• N. Akindinova, N. Kondrashov, A. Cherniavsky — Russia’s Fiscal Stimulus and Fiscal Sustainability

• Y. Goland — The Experience of Industrialization under NEP and Its Application in the Current Conditions

• E. Gontmakher — World Migration Processes: The Need of Global Regulation
• V. Kulakova — Difficulties of the Financial Reform in the USA

Abstracts

Requirements for the economy as a subsystem of society are examined in the article, based on the analysis and development of the four-element model of society as the arena of interaction between state, socium, economy and business. Using the results of the new theory of socio-economic systems, we define the quality that the economy should have to meet the demands placed upon it by other macro-level subsystems. Among these qualities — diversification of the economy with respect to workplaces and business opportunities provided by implementing investment projects.

JEL classification: P1, P5, B4, B5, A12, E00.
Keywords: economy as a subsystem, state, business and society, systems analysis, quality of economy.

The paper provides a critical appraisal of the normative program of behavioral economics known as new paternalism. Part II of the paper discusses main empirical and conceptual drawbacks of this approach and provides arguments for the alternative non-welfarist normative tradition based on the idea of freedom.

JEL classification: A13, D03, D60, D63.
Keywords: behavioral economics, welfare economics, new paternalism, normative analysis.

The paper aims at tracing the connections between the ideas of Keynes, Knight and Mises on uncertainty and probability. It also studies the links between their economic ideas, ethical presuppositions, and practical implications they drew from their respective theories. Both similarities and differences are found, influenced for the large part by the context of dealing with the problems discussed.

JEL classification:A13, B20, B41.
Keywords: uncertainty, probability, risk, ethics and economics.

In the paper the capabilities and limitations of methodological individualism­ as a core principle of mainstream economics are explored. The recent debate dealing­ with methodological individualism in economics is considered. Institutional individualism­ principle is tested. As a challenging view, premises for methodological­ institutionalism are offered and considered as an alternative and complementary precondition of the different vision for economic theory.

JEL classification: B50, B51, B52.
Keywords: methodological individualism, methodological institutionalism, institutional theory.

This study examines the impact of public expenditure on economic growth in Russia. Fiscal multipliers for various items of government spending are calculated by means of our macroeconomic model of the Russian economy. Resources for fiscal stimulus and optimization are analyzed. In this study we assess Russia’s fiscal sustainability in conditions of various levels of oil prices. We conclude that fiscal stimulus is ineffective in Russia, while fiscal sustainability in conditions of a sharp drop in oil prices is relatively low.

JEL classification:E62, H68.
Keywords: fiscal stimulus, fiscal multiplier, fiscal sustainability, government spending.

The article refutes popular belief about the necessity to abolish the New Economic Policy (NEP) of the 1920s for the purpose of industrialization. It is shown that it started successfully under NEP although due to a number of reasons the efficiency of the investments was low. The abolishment of NEP was caused not by the necessity to accelerate the industrialization but by the wrong policy towards the agriculture that stopped the development of farms. The article analyzes the discussion about possible rates of the domestic capital formation. In the course of this discussion, the sensible approach to finding the optimal size of investments depending on their efficiency was offered. This approach is still relevant today.

JEL classification:E22, L52, N14, O14, P23.
Keywords: new economic policy, industrialization, investment, efficiency.

The article analyzes the evolution of cross-country migration processes, as well as the present situation in this sphere. The author comes to the conclusion that a critical mass of problems has been accumulated, which can not be effectively solved in the framework of existing national regulatory regimes. In this connection, to propose the transition to inter-state institutions of migration regulation, the author offers basic directions of concrete actions aimed at their formation.

JEL classification: J61, F22, F55.
Keywords: migration, international regulation, global governance.

We study the reform of financial regulation initiated by the Dodd—Frank Wall Street Reform and Consumer Protection Act of 2010. Major factors impeding Obama’s financial and economic policy are explored, including institutional difficulties, party warfare, lobbyism, and systemic inconsistencies of international financial regulation. We also examine challenges that are being faced by economic and political sciences due to the changes in financial regulation and also assess the level of radicality of the financial reform.

JEL classification: G18, G28, G38.
Keywords: financial crisis, financial regulation, financial reform, Dodd—Frank Act, international financial regulation.