• Yu. Yassinskiy, A. Tikhonov — New Informational-behavioral Paradigm: The End of the Theory of Equilibrium or Its Second Wind?
• I. Lavrov — On the Problems of Normative Economics

• R. Nureev — Thorstein Veblen: A View from the 21st Century
• T. Veblen — Limitations of Marginal Utility
• W. Samuels — Thorstein Veblen as Economic Theorist

• N. Kosareva, A. Tumanov — Evaluation of Housing Affordability in Russia
• G. Kozyreva — Economic Behavior of Wood Sector Enterprises of Karelia Republic under Conditions of Market Transformations

• Glinkina S. P. Privatization: Concepts, Realization, Efficiency
• Golichenko O. G. Russia's National Innovation System: The State of Things and Ways of Development

Abstracts

Russian macroeconomic tendencies of the past decade are described in the article. It is particularly mentioned that until recently foreign trade surplus was the main source of liquidity for the Russian economy. Since mid 2005 a noticeable foreign private capital inflow has started, creating a new liquidity source. A significant capital inflow may result in additional inflation and/or additional ruble appreciation while currently used monetary policy instruments appear to be ineffective in this situation. The description of the set of measures to soften negative impact of the capital inflow is also presented.

The article studies financial globalization’ influence on monetary policy. It considers quantitative indicators and qualitative tendencies of financial globalization. The paper outlines the main directions of financial globalization’ impact on national monetary policy and analyzes the developed and developing countries experience in searching answers to challenges of financial globalization. Special attention is paid to inflation targeting framework. Current problems of monetary policy in Russia due to increasing external openness of national economy and financial system and their possible solutions are put forward.

The authors analyze the informational paradigm in economic theory. The article introduces and develops a concept of information consistency; the authors apply this concept to the analysis of labor market, credit market, etc. Moreover, they suggest that the microeconomic conclusions be extended to the macroeconomic level. So they introduce a concept of a favorable type of macrodynamics and describe macroeconomic features of economy with respect to the information consistency of certain markets. The authors come to the conclusion that the informational paradigm serves as a good supplement to the traditional equilibrium theory.

The author considers theoretical, philosophical and methodological aspects of normative approach in economic theory. The article discusses normative analysis and types of normative and positive elements in economic theory, basing upon difference between abstract and real objects of science. The specific traits of generations as subjects of economic and socio-political history are determined.

The article provides a description of T. Veblen’s views, showing his place in the history of economic thought. The author analyzes the context of Veblen’s life and work and considers different aspects of his theoretical legacy. Special attention is paid to the discussion of Veblen’s role in the development of institutional economics. The author describes in detail the main trends in the development of institutionalism after Veblen.

The article written by the founder of institutionalism and published in 1909 is translated into Russian for the first time. Veblen criticizes different versions of neoclassical theories of production and consumption, trying to consider human behavior in the wide cultural context. He suggests a methodological alternative to neoclassical theory, rebutting teleological explanations of neoclassics and emphasizing causal relations. Moreover Veblen formulates a theoretical alternative: he develops a theory of institutional evolution and describes how habits, customary modes of thought and conventional judgments influence behavior of businessmen and how the analysis of their scheme of life can contribute to deeper understanding of their economic activity.

The article considers the Veblen’s legacy from the point of view of its theoretical status. In this connection the author investigates the nature of theory as such, analyzes neoclassical school as theory, compares Veblen’s ideas with neoclassical conceptions, in particular showing the influence of these ideas on F. Knight. The article displays and systematizes the main directions of Veblen’s research and shows that if a certain concept of the theory as such is adopted, then these lines of research should be treated as theories no less than the works of neoclassic economists.

The article reviews various methods of housing affordability measurement which are currently used in Russia to monitor results of the housing reforms. Key factors affecting housing affordability are identified. The article analyzes in detail methodological problems concerning calculation of housing affordability coefficients for Russia and possibilities of comparing Russia with foreign countries. A set of indicators is provided with every indicator describing a particular aspect of housing affordability.

The article presents the analysis of economic behavior of wood sector ¬enterprises of Karelia Republic during transition to market. Findings show that the absence of adequate institutional conditions has set many enterprises on the brink of survival. The influence of formal institutions is essentially leveled by inefficient informal actions. Examples of positive changes testify not so much that the formation of effective institutions is taking place, as about the degree of adaptation of successful enterprises while using all favorable external factors. The analysis is based on data of long-term economic and sociological surveys of Karelia forest territories.