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The Questions of Transaction-Contract Approach Application to Economic Institutions Assessment

The Questions of Transaction-Contract Approach Application to Economic Institutions Assessment

Journal of Economic Regulation, , Vol. 13 (no. 3),

The article is devoted to the opportunities of author’s transaction-contract approach application. The approach assumes that direct assessment can be done by structural elements with transformation of individual efforts of economic agents in collective efforts based on change of transactions and transformations in contract as an institutional agreement. In contract relations economic agents make efforts (in contract theory terminology) for product transformation as well as transaction efforts, which in series replaces each other. All the efforts can be assessed by costs and benefits, which economic agents gain as a result of economic relations. In the article it is discussed the questions of theoretical and practical application of transaction-contract approach to analysis of different economic spheres. Economic spheres can be divided based on the proportions of transaction and transformation on every stage of production process. The author refers to transaction sphere production processes in which the share of transaction efforts exceeds the share of transformation efforts. It means that the growth of total product is largely due to the transactional component. The author discusses the possibilities of using the approach to the research of transactional and transformational types of the production process, where, as an example, are given, among other questions, the possibilities of analysis of merit goods production, as well as examples of research and modeling of opportunistic behavior at the intra-company level.

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Alternative Theories of Economic Growth

Alternative Theories of Economic Growth

Journal of Economic Regulation, , Vol. 13 (no. 3),

All new global economic crises, as well as those of national economies, are challenging the dominant growth paradigm. The antagonists of this concept draw attention to the multiple vulnerabilities of modern economic systems, the perverse nature of "consumption economics", and the rapidly increasing environmental damage that arises mainly from careless use of natural resources and the frenzied pursuit of increased production capacity. These and other problems raised questions about the relevance of the economic growth rate as the main measure of development of a country or civilisation as a whole, about the adequacy of the perception of GDP as a system-forming indicator, and the relationship between economic growth and an increase in the well-being of a nation. As a result, a number of alternative theories of economic development were developed by the global scientific community: a-growth, de-growth, zero-growth, green growth, and post-growth. Despite many individual differences, all of them have turned out to be very similar in their essence: abandon the fetishism of GDP growth rates, make every possible effort to minimize environmental damage, accumulate social capital and improve the well-being of the population. Although each of the alternative theories is, to varying degrees, utopian, as evidenced by the consistent criticism of the proponents of classical growth theory, their ideas are gradually being reflected in the public policies of predominantly developed countries and are gaining increasing support among citizens.

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Antecedents and Origins of The Circular Economy Research Area in The History of Economic Thought

Antecedents and Origins of The Circular Economy Research Area in The History of Economic Thought

Journal of Economic Regulation, , Vol. 13 (no. 3),

As the circular economy is gaining momentum in the UN Decade of Action for Sustainable Development, recent years have witnessed a growing interest in the history of environmental economic thought. Although the iterative development of the circular economy concepts and schools of thought, including “spaceship economics”, industrial ecology, performance economy, Cradle to Cradle philosophy, and biomimicry, dates back only to the 1970s, today’s circular framework is the product of many centuries of economic theory. While most of the research on the topic has been sporadic and fragmented, the present study takes a holistic approach to provide a comprehensive chronological survey. Based on retrospective analysis, the paper reviews the key relevant economic ideas from the 16th century onwards that contributed to the theoretical understanding of the circular economy. It sheds light on the legacy of the classical tradition, particularly the physiocratic school and the Malthusianism, and the neoclassical theory, including the establishment of environmental economics as a separate subdiscipline and the evolution of ecological economics, among other things, which shaped an integrated circular economy approach in a postparadigmatic period. The research findings suggest that the emergence of modern environmental and natural resource economics in the 1960s–70s as well as the rise of green growth thinking in a diversified policy discourse after the 2008– 2009 Great Recession facilitated the development of the circular economy field and led to the promotion of the circular economy within the global sustainability context since the 2010s. Highlighting the antecedents and origins of the circular economy research area, along with the rationale behind the adoption of a restorative and regenerative economic system, these results incorporate the circular framework into the body of existing knowledge and help to capture the essence of the circular economy.

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Price Regulation Under Sanctions: International Experience

Price Regulation Under Sanctions: International Experience

Journal of Economic Regulation, , Vol. 13 (no. 3),

The object of the article is price shocks in Russia resulting from international sanctions imposed in connection with military action in Ukraine. The aim of the paper is to examine the most useful international experience of administrative price regulation for vital commodities. In particular, the study describes price control in India, China, Kyrgyzstan, Venezuela, Iran, Bolivia, Saudi Arabia, as well as in Russia itself. The synthesis of regulatory practices forms the basis of a generalised scheme, taking into account the stages, scale, timing and methods of government intervention. Furthermore, the need to combine static and dynamic price regulation for different product groups is stressed. Among the countries considered, the most interesting and original experience is that of India's regulation of corporate stocks (e.g. retail chains) to give rhythmic sales and the practice of marking the Maximum Retail Price (MRP) for certain types of goods. The authors argue for the possibility of adjusting the utility price index to account for sharp spikes in inflation in the initial period of sanctions, and for reducing the operational period for monitoring prices for decision-making from 60 to 30 days.

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Cluster Approach to The Economic System Tourism Security

Cluster Approach to The Economic System Tourism Security

Journal of Economic Regulation, , Vol. 13 (no. 3),

Effective interaction of business process participants with state-owned enterprises has a positive effect on the creation of a cluster. So tourism represents the sphere of active interaction of the constituent industry components: education, culture, science, economy, politics, security, etc. This interaction is of no small importance not only for society, but also for the state as a whole. The cluster approach to the formation of the system of economic security of tourism makes it possible to determine the level of quality of socio-economic development of the region. Also, using the example of the selected main factors, it is possible to determine the tourist attractiveness of the area in question, with the aim of further assessing the development of tourism. Such an analysis will make it possible to form in the context of economic security the main problems and solutions that will reduce the number of risks and restrictions. Such measures will further contribute to the effective development of the tourism sector.

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“Positive Agency Theory” in Explaining Social and Labor Relations in The Academic Sphere

“Positive Agency Theory” in Explaining Social and Labor Relations in The Academic Sphere

Journal of Economic Regulation, , Vol. 13 (no. 3),

In this article, the authors propose to consider the possibility of using the “positive agency theory” to explain the mechanism of decision-making by key subjects of social and labor relations using cases of the academic sphere. The interest of the authors in the academic field is due to the development of research in the field of increasing the efficiency of the return on the use of human capital in modern Russian universities. In the first part of the article, the authors consider the main approaches to the analysis of the essence of social and labor relations and, on this basis, offer its comprehensive definition. The central place in the article is devoted to the comparison of “normative agency theory (principal-agent)” and “positive agency theory”; highlighting the features of the positive theory of agency relations and substantiating with its help the process of choosing by the subjects of social and labor relations of one or another type of contracts. The authors pay considerable attention to the characteristics of the factors influencing the choice of the preferred type of contracts – contracts based on behavior, or contracts based on results. Enrichment of the theoretical and methodological apparatus that explains the formation and development of social and labor relations not only with the help of traditional approaches, but also through the achievements of the “positive agency theory”, allows a deeper analysis of the possible causes of inefficient behavior of academic workers in the changing and multitasking environment for the development of modern universities.

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