• N. Akindinova, V. Mironov, M. Petronevich, S. Pukhov, S. Smirnov — Russian Economy against a Background of Global Crisis: Current Trends and Prospects of Development

• BP Statistical Review of World Energy, June 2009
• A. Siluanov, V. Nazarov — Coordination between Federal and Regional Governments While Conducting Anti-recession Policy: International Practice

• A. Rakviashvili — Libertarian Conception of the State: Logic and Morality

• D. Ivanov — Capitalism Is Here to Stay (On the Book by V. Barnett «Marx»)
• S. Men'shikov — The Imperative of Convergent Economy (On the New Book by G. N. Tsagolov)

• Yu. Shvetsov, O. Bulash — Bureaucratization of the State as a Brake on Socio-economic Development

• III International Scientific Conference «Rationality, Behaviour, and Experiments»

Abstracts

It is not correct to treat peasantry as a class. It belongs to those strata of society that provide its vital activity. Russia’s agrarian tragedy has a long history. Peasantry has always been the source of resources, but not the organic part of economy and society. In order to develop land it is necessary to change the demographic situation, attract millions of people to rural areas. Rural life should be comfortable and pleasant, but to achieve this goal the revival of agriculture must become not only an economic project, but a priority social one.

The article considers the role of innovations in the history of the mankind. Three stages of development are pointed out: agrarian, industrial and post industrial (innovational). Specific institutions and types of culture correspond to each of them. Peculiarities of the innovational stage according to catching-up and developed countries are discussed. The former will begin to lose their competitive advantages while approaching technological frontier. Institutional and cultural modernization of developed countries should correspond to the requirements of innovational economy.

The paper discusses economic and political modernization under Alexander II and Alexander III. Special attention is paid to economic modernization under conservative political regime as well as to the influence of the 19^th century economic policy and economic debates on the industrialization policy in the 20^th century.

The article considers the evolution of the main approaches to the measurement of human capital. It shows that each approach disregards some important aspects of the phenomenon which leads to the biases in the results of statistical research. The major inconsistencies arise in Russia and other transition economies, whereas for the countries that have a developed competitive labor market the problems are less acute. Methodological dead ends and the impossibility of the value-based computation of human capital stock require a shift in perspective — from the direct measurement to the analysis of human capital which emphasizes tendencies and interrelations.

Overall overview of current economic situation in Russia and in the world and possible scenarios of future economic development are presented in the paper. The analysis of GDP slowdown factors shows that the fall in excess inventories, accumulated in 2007—2008, accounts for more than 2/3 of GDP reduction in Russia. It is noted that instruments used by the government are weakening each other and do not allow to achieve internal and external equilibrium simultaneously in the future. Two possible anti-crisis economic policies (which are also behind the differences in two scenarios) are considered — countercyclical and ¬anti inflation ones, their advantages and drawbacks are examined. The conclusion is made that countercyclical policy is now more favorable, which seems also to be a government choice. Nevertheless, anti-inflation policy directed to shrink monopolies power is necessary in both scenarios.

The developments on the world energy markets in 2008 are reviewed. It was a very special year of high volatility, in which the worst global economic contraction since World War II started. Analysis shows that it was the year in which non-OECD energy consumption became greater than OECD energy consumption for the first time. The study prompts a number of conclusions. Extreme situations do bring out what really matters. Energy is a capital intensive business with long lead times; demand for its products depends on the pace of economic growth. Cycles and price volatility are the norm reflecting our imperfect knowledge over long investment horizons. In 2008 we saw a sharp turn in the economic cycle and associated volatility in energy prices. The key to meeting the longer-term challenge is to manage through these ups and downs. In 2008, markets served global energy security well on the way up, and on the way down. And they served it better the more they were allowed to develop without interference.

In countries with multilevel budget system the efficiency of anti-recession policy largely depends on the coordination between federal, regional and municipal governments. It can be achieved by using various intergovernmental fiscal instruments such as reduction of federal taxes and tax redistribution between government levels, softening credit requirements for subnational governments, unconditional and block grants, federal investments in regional infrastructure and co-financing of regional programs affecting people with low and moderate income. Analysis of international practice helps to understand whether it is reasonable to use these instruments in Russia.

The article overviews theoretical specifications of the libertarian concept of the minimal state. Based on the systematization of the key theoretical works, the analysis of economic state invasion limits is conducted, and the sufficiency and necessity of the minimal state limited only by the defense functions are argued. At the same time, the arguments offered by the author indicate the impossibility of satisfactory grounding of state functions enlargement over the minimum level.