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MACROECONOMIC POLICY
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PROBLEMS OF THEORY
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SCIENTIFIC LIFE |
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NOTES AND LETTERS |
- K. Oleinikov - Protection of Property Interests of the Enterprise
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CRITIQUE AND BIBLIOGRAPHY |
- Mesoeconomy of Transition Period: Markets, Branches and Enterprises. Edited by G. Kleiner
- Russian Economy on New Paths. A Collection of Articles. Edited by A. Goizman and R. Evstigneev
Abstracts
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V. KHRISTENKO. FISCAL FEDERALISM DEVELOPMENT IN RUSSIA: RESULTS OF THE 1990S AND TASKS FOR THE FUTURE
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Evolution of intergovernmental fiscal relations in Russia in the 1990s is analysed, including the results of the realisation of the Concept of intergovernmental fiscal relations reform in the Russian Federation in 1999-2001. On the basis of centralisation of budget resources and decentralisation of budget responsibilities there have been elaborated alternative approaches to the evaluation of results and perspectives of the formation of a Russian model of fiscal federalism. It is argued for policy reorientation in the field of intergovernmental fiscal relations to distinguish between tax and budget powers, to distribute responsibilities among authorities of different levels in view of stable proportions achieved by 2002 related to budget resources' allocation. Main points of the realisation of the government Programme in the field of the fiscal federalism development in the Russian Federation for the period till 2005 are disclosed.
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A. ILLARIONOV. REAL EXCHANGE RATE AND ECONOMIC GROWTH
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The article is devoted to analysis of the relationship between real exchange rate and dynamics of some macroeconomic indicators. The analysis shows statistically significant negative correlation between overvalued real exchange rate and economic growth.
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L. RATNOVSKY. INFLATION COSTS IN RUSSIA
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The paper investigates the issues of quantitative estimation and analysis of inflation costs in Russia in 1994-2000. Classification of inflation costs sources is presented, and the adapted Bailey-Lucas approach method for estimation of costs of perfectly predictable inflation is proposed and applied. Econometric estimates are presented and discussed. The results of the paper allow for drawing conclusions of efficiency of the Russian monetary policy.
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M. GORBAN', S. GURIEV, K. YUDAEVA . RUSSIA IN WTO: MYTHS AND REALITY
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Russia's accession to the World Trade Organization (WTO) will cause much deeper changes in the Russian economy than mere adjustments in import tariffs affecting only certain industries. Given such an impact, the reasons for accession and its implications must be viewed from a broader perspective. Authors look at the eight major arguments "pro" and "contra" accession from the point of view of how to increase the benefits of accession. The highest benefits from accession can be achieved only if Russia at the same time conducts structural reforms aimed at improving its investment climate and increasing mobility of the economy. Russia's main comparative advantage in the global economy is high education attainment. This comparative advantage depreciates quite fast, and the major policy goal at the moment is to increase mobility of the economy before it is completely lost.
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P. FISCHER. HOW TO TURN RUSSIA INTO AN ATTRACTIVE MARKET FOR FOREIGN INVESTORS
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This article elaborates on a topic of primary concern for Russia - the promotion of foreign direct investments into priority industries of the Russian economy. The author proposes a strategic approach to generating investment projects with the support of government and in cooperation with the leading donor countries aimed at industrial diversification and higher competitiveness of Russian products in foreign markets. The main principles of the new concept for raising Russia's status as an attractive FDI destination are expounded in a context of increasing globalization and Russia's pending WTO accession.
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V. Afanasiev. The Contribution of the Austrian School
to the Development of the Labor Theory of Value
(Addressing the Problem of Unity in Economic Science)
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The author continues the Russian tradition of synthesizing the labor theory of value and the marginal utility theory, which has been formed at the beginning of the 20th century. He shows that the process of forming socially-necessary labor, which determines the quantity value of a commodity, has two sides. Not only do commodity producers take part in this process by their labor, but buyers play a role by their appraisals as well. Meanwhile, the labor theory and the theory of utility, according to their respective ideological orientations, investigate almost exclusively only one side of this process. For this reason these theories, in spite of their inherent ideological opposition, necessarily supplement one another from a scientific perspective. The theory of utility, which studies the consumer's role in the market, has, in its two-century struggle (starting with the controversy of Say-Ricardo) against the labor theory, made an essential contribution to the development of the labor concept.
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N. PECHERSKIKH. THE PROBLEM OF THE SUBJECT OF EVOLUTIONARY ECONOMICS
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The paradigm of homo economicus, or otherwise RREEMM - Resourceful, Restricted, Expecting, Evaluating, Maximizing Man - on which the neoclassical marginal theory is based is considered in the article. The author studies possible ways of further development of this paradigm using the concept of the "bounded rationality" by
H. Simon. As to the author's opinion, the major prerequisite of the construction of the concept of the subject of evolutionary economics is the accent on pluralism of interests of the economic subject or, in the author's treatment, the problem of multistructureness.
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S. AUKUTSIONEK, G. CHURKINA. ECONOMIC JOURNALS IN THE PERIOD OF MARKET REFORMS
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The evolution of the main scientific economic journals of Russia in the period of 1988-2001 is considered in the article. The authors estimate the dynamics of their circulations in the indicated period, the number of articles and investigate the structure of the authors' contingent. Special attention is given to the group of the most active economists.
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