• M. Woodford — Convergence in Macroeconomics: Elements of the New Synthesis
• L. Grigoriev, A. Ivashchenko — The Theory of Cycle under the Crisis Blow
• S. Rebelo — Real Business Cycle Models: Past, Present, and Future

• Modernization of Russian Economy: Radical Improvement of Investment Climate (The Economic Report of All-Russia Public Organization "Delovaya Rossiya")

• I. Eliseeva, Ya. Sokolov — Financial Results and Their Validity

• BP Statistical Review of World Energy, June 2010

• G. Gloveli — Political Economy in a Broad Sense: Elements of Institutionalism and Utopianism
• A. Chuprov — The Break-up of the Village Community in Russia

• N. Shmelev — On the Unique Geopolitical Experience (On the Book by B. Irishev "The Way to Europe")

• O. Neterebsky — Moscow Labor Market: Problems and Prospects

Abstracts

In an interview with the Nobel prize winner K. Arrow the authors discuss social preferences and interests, mathematization of economics, development of innovations, economic forecasting, regulation of financial institutions, and energy policy. Future forms and features of economics and the consequences of the global economic crisis are also touched upon.

While macroeconomics is often thought of as a deeply divided field, with less of a shared core and correspondingly less cumulative progress than in other areas of economics, in fact, there are fewer fundamental disagreements among macroeconomists now than in past decades. This is due to important progress in resolving seemingly intractable debates. In this paper, the author reviews some of those debates and outlines important elements of the new synthesis in macroeconomic theory. The author discusses the extent to which new developments in theory and research methods are already affecting macroeconomic analysis in policy institutions.

The modern theory of cyclical fluctuations and its relevancy to actual processes in the global economy are discussed in the article. It points to the limited applicability of the theory to practical needs of households, businesses and governments. Possible directions of the theory evolution are considered: more focus on financial shocks, strengthening microeconomic foundations, selection of more homogeneous periods with specific features and shocks for analysis. The breakdown of post-war period into three relatively homogeneous sub-periods named "stationary regimes" is proposed. These sub-periods are separated on the basis of quantitative and qualitative analysis of the group of economic indicators. The global crisis of 2008—2009 is defined as a turning point between the 3rd and the expected 4th "stationary regimes". Assumptions are suggested concerning possible features of economic growth in the next "stationary regime" as well as their reflection in the theory of cycle.

This paper reviews contribution of real business cycle models to our understanding of economic fluctuations and consequences of economic policy. The author pays special attention to technological shocks, discusses open issues in business cycle studies both in retrospect and future research.

The repot considers the current state of the Russian economy, analyzes the drawbacks of the functioning export-raw materials model of its development. The necessity of its changing on the basis of improving the investment climate on the regional level is noted. Corresponding measures on behalf of federal and regional authorities are formulated as well as the directions of innovation policy aimed at modernizing the Russian economy. The conclusion is made that private non-raw materials business should become the main agent of modernization in our country.

The article deals with discrepancies between theoretical accounts of the firms’ financial results and methods of their estimation. Various ways of calculating financial results lead to different, though logically equivalent, conclusions. The authors consider three forms of profit which may relate to each other in various ways. The ratios of financial results calculated on different grounds should be taken into account while making managerial decisions, primarily investment ones.

The developments on the world energy markets in 2009 are reviewed. Global economic recession drove energy consumption lower in 2009 — the first decline since 1982. As with the economic contraction, the decline in energy consumption was concentrated in OECD countries and the territory of the Former Soviet Union (FSU). However, unlike in OECD, FSU energy consumption declined much less than GDP. Consumption of oil, natural gas, and nuclear power declined, while coal consumption was essentially flat; only hydroelectric output and other renewable forms of energy increased in 2009. For the year as a whole, prices for all forms of traded energy fell, with the sharpest declines seen for traded natural gas and coal in North America and Western Europe. Oil prices declined for the first time since 2001. During 2009, prices for oil and coal in competitive markets hit their low points early in the year, while spot natural gas prices in North America and Western Europe continued to decline well into 2009.

The paper deals with A. Bogdanov’s and I. Stepanov’s experience of elaborating political economy in a broad sense. The author focuses on their claim that economic formations develop historically in a non-linear way. Similarities and differences between Bogdanov’s organisation theory and T. Veblen’s institutionalism in the analysis of capitalist society are shown. Historical and utopian roots of Bogdanov’s socialist economy ideas are considered.

The article by A. A. Chuprov, a well-known scientist-statistician of the beginning of the last century, is a modern translation of the text published in the Economic Journal in 1912. Today it is interesting not only as a vivid example of objective analysis of the history of the Russian Commune during the period of Stolypin agrarian reform. This paper is important in order to understand the nature of socio-economic processes taking place in the agrarian sphere of contemporary Russia, those historically conditioned, mental problems and difficulties that institutional transformations in the rural area face.