• D. Colander et al. — The Financial Crisis and the Systemic Failure of Academic Economics
• R. Myerson — Nash Equilibrium and the History of Economic Theory

• S. Smirnov — Factors of Cyclical Vulnerability of Russian Economy
• S. Andryushin, V. Kuznetsova — Monetary Policy of Central Banks during Global Financial Crisis

• A. Yakovlev et al. — The Public Procurement System in Russia: Toward a New Quality
• I. Smotritskaya, S. Chernykh — Public Procurement and Innovative Economy Forming

• V. Zubkov — The Role of the State in the Development of Russia’ Forestry Complex

• T. Kuznetsova — Image and Persons of Institute of Economics (On the Collective Works "Institute of Economics in Persons")
• S. Kirdina — On the Timeliness of Modern Economics (On the Book by A. G. Khudokormov "Economics: The Newest Currents of the West")

• Ol'sevich Yu. Ya. Psychological Grounds of Economic Behavior
• Nazarenko V. I. Theoretical Grounds of Agrarian Policy in the West and Russia

• Ways out of the Crisis in Russia and Abroad (A Joint Meeting of Academic Senates of IE RAS and IEF)

Abstracts

Academician L. I. Abalkin, a scientific leader of the Institute of Economics, RAS views its complex and rather contradictory path, which has been lasting for 80 years, on the background of historic ages that Russia has passed during this period. The history of the country and the fate of the Institute are closely interrelated. The scientists of the Institute invariably concentrate their efforts on elaborating economic theory and long-term strategy of the country’ development.

The authors of the article claim that the economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions. In their view, this lack of understanding is due to a misallocation of research efforts in economics. They trace the deeper roots of this failure to the profession’s insistence on constructing models that, by design, disregard the key elements driving outcomes in real-world markets. The economics profession has failed in communicating the limitations, weaknesses, and even dangers of its preferred models to the public. This state of affairs makes clear the need for a major reorientation of focus in economic research, as well as for the establishment of an ethical code that would ask economists to understand and communicate the limitations and potential misuses of their models.

John Nash’s formulation of noncooperative game theory was one of the great breakthroughs in the history of social science. Nash’s work in this area is reviewed in its historical context to better understand how the fundamental ideas of noncooperative game theory have been developed and how they have changed the course of economic theory. It is shown in particular how the scope of economics has changed from production and allocation of material goods to the study of rational competitive behavior in any institution of society.

The paper studies the depth of GDP’s fall in 25 world’s largest countries during the crisis of 2008—2009. It shows that the Russian economy was one of the most vulnerable to the crisis shock. The paper demonstrates that severe Russian instability is not due to "oil dependency" or high openness to world trade or capital flows. Cyclical weakness of the Russian economy is mainly rooted in low quality of its institutions, pre-crisis overheating (which was especially prominent in consumer demand) as well as the obsolete approach to inventories’ management.

The paper analyzes different regimes of monetary policy, which central banks realized in normal macroeconomic conditions, summarizes their pluses and minuses. During the global financial crisis central banks had to conduct unconventional measures of monetary policy. Their realization has changed the structure and values of central banks balance sheets that is shown on the example of statistical data of FRS, Bank of England, ECB, Bundesbank, Bank of Japan, People’s Bank of China.

This paper examines main principles that form the basis of the Law on placement of orders for public procurement (94-FL) in its current version. The authors outline a whole set of positive changes as well as negative developments following this legal practice. They pay special attention to discussion of problems and imperfections in the system singled out by real participants in the procurements. The authors formulate a range of challenges and tasks to be solved in a new version of the Law on public procurement, and offer an indispensable set of conditions to be allowed for solution of these tasks.

The article analyzes the conceptual framework of public procurement system as an integral part of public regulation to ensure effective management of public resources. The authors consider the problems of transition to a new "quality" of the procurement system, increasing its innovative activity. They put forward proposals for institutional framework and mechanisms of regulating procurement, meeting the needs in innovative upgrading and modernization of the Russian economy.

The article considers in detail the present state of Russia’s forestry complex. The reasons of crisis phenomena in the sector are analyzed, a set of measures aimed at its modernization is proposed. Basic directions of the activity of the Council for Russia’s forestry complex development under the Government of RF are surveyed.