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Institutional approach in economics and to economics. Part I

Institutional approach in economics and to economics. Part I

Journal of Institutional studies, , Vol. 7 (no. 3),

The paper attempts to justify an alternative to conventional methodology of economics, as well as make a corresponding revision of the history of this discipline. It explains why the discipline in its orthodox version, and for the most unorthodox directions, is cognitively sterile and socio-economico-politically very harmful. The article can be seen as a manifesto which calls for a radical change in the discipline. As a manifesto, it probably could be called "Economics: from repentance and resurrection", that is, I suggest to economists to repent of the harm that this discipline has brought and on the basis of this reflection to revive it in a different methodological framework that is able to make economics socially useful. The first part of the article published in this issue, consists of three sections. The first section justifies the claim that economics is stuck in metaphysical-abstract state with its abstract-a priori approach, and that its orthodox part is theology plays the role of a theology of the secular market religion. The second section summarizes the methodology, the use of which would make "economic science" truly scientific. The third section shows how this can be implemented.

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Origins of modern economic system: England or Holland

Origins of modern economic system: England or Holland

Journal of Institutional studies, , Vol. 7 (no. 3),

This paper, following the approach of the Dutch scholars de Vries and vab der Woude, claims that the Netherlands, rather than England (as it is generally assumed), were the first country, which performed the transition from the traditional society to modern one. Identification of criteria distinguishing traditional and modern societies follows the works of W. Rostow, S. Kuznets and other authors who studied the issue. In order to prove the thesis, author compares urbanization level in Holland and in England, as well as degree of commercialization of those economies, and considers the process of commercial and productive specialization in the United Provinces. Besides that, the formation of modern-type institutional system in Holland is analyzed: the genesis of the markets of factors of production, development of monetary and credit systems and of institutional and technological basis of the industry, strengthening of competitive forces in the economy. Land ownership structure in Holland is considered and its role in genesis of the markets of factors of production. Attention is paid to technological basis of the industry, examined is the impact of immigration. It concludes that the Netherlands were the first country where modern economic growth, as defined by S. Kuznets, started. It was Holland where for the first time the markets of factors of production were formed and, what is particularly important, the industry began to operate on a competitive basis.

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European methodology of analysis vertical restraints under rule of reason in context of cooperative relation specific investments

European methodology of analysis vertical restraints under rule of reason in context of cooperative relation specific investments

Journal of Institutional studies, , Vol. 7 (no. 3),

The problem of underinvestment in specific assets is a key issue in new institutional economics, especially in case of cooperative relation specific investments. It can be solved due to vertical restraints, as an alternative way of vertical integration to transfer control to partner, who makes relation specific investments. The type of relationspecific investments called «cooperative» investments (or cross investments) was nearly absent in economic analysis up to the very end of the twentieth century despite of the fact that such investments are widespread. It led to the absence of analysis relation specific investments in official regulation documents. At the same time, different types of relation specific investments can be characterized by different degree of riskiness and need special regulations of vertical agreements. In the paper author makes an attempt to analyze the European methodology of assessment vertical restraints under rule of reason focusing on the type of relation specific investments. It makes possible to improve analysis of vertical restraint in Russian antitrust.

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The «delay» of specific investments as the temporal analogue of underinvestment

The «delay» of specific investments as the temporal analogue of underinvestment

Journal of Institutional studies, , Vol. 7 (no. 3),

The paper attempts to draw parallels between underinvestment to specific assets and its "temporary" modification, which may be denoted as "delay". It discusses possible reasons and consequences of delay in the implementation of specific investments and considers the two variants of delay depending on whether the time of investment observed by the parties of the transaction. It shown that the basic model of underinvestment, which can be used when building the temporary version if unobserved investment, can be used the model of O. Hart, while the analysis of the delay in the observability of investment hasn’t direct analogues and requires the usage of the theory of games with incomplete information.

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«Resource type» regions in the modern Russian economy

«Resource type» regions in the modern Russian economy

Journal of Institutional studies, , Vol. 7 (no. 3),

Despite the officially declared intention to form universal rules of the liberal type, development was based on the formation of a "hybrid" institutional environment in the "post-Soviet" transformation of the Russian economy. "Hybrid" institutional environment is characterized, firstly, with the prevalence of forms of interaction between authorities and business that are uncharacteristic for liberal market economy, and their "merging" with each other, secondly, with sustainable regional fragmentation. As a result regional institutional systems, based on different configurations of network linkages between business and authorities, appeared and embedded into unified «power vertical». «Resource type» regions occupy special position in the modern Russian economy. Their economies are based on the export-oriented industries as well as raw resources extracting and mining industries. We distinguish the following discrete structural alternatives of their development in a globalizing economy: "enclave dual economy" and integrated regional economy. The first option is institutionally reinforces the social and economic gap from developed countries. The second one provides diversification and development of regional and national economies. We use comparative characteristic of Kemerovo region and Krasnoyarsk region to carry out analysis of options of "resource type" regions development. We selected indicators and elaborated estimation algorithm to figure out the type of regional economic development.

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Ranking the participants of economic studies market in Russia

Ranking the participants of economic studies market in Russia

Journal of Institutional studies, , Vol. 7 (no. 3),

The paper discusses the results of rating the personal and institutional members of the Russian market for Economic Studies – economists and higher economic schools. Ranking the economists carried out in accordance with the Rating of academic activity and popularity, which is based on averaging three indicators of RISC – number of publications, number of citations and h-index. The quantitative results of the pilot empirical calculations have allowed to identify the main features of the model for academic success of economist, which includes factors such as mature age, high administrative status, attitudes to the leading scientific corporation and relevance of research subject. The paper also presents the rating of Russian universities engaged in economic studies. The rating is based on the account of two sides in the activities of universities – publication activity in the pages of the best economic journals, determined on the basis of special Ranking of economic journals, and human capacity, determined on the basis of Rating of academic activity and popularity of economists. The combination of these two factors for success has allowed to propose the classification of higher economic schools – emerging, mature, locally and globally active, locally and globally stagnating. It is shown that the additional data processing of system RISC allows to make a representative ratings that can serve as effective markers for Russian market of economic researches.

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Significance assessment of the external control effects of lecturers

Significance assessment of the external control effects of lecturers

Journal of Institutional studies, , Vol. 7 (no. 3),

The state policy regarding higher education has changed in the last decade. These changes were part of the efficiency programs of the public sector. Governments of different countries ruined previously existing system of higher education state regulation and attempted to build the quasi-market structure in the higher education industry. Such transformations served as timely and progressive reforms in the recent studies of the economics of education. Substitution of bureaucratic management mechanisms and modern competition managerial tools are articulated. Economic and institutional and sociological studies on the effects of the introduction of quasi-markets and managerial tools in higher education governance oppose to orthodox market approach. They drew attention to the fact that evaluation methods and improve the effectiveness of organizations and employees that are typical of the private sector often produce results that differ from those in the public sector. To assess the consequences of the introduction of managerial tools of external control activities of university lecturers used a methodology based on the allocation of the individual structural components (effects) and building on their basis of a multi-level hierarchical model in the research. Each component of the model (single effect) is characterized by a degree of significance (importance) and the degree of severity. The results of the systematization and assessment of the significance of the effects of external control activity of lecturers of Russian universities implemented in conditions of quasi-market mechanisms of the higher education system are highlighted in the paper.

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The institutionalization of consumer’s goods social standards (in terms of foodstuffs)

The institutionalization of consumer’s goods social standards (in terms of foodstuffs)

Journal of Institutional studies, , Vol. 7 (no. 3),

The paper is devoted to the development of the institutional design of consumer goods in the methodology of economic and sociological theories. The author detected the dependence of the consumer goods quality between the levels of the organization and the determining of a social order, including modes of coordination of economic agents (consumers and businesses). The resolution of methodological disputes has been discovered mainly on the basis of the methodological institutionalism principles. The research of consumer goods quality conventions has significantly contributed of the development of the institutional design of consumer goods, introducing the conception of institutionalization. Therefore, the institutional design of consumer goods was seen as process in the context of supporting and developing institutions in the discourses of institutional structure. The result of the study is considered: the development of economic and sociological approach to the determination of the quality of consumer goods and the model of social standards institutionalization.

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