Pub Date : 2024-01-07DOI: 10.32609/0042-8736-2024-1-115-136
V. Maltsev, A. Yudanov
The article is devoted to the development of the knowledge-based approach to the theory of the firm (KBV). It is noted that the modern mainstream KBV (R. Grant (1996) and numerous followers) sees the nature of the firm in effective integration of the knowledge of specialists employed in it. The article proposes to supplement this analysis with the second important function of the firm — its role as an encapsulator of knowledge. The foundations of such an approach to knowledge were laid by H. Demsetz, but have not yet been developed in the literature. The essence of encapsulation is to reduce complete knowledge to an algorithm of actions sufficient to achieve the goal, which is possible, say, with the help of instructions, directions of the manager, built in constructive “foolproofing”, etc. The compiler of the instruction does not integrate his knowledge with the knowledge of its performer, but prescribes the unquestioned implementation of the algorithm of behaviour. Thus, huge cost savings are achieved on the training of performers. The article considers the limiting case — the scheme of the firm functioning as a pure encapsulator of knowledge, the Markov property of the process is substantiated. The role of the entrepreneur as an architect and manager of the knowledge encapsulation scheme is revealed. At the same time, significant negative aspects of production based on the widespread use of encapsulated (incomplete — you do what you do not understand) knowledge are analyzed. In particular, the non-creative nature of labour in the encapsulationbased firm (a particular manifestation of which is the slow spread of horizontally organized or teal firms) and the threat of disqualification of performers when combining encapsulation with artificial intelligence are discussed
这篇文章专门论述了以知识为基础的企业理论（KBV）方法的发展。文章指出，现代主流知识型企业理论（R. Grant (1996) 及其众多追随者）认为，企业的本质在于有效整合企业中雇用的专家的知识。本文建议用企业的第二个重要功能--作为知识的封装者--来补充这一分析。德姆塞茨（H. Demsetz）为这种知识方法奠定了基础，但尚未在文献中得到发展。封装的本质是将完整的知识还原为足以实现目标的行动算法，例如，借助指令、管理者的指示、内置的建设性 "傻瓜化 "等来实现。指令的编制者并不将自己的知识与执行者的知识结合起来，而是规定毫无疑问地执行行为算法。因此，在培训表演者方面节省了大量成本。文章考虑了极限情况--公司作为知识的纯粹封装者的计划，证实了该过程的马尔可夫特性。文章揭示了企业家作为知识封装计划的设计者和管理者的作用。同时，还分析了在广泛使用封装知识（不完整--你做你不了解的事）的基础上进行生产的重大负面影响。特别是，讨论了在基于封装的公司中劳动的非创造性（其具体表现是横向组织或茶色公司的传播缓慢），以及在将封装与人工智能相结合时，执行者被取消资格的威胁。
{"title":"Knowledge-based view of the firm and the phenomenon of knowledge encapsulation","authors":"V. Maltsev, A. Yudanov","doi":"10.32609/0042-8736-2024-1-115-136","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-1-115-136","url":null,"abstract":"The article is devoted to the development of the knowledge-based approach to the theory of the firm (KBV). It is noted that the modern mainstream KBV (R. Grant (1996) and numerous followers) sees the nature of the firm in effective integration of the knowledge of specialists employed in it. The article proposes to supplement this analysis with the second important function of the firm — its role as an encapsulator of knowledge. The foundations of such an approach to knowledge were laid by H. Demsetz, but have not yet been developed in the literature. The essence of encapsulation is to reduce complete knowledge to an algorithm of actions sufficient to achieve the goal, which is possible, say, with the help of instructions, directions of the manager, built in constructive “foolproofing”, etc. The compiler of the instruction does not integrate his knowledge with the knowledge of its performer, but prescribes the unquestioned implementation of the algorithm of behaviour. Thus, huge cost savings are achieved on the training of performers. The article considers the limiting case — the scheme of the firm functioning as a pure encapsulator of knowledge, the Markov property of the process is substantiated. The role of the entrepreneur as an architect and manager of the knowledge encapsulation scheme is revealed. At the same time, significant negative aspects of production based on the widespread use of encapsulated (incomplete — you do what you do not understand) knowledge are analyzed. In particular, the non-creative nature of labour in the encapsulationbased firm (a particular manifestation of which is the slow spread of horizontally organized or teal firms) and the threat of disqualification of performers when combining encapsulation with artificial intelligence are discussed","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":"32 3","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139448521","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 : 2024-01-07DOI: 10.32609/0042-8736-2024-1-33-51
Y. A. HSE University, S. E. Pekarski
The global economic crisis caused by the COVID-19 pandemic has once again shown the key role of fiscal stimulus. At the same time, in many developed countries, stimulating monetary policy was limited by the already achieved zero interest rates. But the fight against the consequences of the coronavirus with fiscal policy instruments had a negative effect in the form of an increase in the state budget deficit and, as a result, in public debt. According to the Institute of International Finance (IMF), by the end of 2022, global debt reached $297 trillion, or 349%. The public debt in the world reached 102% of GDP in 2022, which is a historically high value since the 1960s. In 2023, global debt continued to grow in nominal terms: according to the IMF, in Q1 2023, it has already increased by $8.3 trillion to $305 trillion. The risks of rapid growth in public debt in developed and developing countries were even before the COVID-19 pandemic. But after a period of stimulus fiscal measures in 2020—2021 the public debt problem has worsened, raising fears that the practice of financial repression could become a reality for the next decade. Accelerating global inflation increases incentives for governments to use financial repression to eliminate the public debt burden. At the same time, financial repression, in turn, may imply a decrease in the effectiveness of the inflation targeting policy, as a result of which there are risks that high inflation will become more sustainable.
{"title":"Soaring public debt: Return of financial repression and high inflation?","authors":"Y. A. HSE University, S. E. Pekarski","doi":"10.32609/0042-8736-2024-1-33-51","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-1-33-51","url":null,"abstract":"The global economic crisis caused by the COVID-19 pandemic has once again shown the key role of fiscal stimulus. At the same time, in many developed countries, stimulating monetary policy was limited by the already achieved zero interest rates. But the fight against the consequences of the coronavirus with fiscal policy instruments had a negative effect in the form of an increase in the state budget deficit and, as a result, in public debt. According to the Institute of International Finance (IMF), by the end of 2022, global debt reached $297 trillion, or 349%. The public debt in the world reached 102% of GDP in 2022, which is a historically high value since the 1960s. In 2023, global debt continued to grow in nominal terms: according to the IMF, in Q1 2023, it has already increased by $8.3 trillion to $305 trillion. The risks of rapid growth in public debt in developed and developing countries were even before the COVID-19 pandemic. But after a period of stimulus fiscal measures in 2020—2021 the public debt problem has worsened, raising fears that the practice of financial repression could become a reality for the next decade. Accelerating global inflation increases incentives for governments to use financial repression to eliminate the public debt burden. At the same time, financial repression, in turn, may imply a decrease in the effectiveness of the inflation targeting policy, as a result of which there are risks that high inflation will become more sustainable.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":"7 9","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139448444","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 : 2024-01-07DOI: 10.32609/0042-8736-2024-1-5-32
E. T. Gurvich, N. Krasnopeeva
We build factor models of the regional budgets spending composition, based on data for 2011—2019. Our estimates reveal that expenditure on social security, public health, and education have relatively low elasticity by fiscal revenue (0.6—0.7), On the contrary, national economy and housing expenditure have the highest elasticity (1.3—1.7), while culture and general public services expenditure are characterized with medium elasticity (0.8—0.9). The major econometric tool used for the analysis is quantile regression that allows to detect heterogeneity of expenditure relations with various factors. The dependence of fiscal revenues is homogenous only for social security, public health, and housing, while for other types of expenditure this relationship differs between regions with high and low fiscal revenue. We suggest procedure to identify individual ‘spending preferences’ of particular regions and classify all regions depending on their top spending priorities. Regions with a larger value of the gross regional product most often have education and social security as their priority while other regions mainly have national economy spending as a priority.
{"title":"Determinants of public spending composition in the Russian regions","authors":"E. T. Gurvich, N. Krasnopeeva","doi":"10.32609/0042-8736-2024-1-5-32","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-1-5-32","url":null,"abstract":"We build factor models of the regional budgets spending composition, based on data for 2011—2019. Our estimates reveal that expenditure on social security, public health, and education have relatively low elasticity by fiscal revenue (0.6—0.7), On the contrary, national economy and housing expenditure have the highest elasticity (1.3—1.7), while culture and general public services expenditure are characterized with medium elasticity (0.8—0.9). The major econometric tool used for the analysis is quantile regression that allows to detect heterogeneity of expenditure relations with various factors. The dependence of fiscal revenues is homogenous only for social security, public health, and housing, while for other types of expenditure this relationship differs between regions with high and low fiscal revenue. We suggest procedure to identify individual ‘spending preferences’ of particular regions and classify all regions depending on their top spending priorities. Regions with a larger value of the gross regional product most often have education and social security as their priority while other regions mainly have national economy spending as a priority.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":"26 21","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139448413","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 : 2024-01-07DOI: 10.32609/0042-8736-2024-1-75-93
M. Kolosnitsyna
Since the mid-nineties of this century, Russia has intensified its state policy of combating excessive alcohol consumption. In particular, a minimum price threshold for vodka was introduced, excise taxes on alcohol in alcoholic beverages were substantially increased, and a mandatory ban on nighttime retail sales was introduced. A number of studies using Russian microdata have confirmed the effectiveness of these measures. From 2007 to 2017, the dynamics of alcohol consumption by the Russian population did show a consistent decline. Many researchers, both Russian and foreign, considered this trend as a success of government policy. Recently, however, official statistics have noted an annual increase in the consumption of alcoholic beverages: from 7.2 liters of pure alcohol per capita adult population in 2017 to 7.7 in 2021. Why has the alcohol policy, designed initially in line with international best practices, not reduced consumption in recent years? This article analyzes the practice of applying price and restrictive measures for the last 10 years on the basis of Rosstat data, federal and regional legislation. Excise duties and minimum vodka prices in real terms are calculated, as well as indices of the ratio of alcoholic beverage prices and average wages. The real excise taxes and prices for alcoholic beverages decreased after 2014, making them more affordable for consumers. After 2017, there is no increase in the number of Russian territories applying stricter temporary restrictions on alcohol trade compared to the norm of the federal law. Today, almost half of the country’s population lives in regions with the mildest possible time limits on alcohol sales that do not constrain its physical availability. We have to admit that the alcohol policy is inconsistent. The formal application of price and restrictive measures in the last decade has not prevented the growth of alcohol consumption.
{"title":"Alcohol policy in Russia in the last decade: A movement backwards","authors":"M. Kolosnitsyna","doi":"10.32609/0042-8736-2024-1-75-93","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-1-75-93","url":null,"abstract":"Since the mid-nineties of this century, Russia has intensified its state policy of combating excessive alcohol consumption. In particular, a minimum price threshold for vodka was introduced, excise taxes on alcohol in alcoholic beverages were substantially increased, and a mandatory ban on nighttime retail sales was introduced. A number of studies using Russian microdata have confirmed the effectiveness of these measures. From 2007 to 2017, the dynamics of alcohol consumption by the Russian population did show a consistent decline. Many researchers, both Russian and foreign, considered this trend as a success of government policy. Recently, however, official statistics have noted an annual increase in the consumption of alcoholic beverages: from 7.2 liters of pure alcohol per capita adult population in 2017 to 7.7 in 2021. Why has the alcohol policy, designed initially in line with international best practices, not reduced consumption in recent years? This article analyzes the practice of applying price and restrictive measures for the last 10 years on the basis of Rosstat data, federal and regional legislation. Excise duties and minimum vodka prices in real terms are calculated, as well as indices of the ratio of alcoholic beverage prices and average wages. The real excise taxes and prices for alcoholic beverages decreased after 2014, making them more affordable for consumers. After 2017, there is no increase in the number of Russian territories applying stricter temporary restrictions on alcohol trade compared to the norm of the federal law. Today, almost half of the country’s population lives in regions with the mildest possible time limits on alcohol sales that do not constrain its physical availability. We have to admit that the alcohol policy is inconsistent. The formal application of price and restrictive measures in the last decade has not prevented the growth of alcohol consumption.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":"65 48","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139449034","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 : 2024-01-07DOI: 10.32609/0042-8736-2024-1-52-74
A. L. Lukyanova
The 2023 Nobel Prize in Economics was awarded to Claudia Goldin for her contribution to the study of women’s labor market outcomes. Goldin’s work establishes key historical facts regarding gender differences in the labor markets and provides insights into the driving forces of those gaps. Her methodology combines careful archival research, neoclassical microeconomic analysis, a cohort approach, and the use of natural experiments to identify causal relationships. This paper provides a survey of Goldin’s research on the relationship between economic development and the female labor supply, occupational segmentation, women’s educational attainment, discrimination, child penalty, and job flexibility. I also discuss how Goldin’s findings are relevant to understanding the gender gaps in Russia.
{"title":"Time for women (Nobel Memorial Prize in Economic Sciences 2023)","authors":"A. L. Lukyanova","doi":"10.32609/0042-8736-2024-1-52-74","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-1-52-74","url":null,"abstract":"The 2023 Nobel Prize in Economics was awarded to Claudia Goldin for her contribution to the study of women’s labor market outcomes. Goldin’s work establishes key historical facts regarding gender differences in the labor markets and provides insights into the driving forces of those gaps. Her methodology combines careful archival research, neoclassical microeconomic analysis, a cohort approach, and the use of natural experiments to identify causal relationships. This paper provides a survey of Goldin’s research on the relationship between economic development and the female labor supply, occupational segmentation, women’s educational attainment, discrimination, child penalty, and job flexibility. I also discuss how Goldin’s findings are relevant to understanding the gender gaps in Russia.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":"64 35","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139449197","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 : 2024-01-07DOI: 10.32609/0042-8736-2024-1-137-153
A. Shastitko
The article continues to discuss options for the modernization of higher economic education in Russia, including those provisions that are presented in two articles: by A. Auzan, A. Maltsev and A. Kurdin (Voprosy Ekonomiki, 2023, No. 10) and by A. Buzgalin and A. Kolganov (Voprosy Ekonomiki, 2023, No. 11). Questions are formulated to clarify the position and further discussion. It is proposed to consider the modernization of economic education through the prism of structural alternatives for building an interdisciplinary discourse, as well as the demand for expert knowledge based on applied scientific research from business and the state. Special attention is paid to the significance of heterodox economic theories, as well as to the description of the image of the desired future economic education. The following principles of its construction are formulated: sufficient conceptual pluralism; setting up filters to maintain research quality standards and navigate within a disciplinary area; forming research coalitions; restructuring of curricula in the context of “building bridges” between research programs.
{"title":"Economic education as a mirror of interdisciplinary discourse","authors":"A. Shastitko","doi":"10.32609/0042-8736-2024-1-137-153","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-1-137-153","url":null,"abstract":"The article continues to discuss options for the modernization of higher economic education in Russia, including those provisions that are presented in two articles: by A. Auzan, A. Maltsev and A. Kurdin (Voprosy Ekonomiki, 2023, No. 10) and by A. Buzgalin and A. Kolganov (Voprosy Ekonomiki, 2023, No. 11). Questions are formulated to clarify the position and further discussion. It is proposed to consider the modernization of economic education through the prism of structural alternatives for building an interdisciplinary discourse, as well as the demand for expert knowledge based on applied scientific research from business and the state. Special attention is paid to the significance of heterodox economic theories, as well as to the description of the image of the desired future economic education. The following principles of its construction are formulated: sufficient conceptual pluralism; setting up filters to maintain research quality standards and navigate within a disciplinary area; forming research coalitions; restructuring of curricula in the context of “building bridges” between research programs.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":"23 7","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139448765","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 : 2024-01-07DOI: 10.32609/0042-8736-2024-1-94-114
N. Pavlova, A. Shastitko
The article examines the possible reasons for the dominance of fundamentalism( in the form of Pigouvianism or market fundamentalism) over functionalism (Coasianism) in the practice of decision-making in economic policy. Continuing the study of the relationship between Coasianism, Pigouvianism and market fundamentalism, presented in previous works, the article focuses on finding the basis for the dominance of fundamentalism at the level of individual decisions and actions — in particular, in the field of cognitive bias and behavioral effects. Decision-making using an automatic cognitive system, subject to cognitive bias, as opposed to a reflective system, can lead to the choice of a fundamentalist solution to a problem where it is not the most efficient, and also reduces the efficiency of functionalism, since it prevents the correct identification of the problem itself, of the structural alternatives for its solution, as well as identifying and comparing the effects associatedwith each of the alternatives. The microfoundations of insufficient supply and demand of the Coasian approach are explored. Based on the identified problems of supply and demand for Coasianism, as one of the possible ways to promote it, it is proposed to consider the primary socialization of the individual in the learning process, the formation of substantive critical thinking. It is emphasized that adjustments to the socialization process are a matter of long-term strategy
{"title":"Microfoundations of dominance of fundamentalism in economic policy: Is there an antidote?","authors":"N. Pavlova, A. Shastitko","doi":"10.32609/0042-8736-2024-1-94-114","DOIUrl":"https://doi.org/10.32609/0042-8736-2024-1-94-114","url":null,"abstract":"The article examines the possible reasons for the dominance of fundamentalism( in the form of Pigouvianism or market fundamentalism) over functionalism (Coasianism) in the practice of decision-making in economic policy. Continuing the study of the relationship between Coasianism, Pigouvianism and market fundamentalism, presented in previous works, the article focuses on finding the basis for the dominance of fundamentalism at the level of individual decisions and actions — in particular, in the field of cognitive bias and behavioral effects. Decision-making using an automatic cognitive system, subject to cognitive bias, as opposed to a reflective system, can lead to the choice of a fundamentalist solution to a problem where it is not the most efficient, and also reduces the efficiency of functionalism, since it prevents the correct identification of the problem itself, of the structural alternatives for its solution, as well as identifying and comparing the effects associatedwith each of the alternatives. The microfoundations of insufficient supply and demand of the Coasian approach are explored. Based on the identified problems of supply and demand for Coasianism, as one of the possible ways to promote it, it is proposed to consider the primary socialization of the individual in the learning process, the formation of substantive critical thinking. It is emphasized that adjustments to the socialization process are a matter of long-term strategy","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":"2 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2024-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139448885","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 : 2023-12-06DOI: 10.32609/0042-8736-2023-12-141-153
A. Editorial
In modern conditions, the issues of choosing a reasonable balance between antitrust and economic regulation, instruments of antimonopoly and industrial policy — vertical and horizontal — have become actualized. This is due to the fact that several factors have intertwined: digitalization that transforms the usual business models and ideas about acceptable conditions for the functioning of markets; the search for solutions to the problems of sustainable development (low-carbon economy); a dramatic change in geopolitical conditions of doing business in Russia. In 2023, the Chair of Competition and Industrial Policy of the Faculty of Economics of Lomonosov Moscow State University turned 10 years old. On June 14, 2023 an anniversary conference was held to discuss a wide range of issues that the school of institutional studies of competition, industrial and competition policy, which has been formed in Russia, touches upon in its research. Within the framework of the conference, a round table was held on applied issues of antimonopoly and industrial policies in new conditions. Researchers, practicing consultants, and business representatives were invited to the discussion.
{"title":"Practice of antitrust and industrial policy (Proceedings of the round table discussion at the anniversary conference of the Chair of Competition and Industrial Policy of the Faculty of Economics, Lomonosov Moscow State University)","authors":"A. Editorial","doi":"10.32609/0042-8736-2023-12-141-153","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-12-141-153","url":null,"abstract":"In modern conditions, the issues of choosing a reasonable balance between antitrust and economic regulation, instruments of antimonopoly and industrial policy — vertical and horizontal — have become actualized. This is due to the fact that several factors have intertwined: digitalization that transforms the usual business models and ideas about acceptable conditions for the functioning of markets; the search for solutions to the problems of sustainable development (low-carbon economy); a dramatic change in geopolitical conditions of doing business in Russia. In 2023, the Chair of Competition and Industrial Policy of the Faculty of Economics of Lomonosov Moscow State University turned 10 years old. On June 14, 2023 an anniversary conference was held to discuss a wide range of issues that the school of institutional studies of competition, industrial and competition policy, which has been formed in Russia, touches upon in its research. Within the framework of the conference, a round table was held on applied issues of antimonopoly and industrial policies in new conditions. Researchers, practicing consultants, and business representatives were invited to the discussion.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":"66 25","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138594862","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 : 2023-12-06DOI: 10.32609/0042-8736-2023-12-31-47
M. V. Ershov
In 2023, there is an improvement in the trends of economic dynamics in the global economy, but there is a high probability that it will be only temporal. The processes of fragmentation of the world economy are intensifying, previous indicators of the state of the economy are becoming less informative. Regulators face a difficult choice regarding the mechanisms of economic policy. Russia is in no less difficult conditions, given the negative effect of the sanctions that are being implemented against it. Increasing the strength of the domestic economy and forming stable conditions in the financial market are the most important prerequisites for the successful solution of emerging problems.
{"title":"The world and Russia in the environment of transformation: Is the economic recovery sustainable?","authors":"M. V. Ershov","doi":"10.32609/0042-8736-2023-12-31-47","DOIUrl":"https://doi.org/10.32609/0042-8736-2023-12-31-47","url":null,"abstract":"In 2023, there is an improvement in the trends of economic dynamics in the global economy, but there is a high probability that it will be only temporal. The processes of fragmentation of the world economy are intensifying, previous indicators of the state of the economy are becoming less informative. Regulators face a difficult choice regarding the mechanisms of economic policy. Russia is in no less difficult conditions, given the negative effect of the sanctions that are being implemented against it. Increasing the strength of the domestic economy and forming stable conditions in the financial market are the most important prerequisites for the successful solution of emerging problems.","PeriodicalId":45534,"journal":{"name":"Voprosy Ekonomiki","volume":"86 8","pages":""},"PeriodicalIF":0.8,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138596124","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 : 2023-12-05DOI: 10.32609/0042-8736-2023-12-103-119
A. Zubarev, A. M. Gorodnov
Modern specifications of the Phillips curve are actively used in the study of inflation dynamics, but many of them do not consider the influence of external variables. In this paper, we use a non-linear GMM to estimate the Phillips curve equation for a small open economy which includes the expected change in the exchange rate on Russian data. Estimates show that the assignment of the new head of the Bank of Russia in 2013 and the subsequent transition to the inflation targeting regime significantly reduced the impact of expectations of a change in the ruble exchange rate on inflation which confirms the efficiency of the modification of the monetary policy regime. Another interesting result is that the outbreak of the pandemic has again led to an increase in the impact of the expected change in the exchange rate on inflation which may be a result of increased uncertainty in import prices. The empirical results also show that the pandemic caused a decrease in price rigidity in the Russian economy while the transition to an inflation targeting regime did not affect price rigidity.
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