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On the prospects of the institutional economics community in the post-Soviet space

On the prospects of the institutional economics community in the post-Soviet space

Journal of Institutional studies, , Vol. 6 (no. 2),
p. 6-9

The paper analyzes the prospects for the development of the institutional economics community in the post-Soviet space. The comparative advantages of the formation of such a community as a network of research groups united with “object-oriented approach” and vision of the post-Soviet space as a complex, highly segmented institutional space are highlighted.

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Marx, Sombart, Weber and the debate about the genesis of modern capitalism

Marx, Sombart, Weber and the debate about the genesis of modern capitalism

Journal of Institutional studies, , Vol. 6 (no. 2),
p. 10-26

The California School denies that the origin of modern capitalism was rooted in older European traditions, since the major Asian and European empires and nations were at comparable levels of development around 1700. The theories of Marx, Sombart and Weber are leading examples of the opposite view. They differentiate between different forms of precapitalist and early capitalist development in order to identify the factors which prevented or helped to initiate the industrial revolution. To ignore these factors is to belittle the importance of persistent cultural differences.

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Republicanism and development of the concept of economic freedom

Republicanism and development of the concept of economic freedom

Journal of Institutional studies, , Vol. 6 (no. 2),
p. 27-42

The paper is devoted to the problem of formation economic freedom concept composed by A. Smith in the context of republicanism development as one of directions in political thought of West philosophy during XVI - XVIII centuries Republican System of values and Protestant ethic had a profound effect on economists considered eras, giving inspiration to Adam Smith for the creation of his theoretical system of political economy, the key to which was the philosophy J. Locke.

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Taxes, and the teaching of Jesus

Taxes, and the teaching of Jesus

Journal of Institutional studies, , Vol. 6 (no. 2),
p. 43-57

Despite sporadic claims to the contrary, no single economic teaching can assert doctrinal status within Christianity in its historical evolution. This pluralism of Christian theology is rooted in differing economic perspectives of Jesus; he developed distinct attitudes in relation to the environments he confronted. Those environments and perspectives are recoverable by attending both to the social archaeology of Jesus’ period and place and to the sources (oral at the outset) that fed into the emergence of the written Gospels.
Nazareth engaged in a hybrid economy involving both traditional exchange and collective trade. In that environment, Jesus portrayed the kingdom of God in terms of wealth. The source known as “Q” reflects this background, and Jesus’ perspective involves the enjoyment of what only trade can produce but means of what only the local economy of exchange can distribute and consume. The communal meal typified Jesus’ activity at this stage.
But the source called “Q” also reflects Jesus’ period in Capernaum, where he attacked the tendency of economies based on currency to produce or exacerbate poverty. Jesus’ response is not only to speak of consolation of the poor, but also to urge his followers to become poor voluntarily in the interests of those in want. This is the root of the commutarian community of disciples in Jerusalem shortly after the resurrection. The principal source for this perspective was the apostle Peter.
Opponents who wished to portray Jesus as a rebel against Rome pressed the specific issue of taxation in argument with him in Jerusalem. But Jesus’ response is not to compromise. His teaching to render what is Caesar’s to Caesar and what is God’s to God has been misunderstood as a prevarication. The teaching about what is God’s and what is Caesar’s assumes that, just as the Roman coin bears the image of the empire, so God’s kingdom makes itself evident with its own stamp. Understanding that Caesar’s power is limited to what Caesar can do - mint coins in this case - sets the boundary of political authority in comparison with humanity’s fundamental connection to God.
Jesus’ position explains why, for him, the right question about taxing is not who should pay, but - what should be taxed? And the answer is: mammon, a term whose meaning is consistent with its Aramaic background, as indicating a bribe.
Although Jesus cannot reasonably be understood to have held any economic theory, his principles regarding money and its limits suggest that policies of taxation in most developed contrives are invasive. If money is taxed instead of people, and the issue of profit (whose definition has become increasingly inscrutable) is set aside, then a flat tax on transactions of all kinds appears far more just. The fact that technology offers the prospect of effecting such a tax offers the prospect of a containment of one of the worst aspects of globalization and a just theory of taxation.

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Model of institutional modes legitimacy and its practical application

Model of institutional modes legitimacy and its practical application

Journal of Institutional studies, , Vol. 6 (no. 2),
p. 58-67

The author’s attempt to interpret the concept of institute legitimacy is given in the paper. The model for the analysis and forecasting of institutional systems as two-factorial legitimacy matrix including four institutional modes of legitimacy which differ from each other by a combination of legality and justice is presented. The model supplements the methodological and theoretical device of the institutional economic theory and is aimed at balance maintenance between legality and principles of social justice.

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Islamic finance: «principal-agent» problem and its possible solutions

Islamic finance: «principal-agent» problem and its possible solutions

Journal of Institutional studies, , Vol. 6 (no. 2),
p. 68-78

The paper gives an overview of the problem «principal-agent», which is peculiar to the whole Islamic banking system. As a solution to the problem of moral hazard which occurs in the framework of this system, authors have offered the mechanisms of inner and external monitoring. A theoretical model based on the method of inner monitoring with reward, predicts that moral hazard is lower as higher is a penalty for opportunism. The peculiar influence of culture which is essential for all countries with Islamic banking system, guarantees the efficiency of the external mechanism of struggle with moral hazard- religious canons don’t allow to behave in an opportunistic manner. It is also important that religion leads to the creation of another inner mechanism of struggling with a moral hazard- the creation of specific Religious Committees. Their efficiency is regulated by the cooperation of three-level system of monitoring. In the end there is an example of functioning of the Financial House «Amal» in Tatarstan. The authors conclude that not all mechanisms which are essential for functioning of banks in Islamic countries, are fulfilled in the framework of the banking system of Tatarstan.

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The essence and classification of the institutions of the institutional environment of innovation

The essence and classification of the institutions of the institutional environment of innovation

Journal of Institutional studies, , Vol. 6 (no. 2),
p. 79-90

The paper defined the essence and possible classification of institutions of the institutional environment of innovation. Methodological basis is the classification of institutions generalized in the work of Ivinskaya I. V. and classification of miniekonomics institutions of production of new knowledge proposed by Popov E. V. The author comes to the conclusion that the most common and objective is to divide of institutions on the base of character of influence to the incentives of economic agents, but at the level of NIS should also divided on the character of effects to the level of economic development, and at the micro level on the relation to the subject (organization). As a result, in separate group were isolated institutions of stimulating innovative behavior of economic agents, which differ lack of sanctions.

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Typologization of approaches to identifying the efficiency of economic institutions

Typologization of approaches to identifying the efficiency of economic institutions

Journal of Institutional studies, , Vol. 6 (no. 2),
p. 91-109

The purpose of the paper is to set up a typology of conceptions of economic efficiency. The criticism of the use of concepts of efficiency in economic research is considered. These conceptions of economic efficiency are described: Pareto efficiency, conceptions of «public purpose», Kaldor-Hicks efficiency criterion, Scitovsky double criterion, conceptions of social welfare functions, theory of second best, conception of economic growth as an indicator of the efficiency, transaction costs, conceptions of natural indicators of the efficiency, conception of X-efficiency, conception of group selection, conceptions of happiness indicators, conceptions of synthetic indicators of efficiency in human development, Douglass North’s conception of adaptive efficiency, Israel Kirzner’s theory of efficiency, Roy Cordato’s conception of catalectic efficiency, Jesus Huerta de Soto’s theory of dynamic efficiency. The specificity of sociobiological approach to the study of the efficiency of institutions is shown. The author attempts to test of applicability of described conceptions for the analysis of efficiency of economic institutions.

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The national wealth of Russia: history and modernity

The national wealth of Russia: history and modernity

Journal of Institutional studies, , Vol. 6 (no. 2),
p. 110-117

The paper is devoted to the analysis of the national heritage concept of Russia from the beginning of its formation to the present. I. T. Posochoskov can rightly be considered as the originator of this concept. "Book on Poverty and Wealth" is not only a sample of "sovereign literature", but has deep thoughts about the fate of Russia, its wealth, and most importantly, its careful use to improve the material and spiritual welfare of the people of Russia. The formation of a concept of national heritage of Russia is studied in the works of modern Russian scientists.

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Formation and development of the course of political economy by scientists of financial university: historical retrospective

Formation and development of the course of political economy by scientists of financial university: historical retrospective

Journal of Institutional studies, , Vol. 6 (no. 2),
p. 118-130

The paper is devoted to a retrospective analysis of the approach to the formation of political economy course in our country before the Second World war, special relationship at that time of the country’s leadership to the content and the structure of the course of political economy is shown. The role of the scientists of our Financial University under the Government of the Russian Federation (Moscow financial institute) in shaping the course of political economy is reflected. The authors show that the political economy has always been in our university a powerful foundation for all economic sciences and today within the framework of scientific school «Financial management in a changing world» scientific schools of the university continue to develop the various directions of economic science, use the best heritage of our many famous scientists.

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