Specific requirements on macroeconomic policy, stemming from the impact of external volatility on trade balance and fiscal revenues are studied. Income gains or losses of the Russian economy due to variation in the commodity prices are found to range from -9 to +12% of GDP over the last decade. Contribution of the government and the Central Bank to neutralizing windfall revenues is evaluated, an approach to sharing their functions is suggested. It is demonstrated that monetary policy in the post-crisis period has been aimed rather at restraining ruble appreciation, than at smoothing the effect of external volatility. Expediency to formulate fiscal policy objectives and budget rules in terms of structural deficit (adjusted for windfall revenues) is argued.

     This article deals with the determination of future oil prices. The approach used is based on the evaluation of purchasing power limits and allows to put the limits to monopolistic price setting. Several important findings are formulated: going beyond the upper thresholds of purchasing power stipulates negative relationship between energy costs and GDP growth rates, and this brings the dynamics to energy demand to price elasticity. This approach is also based on what the author calls the economics of constants and variables, i.e. on the existence of very stable macroeconomic proportions, which may be observed throughout the whole period of statistical observations (over 200 years). It provides grounds for two conclusions. First, the upper limit of energy costs to the gross output ratio is determined by the least acceptable profitability. Second, the theoretical postulate on substantial production factors substitution used in the production functions theory may be incorrect. In reality, the change of the economy technological basis leads to the substitution of low quality production factor by the same factor with a higher quality. Application of this approach brings the basis for predicting oil prices for 2006–2008.

     The article is devoted to the analysis of economic growth perspectives and dynamics of competitiveness indicators of the Russian economy on macro-level (including main industry branches). The indicators of real effective exchange rate are analyzed along with unit labor cost indicators for estimating investment potential of the Russian economy in its relation to the main trade partners. Additionally, opportunities of parallel analysis of integral (price and non-price) and partial competitiveness indicators are examined with the aim to isolate the effects of various parameters of competitiveness on the integral indicator registered by surveys. The classical technique of the financial portfolio analysis for quantitative estimation of the Russian industry’s portfolio diversification in 1999–2004 is applied as a measure of structural competitiveness.

     While 2005 demonstrated a number of positive trends in the economy, its major institutional specifics became not a mere expansion of the direct state presence in a number of leading industries, but a steady tendency to its domination. The paper analyzes possible motives behind the property expansion of the state and reviews specifics of the state-owned companies’ operations on the market of corporate control and possible respective economic and institutional effects.

     The article addresses the problem of efficiency of Gazprom from the shareholders standpoint. Special attention is paid to Gazprom cost structures both on the operational side and as a part of its capital expenditures. Comparative analysis of Gazprom vs its interantional peers adds more colors to the evaluation of cost efficiency. Different behavioural patterns of previous and current Gazprom management are outlined. Basing on the investigation of Gazprom Board of Directors influence on its efficiency the article provides practical reccomendations aimed at improving relationships in the triangle "shareholders — Board of Directors — management".

     The author considers critical remarks contained in the article by V. Kleiner (published in the given issue of the journal "Voprosy Economiki") devoted to the analysis of Gazprom corporate governance and performance efficiency. It is noted that they lack objectiveness, incorrect and incomparable data is often used. Still the attempts by minority shareholders to improve the company’s performance are welcomed.

     The author analyses "critical realist" economic methodology with respect to application of mathematical modeling. He indicates strong and weak sides of critical realist argument, putting emphasis on the works by T. Lawson. An alternative view on the role of formal technique in economics is proposed, taking into account the diversity of interpretative contexts while applying mathematical models.

     The authors argue that historical systematic approach creates opportunity to show that in the 21st century economy Human being is to a greater extent the subject of creative activity and at the same time is subordinated to the total hegemony of market ("market fundamentalism" — G. Soros) and global capital. Because of that Human being acquires the modified form of "human capital". This creates the deformed vision that Human being — the subject who creates all social wealth and culture — is not more than "capital", an object of private property assigned for market transactions. The alternative approach, which stresses the active role of Human being and the necessity to develop all human qualities, opens space for realization of the programs "information for everyone", "education for everyone" and so on.