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Breaking Promises: Hungarian Experience

Kornai Jаnоs

The article analyzes the role of promises and obligations in economic life, delineates the major types of obligations and shows the devastating consequences of breaking the promises. Various additional circumstances are also considered that have to be accounted for in the balanced judgment of the situations in which the obligations are not met. The examples of breaking promises, logics of such a breaking and the factors precluding it are discussed in the ethical and political contexts as well.

Budget Policy and Economic Growth

Idrisov Georgy, Sinelnikov-Murylev S.

The paper analyzes the prior approaches to budget policy implementation in the context of accelerating economic growth. The authors review the academic issues of short and long term economic growth and discuss the Russian budget policy opportunities and constraints. The authors conclude that (1) in the current situation Russia has quite limited budget measures to smooth economic growth; (2) options to raise total government spending in short and middle-run perspective are absent, and, thus, (3) it is needed to change the expenditure structure along with transforming budget institutions in order to create preconditions for long-run economic growth.

Development of Social and Economic Forecasting and Ideas of A. Anchishkin

Klepach Andrey, Kuranov Gennady

The role of the prominent Soviet economist, academician A. Anchishkin (1933-1987), whose 80th birth anniversary we celebrate this year, in the development of ideas and formation of economic forecasting in the country at the time when the directive planning acted as a leading tool of economic management is explored in the article. Besides, Anchishkin's special role is noted in developing a comprehensive program of scientific and technical progress, an information basis for working out long-term forecasts of the country's development, moreover, his contribution to the creation of long-term forecasting methodology and improvement of the statistical basis for economic analysis and economic planning. The authors show that social and economic forecasting in the period after 1991, which has undertaken a number of functions of economic planning, has largely relied on further development of Anchishkin's ideas, at the same time responding to new challenges for the Russian economy development during its entry into the world economic system.

Fundamentals of National Accounting (International SNA 2008): A Textbook. 2nd ed. / Ed. by Prof. Yu. N. Ivanov

Grigoruk N.

How Is Non-knowledge Represented in Economic Theory?

Svetlova Ekaterina, van Elst Henk

In this article, we address the question of how non-knowledge about future events that influence economic agents’ decisions in choice settings has been formally represented in economic theory up to date. To position our discussion within the ongoing debate on uncertainty, we provide a?brief review of historical developments in economic theory and decision theory. Uncertainty is thereby understood as either based on decision-making in the context of a?state space representing the exogenous world, as in Savage’s axiomatisation and some successor concepts (ambiguity as situations with unknown probabilities), or, based on decision-making over a?set of menus of potential future opportunities, providingthe possibility of derivation of agents’ subjective state spaces (unawareness as situation with imperfect subjective knowledge of all future events possible).

Is It Worth to Protect Competition from Intellectual Property Rights?

Shastitko Andrey

Discrete structural alternatives (DSA) of intellectual activity results creation, including specification and protection of intellectual property rights (IPR), are considered through the lens of balancing with competition protection. DSA within the framework of IPR system are studied taking into account differences in incentives depending on market structures where goods are produced with IPR use, on the one hand, and regimes of antitrust, on the other hand. Besides, the open access to results of intellectual activity within the system of prizes and public procurement are presented as DSA. Some recommendations on balancing two ways of economic policy taking into account the state of affairs in Russian antitrust and IPR protection are put forward.

Metamorphoses of Financial Capital

Evstigneeva Lyudmila, Evstigneev Ruben

Financial capital is considered as a precondition of forming an integral market system. Based on financial capital a vertical market model is taking shape. It includes the following leading markets: strategic markets of financial capital, finance and money markets, markets of physical (cluster) capital, markets of social (consumers) capital. Markets of financial capital build the world reproduction model of synergetic character. Sustainability of the world market is maintained within the framework of the following types of big financial capital systems: cooperation of industrial and banking capital (Hilferding), international banks (Keynes), state monopoly of GDP (well known as far back, as in the USSR period). One can consider this framework as a political form of general equilibrium of the global market. A systemic function of financial capital is gathering power for ensuring endogenous evolution of economy and society on the principles of market self-organization. The authors believe this is the only way out of a deadlock for our economy and society.

The Slowdown of the Russian Economy

Zamaraev Boris, Kiyutsevskaya Anna, Nazarova Anzhela, Sukhanov Evgeny

This article considers factors and conditions slowing growth of the Russian economy. Its recovery growth after the crisis of 2008—2009 is over. The limit of rapid growth through the export of raw materials has now been reached. Reducing flows of financial resources from the rest of the world influence the Russian overall macro framework. Reduction of infrastructure investment projects and public investments led to a slowdown in the growth of domestic demand. New, lower long-term trends of economic growth are being formed in the Russian economy. This picture is radically different from the "fat" 2000s.

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