anti-inflationary efforts in the conditions of a combination of supply shocks with monetary demand stimulation and monetary authorities' faith in well-anchored inflationary expectations. The article considers the extent to which the crisis processes at Silicon Valley Bank, Signature Bank, First Republic Bank and Credit Suisse are described by the models developed by the 2022 Nobel laureates. Based on that analysis, the author adjusts the answer to the question about the role of banking panics in the market economy. Probable directions for reforming banking regulation in the USA are characterized. It is substantiated that the government faces a complex set of tasks: to minimize social losses from banking panics; to prevent large business losses that would have broad macroeconomic consequences; and to prevent irrational contagion with panic moods and panic as a self-fulfilling prophecy, without eliminating the very possibility of depositors fleeing from a bank with poor management. It is shown that increasing and complicating the public presence in the financial sector has an extremely powerful and difficult to assess influence on the incentives of financial intermediaries, which embody the latter’s nature as special economic entities.
揭示研究理论和实践意义的两篇文章中的第二篇获得了2022年瑞典央行经济学奖。作者展示了伯南克关于银行危机的非货币效应对大萧条过程的理论和实践影响，这标志着人们开始认识和衡量金融中介机构作为信息不对称下履行重要职能的机构的宏观经济效应。在全球货币环境发生变化的条件下，全球金融危机的特殊性和银行业最新的危机过程将根据获奖者的作品进行考虑。这种变化——发达经济体迅速收紧货币政策——不仅是对与俄罗斯全面入侵乌克兰相关的全球价格冲击的反应，也是对此前在供应冲击与货币需求刺激相结合、货币当局对稳定通胀预期充满信心的情况下，反通胀努力推迟的反应。本文考虑了硅谷银行(Silicon Valley Bank)、签名银行(Signature Bank)、第一共和国银行(First Republic Bank)和瑞士信贷银行(Credit Suisse)的危机过程在多大程度上被2022年诺贝尔奖得主开发的模型所描述。在此基础上，笔者调整了对银行恐慌在市场经济中的作用问题的回答。美国银行业监管改革的可能方向如下。事实证明，政府面临着一系列复杂的任务:将银行业恐慌造成的社会损失降至最低;防止可能造成广泛宏观经济后果的重大商业损失;防止恐慌情绪的非理性蔓延，防止恐慌成为一种自我实现的预言，同时不消除储户从管理不善的银行逃离的可能性。报告显示，公众参与金融部门的增加和复杂化对金融中介机构的激励产生了极其强大和难以评估的影响，这体现了金融中介机构作为特殊经济实体的性质。
{"title":"Development of micro- and macroeconomic analysis of financial intermediation Article 2. Macroeconomic analysis of the role of financial intermediaries in the works of B. Bernanke and the application of financial intermediation theory in combating financial crises","authors":"Tetiana Krychevska","doi":"10.15407/etet2023.02.071","DOIUrl":"https://doi.org/10.15407/etet2023.02.071","url":null,"abstract":"The second of two articles which reveal the theoretical and practical significance of the researches awarded 2022 Sveriges Riksbank Prize in Economic Sciences. The author shows the theoretical and practical influence of B. Bernanke's research on the non-monetary effects of the banking crisis on the course of the Great Depression, which marked the beginning of recognition and measurement of the macroeconomic effects of financial intermediaries as institutions performing important functions under information asymmetry. The peculiarities of the global financial crisis and the latest crisis processes in the banking sector, which are taking place in the conditions of a change in the global monetary environment, are considered in light of the laureates' works. This change – a rapid tightening of monetary policy in developed economies was a reaction not only to global price shocks associated with the full-scale Russia's invasion of Ukraine, but also to the previous delay in anti-inflationary efforts in the conditions of a combination of supply shocks with monetary demand stimulation and monetary authorities' faith in well-anchored inflationary expectations. The article considers the extent to which the crisis processes at Silicon Valley Bank, Signature Bank, First Republic Bank and Credit Suisse are described by the models developed by the 2022 Nobel laureates. Based on that analysis, the author adjusts the answer to the question about the role of banking panics in the market economy. Probable directions for reforming banking regulation in the USA are characterized. It is substantiated that the government faces a complex set of tasks: to minimize social losses from banking panics; to prevent large business losses that would have broad macroeconomic consequences; and to prevent irrational contagion with panic moods and panic as a self-fulfilling prophecy, without eliminating the very possibility of depositors fleeing from a bank with poor management. It is shown that increasing and complicating the public presence in the financial sector has an extremely powerful and difficult to assess influence on the incentives of financial intermediaries, which embody the latter’s nature as special economic entities.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124790382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-30DOI: 10.15407/etet2023.02.005
A. Grytsenko, T. Burlai, O. Borzenko
The article reveals the concept of societal in the political-economic discourse, and shows its connection with the relevant philosophical and sociological vision. It is argued that the current Russian-Ukrainian war has clear signs of a modern hybrid war, which is generated by the global-local hybrid system of "peace – war" and combines a whole range of means, from military-political and economic to cybernetic and cultural and humanitarian ones. Based on the combination of political-economic and sociological discourses in a broad sense, it is substantiated that the main components of the hybrid system "peace – war" from the point of view of the transformation of social relations are: armed-military, financial-economic, and informational-spiritual components, which cause a comprehensive impact on people’s worldview, positioning and behavior, which leads to significant societal consequences. The authors give various characteristics of the institutional dimension of the war’s societal consequences. Theoretically, the phenomenon of emergent institutional order is taken as the basis for considering the institutional dimension of the societal consequences caused by the hybrid war. It is revealed that in the martial law conditions, the role of the trust institution is growing (the trust institution is considered as a defining and integral construct of the socio-economic system’s institutional architecture, embodied both in trust in the state and power structures, and in trust in new institutions created by the hybrid war (volunteers and various forms of amateur civil movements)). The authors show that in the context of societal development in the conditions of war shocks and post-war recovery of Ukraine, the quality of institutions and the state’s institutional potential play an extremely important role. Analysis of the societal consequences of the Russian Federation’s invasion in Ukraine in the institutional dimension shows the need to overcome the key institutional destructions generated both in the previous period and during the war. Also, it is necessary to create an institutional basis for a new economic model focused on ensuring a combination of Ukrainian effective reconstructive recovery in the post-war period and its full integration into the European Union and the world space.
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Pub Date : 2023-06-30DOI: 10.15407/etet2023.02.105
Volodymyr Levin
The article examines the relationship between the introduction of unconditional basic income (UBI) and the satisfaction of needs according to the motivation theories of A. Maslow, D. McClelland, and others. UBI is a guaranteed minimum, which the state pays to every citizen, regardless of his contribution to the economy. It has been found that the idea of UBI has a long history, but its academic research began only in the second half of the 20th century due to the topic’s potential in reforming the social protection systems of developed countries. The purpose of the article is to assess the satisfaction of human needs as a result of the introduction of UBI in the context of various socio-economic systems (capitalism, socialism, socialism with Chinese characteristics, and communism). During the research, general scientific methods of analysis and synthesis, induction and deduction were used. The content of motivation theories as a whole is highlighted and their evolution is briefly outlined. It is determined that the basic income should ensure the satisfaction of the fundamental needs of the first and second levels and contribute to increasing the level of the individual’s needs. It is shown that the implementation of the UBI in socio-economic systems built on the foundations of various ideologies is most likely to lead to positive consequences, despite the existing limitations. It is concluded that the main result of USI’s application will be the weakening of competition for resources and the formation of potential for the individual’s self-development, which would contribute to the growth of human capital. At the same time, it is emphasized that it is not impossible to solve, with the help of basic income the fundamental problems of inequality, which is characteristic of both developing and developed countries, and which causes competition. Through further research, it will be possible to develop more effective and balanced approaches to the use of basic income in economic systems, taking into account the achievement of the Sustainable Development Goals.
{"title":"The impact of unconditional basic income on the satisfaction of basic needs in the context of different socio-economic systems: advantages and limitations","authors":"Volodymyr Levin","doi":"10.15407/etet2023.02.105","DOIUrl":"https://doi.org/10.15407/etet2023.02.105","url":null,"abstract":"The article examines the relationship between the introduction of unconditional basic income (UBI) and the satisfaction of needs according to the motivation theories of A. Maslow, D. McClelland, and others. UBI is a guaranteed minimum, which the state pays to every citizen, regardless of his contribution to the economy. It has been found that the idea of UBI has a long history, but its academic research began only in the second half of the 20th century due to the topic’s potential in reforming the social protection systems of developed countries. The purpose of the article is to assess the satisfaction of human needs as a result of the introduction of UBI in the context of various socio-economic systems (capitalism, socialism, socialism with Chinese characteristics, and communism). During the research, general scientific methods of analysis and synthesis, induction and deduction were used. The content of motivation theories as a whole is highlighted and their evolution is briefly outlined. It is determined that the basic income should ensure the satisfaction of the fundamental needs of the first and second levels and contribute to increasing the level of the individual’s needs. It is shown that the implementation of the UBI in socio-economic systems built on the foundations of various ideologies is most likely to lead to positive consequences, despite the existing limitations. It is concluded that the main result of USI’s application will be the weakening of competition for resources and the formation of potential for the individual’s self-development, which would contribute to the growth of human capital. At the same time, it is emphasized that it is not impossible to solve, with the help of basic income the fundamental problems of inequality, which is characteristic of both developing and developed countries, and which causes competition. Through further research, it will be possible to develop more effective and balanced approaches to the use of basic income in economic systems, taking into account the achievement of the Sustainable Development Goals.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127112688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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