• A. Smirnov — Leverage and Financial Instability
• M. Storchevoy — The Economic Theory of the Firm: A Generalization

• V. Nazarov — The Future of the Pension System: Parametric Reforms or the Change of a Paradigm?
• A. Vishnevsky, S. Vasin, A. Ramonov — Retirement Age and Life Expectancy in the Russian Federation

• S. Avdasheva, A. Shastitko — International Antitrust: Demand, Restrictions and Lessons for Customs Union
• E. Sokolova — Competition on Innovation Markets: Peculiarities of Definition and Analysis

• L. Grebnev — The Lessons of "Essentials of Economics" by P. Krugman

• Kudrov V. International Economic Comparisons and Problems of Innovative Development
• Orekhov A. M. Philosophy of Economics in Russia: The Birth of the Tradition

Abstracts

The model of the Russian economy that was formed in 2000s does not match a new stable growth path, though it helped to calmly overcome the crisis of 2008 and 2009. The state needs to provide stability in the fields being under its direct control: in the budget and monetary policy. In the budget policy we consider advantages and drawbacks of a "New Budget Rule", which is based on long-term average price of oil. In the monetary sphere we vote for the policy of transition to inflation targeting and priority of low inflation against other goals of monetary authorities.

JEL classification: E52, E62, H62, Q43.
Keywords: macroeconomic stability, budget rule, commodity revenues management, inflation targeting.

In the paper some prominent features of a modern financial system are studied using the model of leverage dynamics. Asset securitization is considered as a major factor increasing aggregate debt and hence system’s uncertainty and instability. A simple macrofinancial model includes a logistic equation of leverage dynamics that reveals origins of a financial bubble, thus corresponding closely to the Minsky "financial instability hypothesis". Using ROA, ROE, and the interest rate as parameters, the model provides wide spectrum of leverage and default probability trajectories for the short and long run.

JEL classification: E63, G13, H63.
Keywords: securitization, leverage, probability of default, financial bubble, financial instability.

The paper deals with development of a general theory of the firm. It discusses the demand for such a theory, reviews existing approaches to its generalization, and offers a new variant of general theory of the firm based on the contract theory. The theory is based on minimization of opportunistic behaviour determined by the material structure of production (a classification of ten structural factors is offered). This framework is applied to the analysis of three boundaries problems (boundaries of the job, boundaries of the unit, boundaries of the firm) and five integration dilemmas (vertical, horizontal, functional, related, and conglomerate).

JEL classification: B41, B52, D02, D21, D23, L24, L25.
Keywords: theory of the firm, contract theory, opportunism, boundaries of the firm, structure of the firm, transaction costs, agency theory, specific asset, property rights.

The main aim of the paper is to reveal philosophical drawbacks of the current paradigm of the pension system. The main conclusion is that pension system as unified mandatory salary insurance is transforming into hybrids of free-will private savings and investments in human capital and government poverty insurance. Socially and politically acceptable measures of the pension system transformation are described in the paper.

JEL classification: H55, J18, I30.
Keywords: pension system, post-industrial society, parametric reforms, retirement age.

Retirement age reform in the Russian Federation is widely discussed in recent Russian economic literature. This literature mainly focuses on economic justification of increasing retirement age, less often considers demographic issues. The latter that according to economists’ point of view provide additional arguments for this reform are critically considered in the article. As indicated in it, none of these issues (population ageing, life expectancy growth, health of the elderly) nowadays provide empirical grounds for making decisions on changes in retirement age. On the contrary, modern demographic processes in Russia give arguments against this reform.

JEL classification: J26.
Keywords: population ageing, retirement age, life expectancy, healthy life expectancy, prospective age.

Enforcement of antitrust rules on the international level, on the one hand, is necessary to deter restriction of competition by the largest market participants, on the other — it suffers from the contradictions between incentives of national players. That is why international competition policy is based on institutional alternatives which look very imperfect. Harmonization of competition rules seems to be a good alternative only at first glance, since transplantation of antitrust provisions in different legal systems with different standards of proofs and different enforcement practices de facto leads to modification of the rule. Effective competition policy at the level of Customs Union requires to take into account all these limitations and risks.

JEL classification: H77, K21, L40.
Keywords: competition, competition policy, international antitrust, Customs Union.

The article aims to define the main peculiarities of competition analysis in case of innovation markets. Using the example of Apple’s iTunes Store antitrust suit, the main characteristics of the development of knowledge-based industries are applied to the analysis.

JEL classification: K21, L1, L5, L63.
Keywords: competition, innovative markets, market structure, antitrust regulation.

The paper reviews the textbook "Essentials of Economics" by Paul Krugman and his co-authors from the point of view of its relevance for the Russian education system. It also compares this textbook with similar books by P. Samuelson and N.G. Mankiw. The author emphasizes a high didactic value of Krugman’s book for teaching in the context of the student-oriented paradigm of education. The absence of significant substantial differences from the earlier textbooks is emphasized.

JEL classification: A11, A22.
Keywords: teaching economics, propaedeutic technologies.