Pub Date : 2022-09-30DOI: 10.15407/etet2022.03.005
Heyets Valeriy
The article considers instability as a transcendental phenomenon with signs of irrationality, which has gone beyond the phases of economic crises to engulf the entire society, state and economy. As a result, a global turbulence arises, manifested in repeated fluctuations caused by the clash between personal, corporate, national and other interests. The turbulence in the "new reality" of social development is a result of the propagation of the alleged unsurpassedness of the free market, which in reality faces the failure of its globalization, which in turn gives rise to aspirations for national protectionism. The author considers the relationship between the global largely associated with the "world without borders", and the national, which uses interventionism as a way of protection, as an opposition of "monization" and "fragmentation", which further deepens the existing turbulence and gives rise to the problem of global governance. The author associates the way out of the current situation with socialization, as a way of transferring the social into the formation and development of a self-organizing individuality, who performs conscious economic, social and ethical actions. The latter are a necessary condition for a laminar development of society, state and economy. Such economic, social and ethical actions would result in a fair competition and socialization based on the freedom of activity, self-development, self-organization and the ability to find the limits of the power between society and state, which should ensure economic and political competition.
{"title":"From turbulence to laminar dynamics on the basis of equal competition","authors":"Heyets Valeriy","doi":"10.15407/etet2022.03.005","DOIUrl":"https://doi.org/10.15407/etet2022.03.005","url":null,"abstract":"The article considers instability as a transcendental phenomenon with signs of irrationality, which has gone beyond the phases of economic crises to engulf the entire society, state and economy. As a result, a global turbulence arises, manifested in repeated fluctuations caused by the clash between personal, corporate, national and other interests. The turbulence in the \"new reality\" of social development is a result of the propagation of the alleged unsurpassedness of the free market, which in reality faces the failure of its globalization, which in turn gives rise to aspirations for national protectionism. The author considers the relationship between the global largely associated with the \"world without borders\", and the national, which uses interventionism as a way of protection, as an opposition of \"monization\" and \"fragmentation\", which further deepens the existing turbulence and gives rise to the problem of global governance. The author associates the way out of the current situation with socialization, as a way of transferring the social into the formation and development of a self-organizing individuality, who performs conscious economic, social and ethical actions. The latter are a necessary condition for a laminar development of society, state and economy. Such economic, social and ethical actions would result in a fair competition and socialization based on the freedom of activity, self-development, self-organization and the ability to find the limits of the power between society and state, which should ensure economic and political competition.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117278699","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 : 2022-09-30DOI: 10.15407/etet2022.03.029
A. Tatiana
The emergence of a new reality as Information Society and Network Economics has marked the beginning of global market transformations. Such transformations are conditioned by the latest technological advances and innovations in the sphere of information and communication but at their core, they involve the need for creative thinking about the new socio-economic picture of the world. An adequate response to the vital social demand is the formation of a relativistic economic theory. The logic of the Middle Way, as a classical institutional direction, is called upon today to form political economy in a broad sense through the economic value theory. The ideas about the subject and method of political economy in the in the broad sense as the theory of socio-economic relativity were substantiation updated in the works of K. Marx and F. Engels. However, the methodological foundations of positive relativism had been originally laid down in the science of economic and crystallized in the depths of its classical current. In the light of the classical value approach, the theories of Marxism and Neoclassical synthesis claiming to be the main ideological theories, were turned out to be marginal. The evolution of politic-economic orders of social life is value-conditioned. Its scientific comprehension as a historical process of the formation of value and price, deployment of a value genetic code (institutional constitution), that is, the architectonics of an economic system, is the lot of political economy in a broad sense. Accordingly, positively relativistic political economy in the narrow sense reflects the completeness of the value comprehension of the mission of public choice at each of the basic stages in the process of historical deployment of the being of institutional architectonics. Aristotelian creative insights associated with the recognition of the triple nature of economic value, the institutional architectonics of management, designed to shape the benchmarks for a virtuous social life, represent the core of genuine European values. Consistent value based analysis necessarily leads economic science to clarify the essence and laws of economic harmony, which is the equilibrium functioning and sustainable development of economic systems.
{"title":"Theory of value as an asset of economic science: the origins of political economy in the broadest sense","authors":"A. Tatiana","doi":"10.15407/etet2022.03.029","DOIUrl":"https://doi.org/10.15407/etet2022.03.029","url":null,"abstract":"The emergence of a new reality as Information Society and Network Economics has marked the beginning of global market transformations. Such transformations are conditioned by the latest technological advances and innovations in the sphere of information and communication but at their core, they involve the need for creative thinking about the new socio-economic picture of the world. An adequate response to the vital social demand is the formation of a relativistic economic theory. The logic of the Middle Way, as a classical institutional direction, is called upon today to form political economy in a broad sense through the economic value theory. The ideas about the subject and method of political economy in the in the broad sense as the theory of socio-economic relativity were substantiation updated in the works of K. Marx and F. Engels. However, the methodological foundations of positive relativism had been originally laid down in the science of economic and crystallized in the depths of its classical current. In the light of the classical value approach, the theories of Marxism and Neoclassical synthesis claiming to be the main ideological theories, were turned out to be marginal. The evolution of politic-economic orders of social life is value-conditioned. Its scientific comprehension as a historical process of the formation of value and price, deployment of a value genetic code (institutional constitution), that is, the architectonics of an economic system, is the lot of political economy in a broad sense. Accordingly, positively relativistic political economy in the narrow sense reflects the completeness of the value comprehension of the mission of public choice at each of the basic stages in the process of historical deployment of the being of institutional architectonics. Aristotelian creative insights associated with the recognition of the triple nature of economic value, the institutional architectonics of management, designed to shape the benchmarks for a virtuous social life, represent the core of genuine European values. Consistent value based analysis necessarily leads economic science to clarify the essence and laws of economic harmony, which is the equilibrium functioning and sustainable development of economic systems.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120810124","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 : 2022-09-30DOI: 10.15407/etet2022.03.089
Burlai Tetiana, Kostrytsya Vasyl, Blyzniuk Viktoriia, Levin Roman
It is substantiated the relevance of adaptation to the conditions of post-war socio-economic reconstruction of Ukraine of modern approaches of social quality policy of the European Union, historically based on the principles of social peace, social equality and justice, social well-being and quality of life of the population. It is shown the expediency of such adaptation in connection with the formation of a clear demand for a stable post-war life in security, welfare and social justice in the Ukrainian society, which suffers from the full-scale military aggression of the Russian Federation against Ukraine, launched on February 24, 2022. It is described a new conceptual approach in the construction of national systems of social protection and social insurance, providing for the formation of social pillars necessary for the security of national economies in post-crisis recovery. It is described the content and features of the main approaches of the latest EU policy aimed at improving the parameters of social quality in the development of the member states, aiming to achieve three priority social objectives of the European Union for the period until 2030. It is characterized current institutional components of the current EU development such as the European Pillar of Social Rights, Social Economy Action Plan, Strategy for the Rights of Persons with Disabilities 2021–2030, the Skills Partnership for the Digital Ecosystem, the Directive on the Adequate Minimum Wage in the EU, etc. in the context of social quality assurance. Characteristic contemporary approaches to improving the social component of the state anti-crisis policy are described. Taking into account contemporary European practices of intensifying social dynamics and proposals of international institutions for post-war reconstruction of Ukraine, recommendations for specific measures of domestic public policy aimed at ensuring social quality of life in the post-war period were developed.
{"title":"The EU's newest social quality policy: a useful experience for Ukraine's post-war reconstruction","authors":"Burlai Tetiana, Kostrytsya Vasyl, Blyzniuk Viktoriia, Levin Roman","doi":"10.15407/etet2022.03.089","DOIUrl":"https://doi.org/10.15407/etet2022.03.089","url":null,"abstract":"It is substantiated the relevance of adaptation to the conditions of post-war socio-economic reconstruction of Ukraine of modern approaches of social quality policy of the European Union, historically based on the principles of social peace, social equality and justice, social well-being and quality of life of the population. It is shown the expediency of such adaptation in connection with the formation of a clear demand for a stable post-war life in security, welfare and social justice in the Ukrainian society, which suffers from the full-scale military aggression of the Russian Federation against Ukraine, launched on February 24, 2022. It is described a new conceptual approach in the construction of national systems of social protection and social insurance, providing for the formation of social pillars necessary for the security of national economies in post-crisis recovery. It is described the content and features of the main approaches of the latest EU policy aimed at improving the parameters of social quality in the development of the member states, aiming to achieve three priority social objectives of the European Union for the period until 2030. It is characterized current institutional components of the current EU development such as the European Pillar of Social Rights, Social Economy Action Plan, Strategy for the Rights of Persons with Disabilities 2021–2030, the Skills Partnership for the Digital Ecosystem, the Directive on the Adequate Minimum Wage in the EU, etc. in the context of social quality assurance. Characteristic contemporary approaches to improving the social component of the state anti-crisis policy are described. Taking into account contemporary European practices of intensifying social dynamics and proposals of international institutions for post-war reconstruction of Ukraine, recommendations for specific measures of domestic public policy aimed at ensuring social quality of life in the post-war period were developed.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133323394","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 : 2022-09-30DOI: 10.15407/etet2022.03.045
Filipenko Anton
Economic resilience of the system is one of the main indicators that characterizes its qualitative and quantitative aspects, response to external and internal shocks and challenges. The problem of resilience becomes especially important in extreme situations (economic and financial crises, ecological and natural disasters: typhoons, floods, earthquakes, etc., political revolutions, military conflicts). The current Russian-Ukrainian war has become a serious test of the stability of the domestic economy, in which relative macroeconomic balance is ensured in extremely difficult conditions due to the maximum mobilization of domestic resources and effective foreign aid. An important component is institutional stability, i.e. operational response to changes in the economic situation of authorities and management at all levels, legislative institutions, financial and banking institutions, foreign economic sphere, attention to such attributes of institutionalism as trust, social optimism, mentality, traditions, habits, etc. In a generalized form, at the theoretical level, institutional sustainability is proposed to be considered in the article in the context of institutional logic in three hypostasises at the micro-, macro-, and geo-economic levels. Institutionalism, including economic theory, is dominated by traditional, formal logic, which mainly uses natural (scientific) language. Consciously or intuitively, the main laws of logic are taken into account: identity, contradiction, the Law of Exclusion, sufficient reason. The logic of evolutionism is considered the basis of institutional logic, which provides a general idea of changes in all components of the institutional environment. In the institutional economic theory, two levels of institutional logic are visible: the macro level (Veblen and the old American school, North) and the micro level (Coase, Williamson, etc.). In the publications of the last quarter of the 20th century the logic of the global (mega) level is also analyzed. Evolutionism is the basis of the logical construction of institutional logic in economic theory. Generalizing indicators that synthesize different approaches of institutional logic regarding economic sustainability are the institutional logic of sustainability (ILS) and the logical index of sustainability (LIS). Institutional logic of the micro- level was initiated by R. Coase, continued by O. Williamson and others. The logic of transaction costs of R. Coase is formulated in two theorems: regarding zero costs, ownership and economic results, and the principle of internalization. The second theorem was called "comparative logic of economic organization". In critical relation to both of Coase's theorems, they remain basic constructs of micro-level resilience. Among the indicators and criteria of macro-level economic resilience, monetary components are of leading importance, which, under the conditions of a free market, provide a kind of warning signals to the economic syste
{"title":"Economic resilience in the context of institutional logic","authors":"Filipenko Anton","doi":"10.15407/etet2022.03.045","DOIUrl":"https://doi.org/10.15407/etet2022.03.045","url":null,"abstract":"Economic resilience of the system is one of the main indicators that characterizes its qualitative and quantitative aspects, response to external and internal shocks and challenges. The problem of resilience becomes especially important in extreme situations (economic and financial crises, ecological and natural disasters: typhoons, floods, earthquakes, etc., political revolutions, military conflicts). The current Russian-Ukrainian war has become a serious test of the stability of the domestic economy, in which relative macroeconomic balance is ensured in extremely difficult conditions due to the maximum mobilization of domestic resources and effective foreign aid. An important component is institutional stability, i.e. operational response to changes in the economic situation of authorities and management at all levels, legislative institutions, financial and banking institutions, foreign economic sphere, attention to such attributes of institutionalism as trust, social optimism, mentality, traditions, habits, etc. In a generalized form, at the theoretical level, institutional sustainability is proposed to be considered in the article in the context of institutional logic in three hypostasises at the micro-, macro-, and geo-economic levels. Institutionalism, including economic theory, is dominated by traditional, formal logic, which mainly uses natural (scientific) language. Consciously or intuitively, the main laws of logic are taken into account: identity, contradiction, the Law of Exclusion, sufficient reason. The logic of evolutionism is considered the basis of institutional logic, which provides a general idea of changes in all components of the institutional environment. In the institutional economic theory, two levels of institutional logic are visible: the macro level (Veblen and the old American school, North) and the micro level (Coase, Williamson, etc.). In the publications of the last quarter of the 20th century the logic of the global (mega) level is also analyzed. Evolutionism is the basis of the logical construction of institutional logic in economic theory. Generalizing indicators that synthesize different approaches of institutional logic regarding economic sustainability are the institutional logic of sustainability (ILS) and the logical index of sustainability (LIS). Institutional logic of the micro- level was initiated by R. Coase, continued by O. Williamson and others. The logic of transaction costs of R. Coase is formulated in two theorems: regarding zero costs, ownership and economic results, and the principle of internalization. The second theorem was called \"comparative logic of economic organization\". In critical relation to both of Coase's theorems, they remain basic constructs of micro-level resilience. Among the indicators and criteria of macro-level economic resilience, monetary components are of leading importance, which, under the conditions of a free market, provide a kind of warning signals to the economic syste","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128234559","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 : 2022-09-30DOI: 10.15407/etet2022.03.057
Krychevska Tetiana
The article clarifies what lessons for monetary policy under conditions of stagflationary shocks can be drawn from the analysis of inflation drivers, the global environment and approaches to macroeconomic policy in the run-up to and during the oil shocks of the 1970s and the supply shocks of the 2020s, caused by the pandemic and by the global effects of the full-scale war of the Russian Federation against Ukraine. The following factors have been identified that worsen the situation compared to the crisis of the 1970s for the monetary policy: larger-scale geopolitical threats; a wider complex of supply shocks and accelerated restructuring of the energy supply system under the influence of growing geopolitical threats; much more complex global supply chains; the more differentiated nature of countries’ vulnerability to the current supply shocks, that creates new sources of external instability as a result of the growing gap between interest rates and changes in exchange rates; strengthening the global implications of US Fed policy under conditions of stronger global integration; significantly higher levels of private and public debt; intensification of political and economic confrontation between the largest economies of USA and China. It is shown that the more favorable conditions for monetary policy compared to the 1970s are the developed institutional mechanism of anti-inflationary monetary policy, smaller institutional opportunities for emerging a "wage-price" spiral; greater resilience of EMs to external shocks. In order to increase the resistance of national and global economies to stagflationary shocks we need following corrections in monetary policy: decisive anti-inflationary policy in the face of threat of pro-inflationary behavior of economic agents; coordinated optimization and ensuring trust in monetary and fiscal policy, shifting fiscal policy to overcoming aggregate supply constraints; loosening the assumption of absolute elasticity of aggregate supply in the world of globalization and technological progress; correction the methods of measuring economic slack and estimation of equilibrium interest rate; adaptation of strategy, communication and tools of monetary policy to conditions of radical uncertainty; expanding the concept of monetary policy independence in small open EMDEs by taking into account the disproportionately large losses of this group of countries from importing inflation and recession from leading developed economies.
{"title":"Global stagflation shocks and the revision of monetary policy: lessons from the crises of the 1970s and 2020s","authors":"Krychevska Tetiana","doi":"10.15407/etet2022.03.057","DOIUrl":"https://doi.org/10.15407/etet2022.03.057","url":null,"abstract":"The article clarifies what lessons for monetary policy under conditions of stagflationary shocks can be drawn from the analysis of inflation drivers, the global environment and approaches to macroeconomic policy in the run-up to and during the oil shocks of the 1970s and the supply shocks of the 2020s, caused by the pandemic and by the global effects of the full-scale war of the Russian Federation against Ukraine. The following factors have been identified that worsen the situation compared to the crisis of the 1970s for the monetary policy: larger-scale geopolitical threats; a wider complex of supply shocks and accelerated restructuring of the energy supply system under the influence of growing geopolitical threats; much more complex global supply chains; the more differentiated nature of countries’ vulnerability to the current supply shocks, that creates new sources of external instability as a result of the growing gap between interest rates and changes in exchange rates; strengthening the global implications of US Fed policy under conditions of stronger global integration; significantly higher levels of private and public debt; intensification of political and economic confrontation between the largest economies of USA and China. It is shown that the more favorable conditions for monetary policy compared to the 1970s are the developed institutional mechanism of anti-inflationary monetary policy, smaller institutional opportunities for emerging a \"wage-price\" spiral; greater resilience of EMs to external shocks. In order to increase the resistance of national and global economies to stagflationary shocks we need following corrections in monetary policy: decisive anti-inflationary policy in the face of threat of pro-inflationary behavior of economic agents; coordinated optimization and ensuring trust in monetary and fiscal policy, shifting fiscal policy to overcoming aggregate supply constraints; loosening the assumption of absolute elasticity of aggregate supply in the world of globalization and technological progress; correction the methods of measuring economic slack and estimation of equilibrium interest rate; adaptation of strategy, communication and tools of monetary policy to conditions of radical uncertainty; expanding the concept of monetary policy independence in small open EMDEs by taking into account the disproportionately large losses of this group of countries from importing inflation and recession from leading developed economies.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120963094","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 : 2022-06-30DOI: 10.15407/etet2022.02.029
Mariia Skrypnychenko
The consequences of the invasion of the Russian Federation on the territory of Ukraine and a review of forecasts of the decline of the domestic economy in 2022-2023 are outlined. A special place is given to the initial conditions for forecasting the post-war recovery of Ukraine, first of all: attracting investments and achieving a high rate of accumulation of fixed capital, which will ensure a shorter period of economic recovery, maintaining moderate inflation, restoring macroeconomic stability. A historical review of the post-war recovery of the national economies of Germany, Japan, and Israel, which recorded high levels of gross fixed capital formation rates in 1950-1958, was elaborated. The economic expediency of building up fixed capital to ensure economic growth was noted. It is shown that the accumulation of investment resources and their effective using were the main priorities of the policy of post-war economic recovery in countries after the cessation of hostilities. An instrumental analysis of the relationship between GDP, the rate of gross fixed capital formation and inflation was carried out, the results of which confirmed the positive influence of the rate of gross fixed capital formation and the negative impact of inflation on the dynamics of GDP according to the data of the economy of Ukraine. Calculations showed that achieving the rate of gross fixed capital formation up to 30-35% of GDP will contribute to the rapid recovery of the post-war economy of Ukraine. It is noted that in the post-war period, the Government of Ukraine, in cooperation with the NBU, must implement a balanced policy of ensuring macroeconomic stability, aimed at maintaining a balance between strengthening social support for the population, stimulating the development of economic sectors, and maintaining an acceptable level of inflation and a stable hryvnia exchange rate. Risks and threats with difficult-to-predict consequences for Ukraine's economy are presented, the main ones of which should be noted: the continuation of Russia's war against Ukraine after 2023 and the escalation of hostilities on the territory of Ukraine with the strengthening of the impact of the devastating force majeure shocks of the global recession on internal economic processes.
{"title":"Macroeconomic assessments and forecasts of the post-war recovery of Ukraine's economy","authors":"Mariia Skrypnychenko","doi":"10.15407/etet2022.02.029","DOIUrl":"https://doi.org/10.15407/etet2022.02.029","url":null,"abstract":"The consequences of the invasion of the Russian Federation on the territory of Ukraine and a review of forecasts of the decline of the domestic economy in 2022-2023 are outlined. A special place is given to the initial conditions for forecasting the post-war recovery of Ukraine, first of all: attracting investments and achieving a high rate of accumulation of fixed capital, which will ensure a shorter period of economic recovery, maintaining moderate inflation, restoring macroeconomic stability. A historical review of the post-war recovery of the national economies of Germany, Japan, and Israel, which recorded high levels of gross fixed capital formation rates in 1950-1958, was elaborated. The economic expediency of building up fixed capital to ensure economic growth was noted. It is shown that the accumulation of investment resources and their effective using were the main priorities of the policy of post-war economic recovery in countries after the cessation of hostilities. An instrumental analysis of the relationship between GDP, the rate of gross fixed capital formation and inflation was carried out, the results of which confirmed the positive influence of the rate of gross fixed capital formation and the negative impact of inflation on the dynamics of GDP according to the data of the economy of Ukraine. Calculations showed that achieving the rate of gross fixed capital formation up to 30-35% of GDP will contribute to the rapid recovery of the post-war economy of Ukraine. It is noted that in the post-war period, the Government of Ukraine, in cooperation with the NBU, must implement a balanced policy of ensuring macroeconomic stability, aimed at maintaining a balance between strengthening social support for the population, stimulating the development of economic sectors, and maintaining an acceptable level of inflation and a stable hryvnia exchange rate. Risks and threats with difficult-to-predict consequences for Ukraine's economy are presented, the main ones of which should be noted: the continuation of Russia's war against Ukraine after 2023 and the escalation of hostilities on the territory of Ukraine with the strengthening of the impact of the devastating force majeure shocks of the global recession on internal economic processes.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129896909","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 : 2022-06-30DOI: 10.15407/etet2022.02.090
O. Yaremenko
It is shown that the institutional environment of global markets was formed under the conditions of technological, financial and political dominance of certain leading countries, which caused today's gap between the integrating capacity of market and structural-institutional mechanisms of the global economy and its actual complexity and potential for conflict. The mechanism for reducing this gap was spontaneous localization as a modern simplification of the structure of the world economy due to massive conflicts and the rejection of a share of cooperative agreements. The contribution to the deterioration of the quality of the institutional environment of the global economy of the process of regeneration of the debt institution is revealed. In the new institutional environment, the demand for liquidity (cash balances) as a function of the motive for foresight takes the twisted form of the demand for inventories, both production and consumer demand, exacerbating the global deficit. The conclusion is substantiated that the global economic power, which is not provided with global resources and value-institutional structures, is a source of uncertainty not only for competitors, but also for itself; the result of its functioning is the deepening of disparities and gaps, which can be partially hidden due to hypertrophied credit. It has been proven that the mutual strengthening of the phenomena of global economic power and hypertrophied credit carries the risk of destroying the social market foundations of economic freedom, trust and justice; this determines the demand for alternative models. It is shown that the criterion for the expediency of alternative models of global development in the conditions of unfolding contradictions between globalization and localization is the ability to more or less stable distribution of powers and responsibilities.
{"title":"Ukraine in the institutional dimension of global conflict and natural localization","authors":"O. Yaremenko","doi":"10.15407/etet2022.02.090","DOIUrl":"https://doi.org/10.15407/etet2022.02.090","url":null,"abstract":"It is shown that the institutional environment of global markets was formed under the conditions of technological, financial and political dominance of certain leading countries, which caused today's gap between the integrating capacity of market and structural-institutional mechanisms of the global economy and its actual complexity and potential for conflict. The mechanism for reducing this gap was spontaneous localization as a modern simplification of the structure of the world economy due to massive conflicts and the rejection of a share of cooperative agreements. The contribution to the deterioration of the quality of the institutional environment of the global economy of the process of regeneration of the debt institution is revealed. In the new institutional environment, the demand for liquidity (cash balances) as a function of the motive for foresight takes the twisted form of the demand for inventories, both production and consumer demand, exacerbating the global deficit. The conclusion is substantiated that the global economic power, which is not provided with global resources and value-institutional structures, is a source of uncertainty not only for competitors, but also for itself; the result of its functioning is the deepening of disparities and gaps, which can be partially hidden due to hypertrophied credit. It has been proven that the mutual strengthening of the phenomena of global economic power and hypertrophied credit carries the risk of destroying the social market foundations of economic freedom, trust and justice; this determines the demand for alternative models. It is shown that the criterion for the expediency of alternative models of global development in the conditions of unfolding contradictions between globalization and localization is the ability to more or less stable distribution of powers and responsibilities.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132401597","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 : 2022-06-30DOI: 10.15407/etet2022.02.044
V. Mishchenko, S. Naumenkova, S. Mishchenko
The study is devoted to the analysis of the practice of using certain types of digital money and substantiation of the theoretical foundations of the mechanisms of use of digital money of central banks. It is determined that the process of digitization of money, which is based on the use of new algorithms, data channels, information sources, evaluation and decision criteria, is a new stage in the development of banking and payment systems, central banks, national monetary systems and, in general, the entire monetary and financial system of the world. The shortcomings of the use of cryptocurrencies, the peculiarities of the functioning of unregulated digital markets that arise from their use are described, and the risks that cryptocurrencies may pose to national monetary and financial systems are identified. Calculations were made and a close correlation was found between the value of the NASDAQ 100 stock index and the price of bitcoin. Based on the analysis of the essence of digital money of central banks, organizational and technical approaches to their design, production and use, the objectivity of the process of their introduction is proved, the advantages and disadvantages of the new form of money are described, the mechanisms of transition from private to digital money is proposed. The main problems that hinder the process of introduction of digital money by central banks are identified and characterized. It has been proved that the introduction of digital money by central banks is the basis of the country's monetary sovereignty and an important tool for implementing economic and social policy. It is substantiated that the use of digital money of central banks will contribute to the transformation of fiscal and tax policy implementation mechanisms, financial monitoring system, monetary transmission channels, significant changes in the structure and functions of commercial and central banks, and strengthen the role of fintech companies in payment systems and financial markets.
{"title":"Theoretical fundamentals and practical aspects of the implementation and use of digital money","authors":"V. Mishchenko, S. Naumenkova, S. Mishchenko","doi":"10.15407/etet2022.02.044","DOIUrl":"https://doi.org/10.15407/etet2022.02.044","url":null,"abstract":"The study is devoted to the analysis of the practice of using certain types of digital money and substantiation of the theoretical foundations of the mechanisms of use of digital money of central banks. It is determined that the process of digitization of money, which is based on the use of new algorithms, data channels, information sources, evaluation and decision criteria, is a new stage in the development of banking and payment systems, central banks, national monetary systems and, in general, the entire monetary and financial system of the world. The shortcomings of the use of cryptocurrencies, the peculiarities of the functioning of unregulated digital markets that arise from their use are described, and the risks that cryptocurrencies may pose to national monetary and financial systems are identified. Calculations were made and a close correlation was found between the value of the NASDAQ 100 stock index and the price of bitcoin. Based on the analysis of the essence of digital money of central banks, organizational and technical approaches to their design, production and use, the objectivity of the process of their introduction is proved, the advantages and disadvantages of the new form of money are described, the mechanisms of transition from private to digital money is proposed. The main problems that hinder the process of introduction of digital money by central banks are identified and characterized. It has been proved that the introduction of digital money by central banks is the basis of the country's monetary sovereignty and an important tool for implementing economic and social policy. It is substantiated that the use of digital money of central banks will contribute to the transformation of fiscal and tax policy implementation mechanisms, financial monitoring system, monetary transmission channels, significant changes in the structure and functions of commercial and central banks, and strengthen the role of fintech companies in payment systems and financial markets.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116361109","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 : 2022-06-30DOI: 10.15407/etet2022.02.067
Olexandr Bandura, Valeriia Tkachova
The evidence base of proving that a monopoly uses its market power is a problem that has no unambiguous solution. Lack of clarity in antitrust legislation is a long term problem. A part of the problem is impossibility to elaborate a theory and quantitative indexes for a monopoly control, which would be used for juridical practice. This paper presents an attempt to solve this problem proposing new quantitative indexes of a monopoly control. To do this, we used the cumulative market imperfection model of macroeconomic dynamics (CMI-model) that is based on comparison of perfect and imperfect competition both for separate markets and economy as a whole. Within framework of the model there is a possibility to calculate natural (competitive) price that correspond to perfect competition even, if such competition never was establish in real market. Difference between natural and actual market price characterizes the rate of market imperfection and could be used for the monopoly power estimation. We proposed two types of quantitative indexes to control a monopoly. First type estimates the value of monopoly power, second type – impact degree of this power. It makes us possible to control monopoly on different hierarchical levels: firm, sector of economy, economy as a whole. Besides, there are some more competitive advantages of proposed indexes: 1)monitor indexes in dynamics, i.e. we are able to estimate in real time both the fact of a monopoly power usage and impact degree of this power; 2) to separate innovative component from production cost of monopolist; 3) to demonstrate the monopoly power impact on period and amplitude of economic cycle; 4) to control monopoly in a permanent mode, actually “on-line”, but not in a discrete mode as it could be done in standard methods. Additionally, proposed indexes do not require confidential information about firm’s activity.
{"title":"Quantitative indexes for direct control of monopolies on different hierarchical levels of economy","authors":"Olexandr Bandura, Valeriia Tkachova","doi":"10.15407/etet2022.02.067","DOIUrl":"https://doi.org/10.15407/etet2022.02.067","url":null,"abstract":"The evidence base of proving that a monopoly uses its market power is a problem that has no unambiguous solution. Lack of clarity in antitrust legislation is a long term problem. A part of the problem is impossibility to elaborate a theory and quantitative indexes for a monopoly control, which would be used for juridical practice. This paper presents an attempt to solve this problem proposing new quantitative indexes of a monopoly control. To do this, we used the cumulative market imperfection model of macroeconomic dynamics (CMI-model) that is based on comparison of perfect and imperfect competition both for separate markets and economy as a whole. Within framework of the model there is a possibility to calculate natural (competitive) price that correspond to perfect competition even, if such competition never was establish in real market. Difference between natural and actual market price characterizes the rate of market imperfection and could be used for the monopoly power estimation. We proposed two types of quantitative indexes to control a monopoly. First type estimates the value of monopoly power, second type – impact degree of this power. It makes us possible to control monopoly on different hierarchical levels: firm, sector of economy, economy as a whole. Besides, there are some more competitive advantages of proposed indexes: 1)monitor indexes in dynamics, i.e. we are able to estimate in real time both the fact of a monopoly power usage and impact degree of this power; 2) to separate innovative component from production cost of monopolist; 3) to demonstrate the monopoly power impact on period and amplitude of economic cycle; 4) to control monopoly in a permanent mode, actually “on-line”, but not in a discrete mode as it could be done in standard methods. Additionally, proposed indexes do not require confidential information about firm’s activity.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116801825","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 : 2022-06-30DOI: 10.15407/etet2022.02.005
Mykhailo Zveryakov, A. Hrymaliuk
The legal form of public administration is analyzed, its internal economic content related to material production relations and the objective economic laws immanent in them is investigated. The research methodology is based on the demarcation of the structure and dynamics of the political-economic system, which is consistently carried out by the Odesa School of Economic Theory. It is shown that the political and economic content of public management and administration always has a concrete-historical character. The modern standard of an effective political and economic system is the "mirror symmetry" of its structural and dynamic dependencies. Such "mirror" symmetry is achieved only when the "top-down" dynamic dependence includes all structural levels of the political-economic system in sequence: public management and administration – objective production relations – productive forces of society. If one of these three levels falls out of the "chain" of dynamic dependencies, the system ceases to meet the political and economic requirements of modern development and is unable to find adequate answers to historical challenges. In the modern state-capitalist model of managed development, dynamic dependence is able to cover all three structural levels in the process of consciously using the objective economic laws of capitalism for the development of productive forces, including public management and administration. The practical significance of the research results is related to the justification of the objective necessity for Ukraine of a state-capitalist model of managed development, in which public management and administration are aimed at the conscious use of objective economic laws for the development of productive forces.
{"title":"Theoretical fundamentals of political-economic analysis of public governance and administration","authors":"Mykhailo Zveryakov, A. Hrymaliuk","doi":"10.15407/etet2022.02.005","DOIUrl":"https://doi.org/10.15407/etet2022.02.005","url":null,"abstract":"The legal form of public administration is analyzed, its internal economic content related to material production relations and the objective economic laws immanent in them is investigated. The research methodology is based on the demarcation of the structure and dynamics of the political-economic system, which is consistently carried out by the Odesa School of Economic Theory. It is shown that the political and economic content of public management and administration always has a concrete-historical character. The modern standard of an effective political and economic system is the \"mirror symmetry\" of its structural and dynamic dependencies. Such \"mirror\" symmetry is achieved only when the \"top-down\" dynamic dependence includes all structural levels of the political-economic system in sequence: public management and administration – objective production relations – productive forces of society. If one of these three levels falls out of the \"chain\" of dynamic dependencies, the system ceases to meet the political and economic requirements of modern development and is unable to find adequate answers to historical challenges. In the modern state-capitalist model of managed development, dynamic dependence is able to cover all three structural levels in the process of consciously using the objective economic laws of capitalism for the development of productive forces, including public management and administration. The practical significance of the research results is related to the justification of the objective necessity for Ukraine of a state-capitalist model of managed development, in which public management and administration are aimed at the conscious use of objective economic laws for the development of productive forces.","PeriodicalId":209799,"journal":{"name":"Ekonomìčna teorìâ","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124200887","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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