• S. Glaziev — World Economic Crisis as a Process of Substitution of Technological Modes
• Yu. Ol’sevich — Psychological Aspects of the Current Economic Crisis
• A. Shastitko, S. Avdasheva, S. Golovanova — Competition Policy under Economic Crisis

• V. Manevich — J. Tobin’s Monetary Dynamic Model and the Analysis of Russian Economy
• P. Milgrom — What the Seller Won’t Tell You: Persuasion and Disclosure in Markets

• A. Moskovsky — Institutionalism: Theory, Decision-making Basis, Method of Criticism

• L. Grigoriev, S. Agibalov, M. Salikhov — Ukraine: Divarication of Transformation
• V. Papava — "Rosy" Mistakes of the International Monetary Fund and the World Bank in Georgia

• Smith V. Experimental Economics

• Congratulations with the 80th Anniversary of the Journal

Abstracts

The article analyzes the current economic conditions in Russia. Succession, distribution and the transmission mechanism of the world financial and economic crisis to the Russian economy are considered in this article as well as the changes in the banking system, share and housing markets. Production, consumption and investment on the boundary of 2008—2009 are described. The conclusion about the basic change of conditions of national economy development is presented.

The article analyzes fundamental reasons for the world economic crisis in the light of global technological shifts. It proves that it is caused by the substitution of technological modes. It is shown that sharp increase and slump in stock indices and prices for energy resources are typical of the process of technological substitution which occurs regularly according to the rhythm of long-wave fluctuations of the world economic activity. The article rationalizes a package of anti-crisis measures aimed at stimulating the new technological mode. Its structure and role of the locomotive factor of the new long wave of economic growth are revealed.

In this article the formation of new «market psychology» in the conditions of pyramidal globalization and liberalization, as a general precondition of the current crisis, is considered. Basic elements of this psychology — shift of US households from saving up behavior to credit-dependent consumption, transition of large American corporations under the control of financial "hawks", creation of the system of global capital inflow to the USA. On this basis a quasi-keynesian model of unstable equilibrium at the stage of growth generated by external credits is put forward. The conclusion is made that psychological disbalance of ruling elites of the USA, on the one hand, and Western Europe and Japan — on another interferes with maintaining global economy stability.

The analysis of competition policy under economic crisis is motivated by the fact that competition is a key factor for the level of productivity. The latter, in its turn, influences the scope and length of economic recession. In many Russian markets buyers’ gains decline because of the weakness of competition, since suppliers are reluctant to cut prices in spite of the decreasing demand. Data on prices in Russia and abroad in the second half of 2008 show asymmetric price rigidity. At least two questions are important under economic crisis: the ‘division of labor’ between pro-active and protective tools of competition policy and the impact of anti-crisis policy on competition. Protective competition policy is insufficient in transition economy, especially in the days of crisis it should be supplemented with the well-designed industrial policy measures which do not contradict the goals of competition. The preferable tools of anti-crisis policy are also those that do not restrain competition.

The paper considers the monetary dynamic model developed by J. Tobin, the leader of Keynesian economic thought in 1970—1990. Particularly, the author examines q-theory of investment proposed by Tobin which allows to expose the relationship between supply of monetary assets and investment in real capital. Application of various tools of monetary and financial policies is also considered in its different forms. The author aspires to use Tobin’s model for the analysis of processes existing in the Russian economy and to test theoretical propositions and relationships elaborated by Tobin on Russian statistics.

Thе paper presents the microeconomic theoretical arguments about how sellers disclose information in an attempt to encourage buyers, and the potential role for regulation in encouraging efficient disclosure of information. The author seeks to understand, when should one expect all the relevant information to be reported. If testing and reporting by the seller are costly, the question is whether too little or too much testing and reporting will be done. The article also studies the types of information withheld by the seller and the corresponding reactions of rational buyers. The problems of social welfare and the government regulations to improve the functioning of markets are also addressed. The theoretical tool proposed by the author is the theory of persuasion games — games in which one or more sellers provide verifiable information to buyers to influence the actions they take.

The author analyzes the state of institutional economics in contemporary Russia. It is characterized by arbitrary confusion of the ideas of «old», «new» and «mathematical» versions of institutionalism which results in logical inconsistency and even eclectics to be observed in the literature. The new and mathematical versions of institutionalism are shown to be based on legal, political and mathematical determinism tightly connected with the so-called «economic approach» (G. Becker). The main attention is paid to the discussion of theoretical and practical potential of the contemporary classical («old») institutionalism. The author focuses on its philosophical grounds and its technological imperative, the institution of science, the method of criticism, the opportunity of using classical institutionalist ideas as the ideology of economic reforms in Russia.

Ukraine has the greatest economic potential among transition economies, but economic activities in the country highly depend on external markets, especially on the Russian one. The country has come a long way from the 1990-s, but the process of institutional transformation has been slow and met with conflicts under conditions of deep transitional crisis. There were two main directions of adaptation: competitive survival attempt of "eastern" industry and economic migration of "western" agrarian population. Divarication by the level of development and economic interests has impeded the formation of constructive development policy and led to elections rush, "gas" conflicts and short strategic planning horizons. Current painful economic crisis and coming elections will finalize transition period in Ukraine. The country will define its choice and ambitions: maintaining identity together with industrial and science potential and integration in the global development after the World Recession is over or lasting inner conflicts and integration as a labor force and territory provider.

The paper is devoted to the analysis of failures, characteristic of the activities of Bretton-Woods institutions in Georgia after 2004. Their experts systematically overlooked the existence of non-budgetary accounts, violation of property rights, restriction of competition, manipulations with statistical data, weakening of the National Bank of Georgia, unnecessary issue of Eurobonds, poor tax policy etc. The case of Georgia may prove the necessity of reforming international financial institutions.