• M. Likhachev — Macroeconomic Equilibrium Theory in the Context of Methodological Problems of Contemporary Economic Science
• I. Rozmainsky — On the Methodological Foundations of Mainstream and Heterodoxy in Economic Theory in the End of the XIX — the Beginning of the XXI centuries
• I. Boldyrev — Ontology of Orthodox Economics: Problems of Construction and Interpretation

• L. Gokhberg, G. Kitova, T. Kuznetsova — Strategy of Integration Processes in Science and Education
• B. Mil’ner — Management of Intellectual Resources

• A. Suetin — An Oda to Original Enterprise (On the Book by T. Ferris "The 4 Hour Workweek: Escape 9—5, Live Anywhere, and Join the New Rich")

• Faminsky I. P. World Economy: Dynamics, Production Structure, World Commodity Markets (The Second Half of the XX — the Beginning of the XXI Century)

• April Discussions in Higher School of Economics (IX International Scientific Conference of SU—HSE "Modernization of Economy and Globalization". Moscow, April 1—3, 2008)

Abstracts

Having noted the achievements in social and economic development of the country as well as the improvement of investment climate, the author analyzes the experience of corporate governance. The RF government trying to rise the efficiency of the corporate sector hardens the requirements to information disclosure, perfection of legal regulation of affiliate entities, strengthening the responsibility of board of directors members for causing damage to shareholders.

The article presents an empirical investigation of the impact of the Balassa—Samuelson effect on the real ruble appreciation in 1999—2007. We consider long-run, supply-side determinants of the real ruble exchange rate, such as changes in terms of trade and labor productivity. Using Russian and German data on price and productivity differentials between tradable and non-tradable sectors of the two economies, we estimate the significance of oil price shocks and the Balassa—Samuelson effect for the real ruble appreciation. Our study demonstrates that, on average, about 1/3 of the observed appreciation can be attributed to the Balassa—Samuelson effect. The cointegrating relationship between the productivity differential and the real exchange rate provides evidence of the healthy nature of the economic growth, which took place in Russia during the time period under investigation. These findings suggest that exchange rate adjustments should be used by the Central Bank of Russia mainly as a monetary policy instrument for fighting inflation rather than as a tool for competitive devaluations.

The article critically considers basic postulates of quantity theory of money. It shows that they reflect the static state of the economy in abstract models of market equilibrium but do not prove true in actual economic processes. In contrast to monetarists’ view, prices can rise as well as fall even if other variables of the monetarist equation are stable. Thus it cannot be used for grounding monetary policy. The author comes to the conclusion on the dogmatism of Russian monetary authorities that seriously hinders the country’s economic development. He proposes to switch to market organization of money supply basing on regulation of the refinancing rate.

The article attempts theoretical rethinking of the inflation phenomenon. The economists have got accustomed to discuss "monetary vs. non-monetary nature of inflation", though such an approach poorly corresponds with present-day realities. Therefore the authors use the methodology of economic synergetics in their study of inflation. They reveal complicated correlations between such functions of money as a cost equivalent, a form of cost, and a reproduction model. The analysis leads to a model of an inflationary market mechanism that allows to compensate the growing capital intensity of national income by a market expansion and thus to maintain a financial stability in the economy.

The role of monetary factor in generating inflationary processes in Russia has stimulated various debates in social and scientific circles for a relatively long time. The authors show that identification of the specificity of relationship between money and inflation requires a complex approach based on statistical modeling and involving a wide range of indicators relevant for the price changes in the economy. As a result a model of inflation for Russia implying the decomposition of inflation dynamics into demand-side and supply-side factors is suggested. The main conclusion drawn is that during the recent years the volume of inflationary pressures in the Russian economy has been determined by the deviation of money supply from money demand, rather than by money supply alone. At the same time, monetary factor has a long-run spread over time impact on inflation.

The article is devoted to the analysis of methodological problems in using the conception of macroeconomic equilibrium in contemporary economics. The author considers theoretical status and relevance of equilibrium conception and discusses different areas and limits of applicability of the equilibrium theory. Special attention is paid to different epistemological criteria for this theory taking into account both empirical analysis of the real stability of economic systems and the problem of unobservability of equilibrium states.

The paper deals with the evolution of economic method during the last centuries. The author argues that the Marginalist Revolution in the end of the XIX century created radically new vision of the subject-matter and method of economic theory. As a result, contemporary mainstream economics is now based on the assumptions of methodological individualism, optimization and absence of "genuine" uncertainty. These processes have strongly diminished the potential of economics. As a response various heterodox conceptions have emerged emphasizing different kinds of non-optimizing and/or group behavior and also stressing the importance of complexity, volatility and "genuine" uncertainty of economic environment. In this respect, in particular, the paper shows that J. M. Keynes’ theory is beyond contemporary mainstream economics.

The article justifies the definition of economic ontology (ontology of economics) as a study of the most general features, categories and structure which belong to reality described in economic models. The author distinguishes ontology of science from ontology of economic life (the latter often functions as a substitute for science) and points out that ontology plays a significant role in resolving theoretical debates and in making clear philosophical presuppositions of economic theory. In the case of orthodox theory mathematics and mathematical structures are suggested as formal ontology.

The paper provides an overview of trends in the development of institutional infrastructures of R&D and higher education sectors in Russia with particular emphasis on the integration between respective activities. Major legal conditions are described against the background of socio-economic transformations. Key effects of recently adopted legislation are critically reviewed vis-а-vis prospective objectives of S&T and education policies.

The article considers notion, diversity and sources of knowledge, the new role of intangible assets in organization as competitive advantage, the importance of intellectual resources. The main attention is paid to knowledge management functions and structures, new forms of organizations which create, spread and use intellectual resources.