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Can the Macroeconomic Police Save the Economy?

Can the Macroeconomic Police Save the Economy?

Journal of Institutional studies, , Vol. 5 (no. 4),
p. 6-12

Issues related to economic power, profit maximization and macroeconomic policy to stabilize the economy targets are discussed in the paper. Formed such institutional conditions under which artificially lowering of doing business relative costs has become the dominant maximizing profits direction in the business, along with the use of natural advantages, and an economic power has become the main competitive advantage necessary to make a profit. Inefficient institutional structure and the "economy of power" makes it impossible to conduct a coherent macroeconomic policy aimed at achieving longterm stabilization, expansion of aggregate supply and economic growth.

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Institutional Foundations of Classical Political Economy

Institutional Foundations of Classical Political Economy

Journal of Institutional studies, , Vol. 5 (no. 4),
p. 13-35

The author refutes the traditional interpretation of Classical political economy as a theoretical system, neglecting historical and institutional factors of economic analysis and explaining only one type of economy, namely the economy of a trade society. It is proved that historicism and institutionalism are primary principles of the classical tradition of political economy analysis of the reproduction of social wealth. On the example of the classical theory of commodity economy, it is shown how classical economists reveal historical and institutional preconditions and consequences of the spread of exchange relations.

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Institutional Change in Context of Economic Orders Modernization

Institutional Change in Context of Economic Orders Modernization

Journal of Institutional studies, , Vol. 5 (no. 4),
p. 36-57

Economic policy of modernization aims at reducing the differences in the economic development between countries. Economic development and institutions are interdependent; on the one hand, existence of high-quality institutions results in economic growth, but, on the other hand, achieved level of well-being can lead to accumulation of human and social capital which are able to create the foundations for the modern institutions. Institutions and technologies are considered in the historical context of its evolution. The actions of special interest groups, prevalence of the ceremonial values, lock-in on the inefficient institutions caused by path-dependency are the obstacles to economic modernization. Economic policy of modernization favors economic development if there is a consensus among the elites about the purposes and methods of its implementation in accordance with national features of the evolution of institutions.

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Institutional Approach to Macroeconomic Analysis

Institutional Approach to Macroeconomic Analysis

Journal of Institutional studies, , Vol. 5 (no. 4),
p. 78-88

Modern financial crisis has forced researchers to look for new ways to explain macroeconomic phenomena. In particular, this led to the approach, called “New Monetarism”. A distinctive feature of the new approach is the application of institutional ideas in the macroeconomic analysis. For best results in the study of the impact of external shocks on the economy the new approach included the analysis of institutions that determine this impact to the macroeconomic model. This paper studies the theoretical foundations of the new approach, analyzes its place and role in modern macroeconomic analysis. The author focuses on the innovative introduction of money in the macroeconomic model, that the new approach allowed unconventional analysis of the modern macroeconomic problems.

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Economic Culture of the West: from New Time till Our Days

Economic Culture of the West: from New Time till Our Days

Journal of Institutional studies, , Vol. 5 (no. 4),
p. 89-99

Attention is directed to the authors of the publication of an economic culture of the West. In this study, especially those highlighted in samples of culture in its economic slice that was depicted in epic metamorphosis of social thought and spirit. Wanting to take into account only the most significant elements of the cultural and economic environment, the authors refer to the sources that form the basis of ideological paradigm of the Western world.

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Institutes of State Regulation of Religion in Post-Soviet Buryatia

Institutes of State Regulation of Religion in Post-Soviet Buryatia

Journal of Institutional studies, , Vol. 5 (no. 4),
p. 100-107

In the paper the formation processes of the institutions of state regulation of religion in Post-Soviet Buryatia, and rules of interaction between government and various religious organizations are analyzed. The institutionalization of religious policy forms the structure of the religious field, representing division of the religious organizations on the basis of traditional character. The establishment of such rules improves the controllability of public funds allocated to support religious organizations.

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Structure of Entrepreneurs’ Social Capital in Their Interaction With Regional Authorities

Structure of Entrepreneurs’ Social Capital in Their Interaction With Regional Authorities

Journal of Institutional studies, , Vol. 5 (no. 4),
p. 108-126

Entrepreneurs’ social capital in their interaction with authorities is highlighted in the paper (on the example of Kemerovo region). To evaluate social capital of entrepreneurs authors apply methodology based on its structural elements allotment and building on their basis a multi-level hierarchical model. Integral evaluation of individual reserve of social capital is computed based on business survey of the Kemerovo region. Four clusters of entrepreneurs are identified according to the structure of reserve of social capital. Differences of the measure of autonomy and the strength of interaction with authorities for different classes of entrepreneurs are revealed.

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Program Course «Institutional Economics»

Program Course «Institutional Economics»

Journal of Institutional studies, , Vol. 5 (no. 4),
p. 127-142

Program course is designed for candidate examination delivery in specialty 08.00.01 - "Economic Theory". The candidate's minimum program consists of mandatory sections: general economic theory (political economy), microeconomic theory, macroeconomic theory, institutional and evolutionary economics, economic history, history of economic thought, methodology of economics.

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Institutional Aspects of the Reforms Franklin D. Roosevelt (Based on the Conference at the Financial University under the Government of the Russian Federation October 18, 2013)

Institutional Aspects of the Reforms Franklin D. Roosevelt (Based on the Conference at the Financial University under the Government of the Russian Federation October 18, 2013)

Journal of Institutional studies, , Vol. 5 (no. 4),
p. 143-148

The 80th anniversary since the beginning of "New Deal" reforms in the USA in the March -June 1933 is celebrated in 2013. In honor of this event the first conference in the series "The great economists and the great reforms" was held in the Financial University under the Government of the Russian Federation on October 18. The article presents reviews of the presentations and materials which were sent by participants. Priority attention is paid to the institutional aspects of the reforms of Franklin D. Roosevelt in the new areas context of economic theory and practice, solutions to contemporary problems of crisis management and macroeconomic dynamics.

Views: 920

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