On measuring complexity in a post‑industrial economy: the ecosystem’s approach
We propose the Modified Economic Complexity Index (MECI) as a possible refinement to
two relevant complexity measures: the Economic Complexity index (ECI) and the Fitness
and Complexity index (FCI). Both ECI and FCI are used for the evaluation of competitive
advantages and growth potentials of countries. ECI and FCI assume bipartite countrynetwork
data, whereas MECI provides an ecosystem-based design using technology as a
third dimension. We test the three complexity measures with respect to Balassa’s Revealed
Comparative Advantage index (RCA) and the newly introduced Revealed Effectiveness
Advantage index (REA) using empirical data for 41 countries. Regression analysis shows
that the predictive power of the three measures with respect to GDP per capita growth
improves using the REA index instead of RCA. MECI improves the prediction when compared
with ECI and FCI. However, the results for the three measures converge in terms of
initial diversity scores and GDP per capita correlation in the case of using the REA index.
MECI is based on an eco-system’s approach and can therefore be further developed into
The modern concept of modernizing Russia somehow reproduce the history of the theory of innovation. The theory of innovation in its development has gone through a least 3 stages. In the first phase (1910 - first half of the 40s) to the forefront issues of understanding the nature of innovation and their role in the development of society over time (long, medium and short periods), the relationship of innovation and long cycles conditions. This period is associated with the names of J.A.Schumpeter, M.I.Tugan-Baranovsky and N.D. Kondratieff. The second stage in the development of innovation theory (second half 1940 - first half of the 1970s) is characterized by the increased role of macroeconomic analysis, in turn, he has at least two substages: the first of which was dominated by the ideas of neo-Keynesians, on the second-neoclassical. The third stage of development of the theory of innovation began in the mid-1970s and proldolzhaetsya to the present. It is characterized by an offensive alternative approach to macroeconomic theory. With a certain degree of conditionality is also possible to distinguish two substages. The first (second half of the 1970s - early 1990s) is characterized by the emergence of new ideas drawn from evolutionary theory, institutionalism (the theory of the firm) and management (innovation management). In the second substage (mid 90s) innovations studied by the methods of systems analysis. The authors are increasingly focused on issues of comparative studies: a comparative analysis of innovation policy in different countries, study the ways and means of forming an effective innovation systems. In the report it is critically considered not only the official point of view, but also M. Porter, K. Ketels work “Competitiveness at the Crossroads: Choosing the Future Direction of the Russian Economy”. Also «The forecast of innovative, technological and structural dynamics of Russian economy till 2030» and RAND Corporation report “The Global Technology Revolution 2020: Trends, Drivers, Barriers, and Social Implications” are analyzed. In this paper institutional preconditions and possibilities of application of the concept of social market economy in the 21st century Russia were analyzed. Basic elements of social market economy are personal liberty, social justice, and economic efficiency.
In the frame of the third-order nonlinear wave dispersion theory the equation of motion of a vector wave packets mass center taken in to account arbitrary inhomogeneity profile is obtained. As short vector wave packets localized motion as infinite motion is shown. Short vector wave packets localizations area can be as bigger as smaller in comparison with long vector wave packets localizations area. The effect depend from third-order linear dispersion parameter.
The monograph identified key areas and indicators of the interaction of globalization and regionalization on the basis of the analysis assumptions and characteristics of their manifestations in Russia and the BRICS countries. At present, according to experts, there is a shift of the global economy towards the East, where the economies of the BRICS become a new factor in the development. The BRICS has attracted considerable attention as an alliance that has an unusual geographical and functional parameters. This fact allows to attribute it to the new format of communication between countries. Belonging to the new markets, the BRICS countries are playing a significant role in contemporary international relations and are active participants in a globalization of the world economy. Currently the role of the country in the international arena are basically determined by its economic and political "weight" among the leaders. A comparison of major economic indicators in Brazil, Russia, India, China and South - Africa and other countries is considered. It is noted that the BRICS countries can be an important element in the system of global management, especially in the financial and economic sphere. This monograph discusses issues of innovative development of the BRICS in the global space. The monograph The monograph may be of interest to a wide range of experts, including researchers of the problem, university professors, graduate students and professionals.
The interaction of short single-component vector solitons in the frame of the coupled third–order nonlinear Schrodinger equations taking into account third–order linear dispersion, self–stepping, self–stimulated Ramanscattering, cross–stepping and cross–stimulated Raman-scattering terms is considered. Conditions of reflection and propagation of the solitons through each other and also the condition of oscillator interaction (vector breather) are obtained.
India's recent growth rate has been impressive, with real GDP rising by over 8 percent a year since 2004. The country is also becoming a top global innovator for high-tech products and services. Still, India is underperforming relative to its innovation potential. Even a dynamic young population--more than half of whom are under 25 years of age--is constrained when skills training and higher education are insufficient. To sustain competitiveness, economic growth, and rising living standards over the long term, India needs to aggressively harness its innovation potential. The term innovation is broadly defined in this book to include both the creation and commercialization of new knowledge and the diffusion and absorption of existing knowledge in new contexts. A unique feature is the book's focus on inclusive innovation, that is, knowledge creation and absorption activities most relevant to the needs of the poor. Concrete recommendations are made for increasing productivity and welfare through the disciplining role of competition, including training and education, information infrastructure, and public and private finance as support mechanisms for broad-based innovation. Unleashing India's Innovation: Toward Sustainable and Inclusive Growth provides national and local policy makers, private sector enterprises, academic and research institutions, international organizations, and civil society with a better understanding of the power of innovation to fuel economic growth and poverty reduction.
In this paper we study convergence among Russian regions. We find that while there was no convergence in 1990s, the situation changed dramatically in 2000s. While interregional GDP per capita gaps still persist, the differentials in incomes and wages decreased substantially. We show that fiscal redistribution did not play a major role in convergence. We therefore try to understand the phenomenon of recent convergence using panel data on the interregional reallocation of capital and labor. We find that capital market in Russian regions is integrated in a sense that local investment does not depend on local savings. We also show that economic growth and financial development has substantially decreased the barriers to labor mobility. We find that in 1990s many poor Russian regions were in a poverty trap: potential workers wanted to leave those regions but could not afford to finance the move. In 2000s (especially in late 2000s), these barriers were no longer binding. Overall economic development allowed even poorest Russian regions to grow out of the poverty traps. This resulted in convergence in Russian labor market; the interregional gaps in incomes, wages and unemployment rates are now below those in Europe. The results imply that economic growth and development of financial and real estate markets eventually result in interregional convergence.
Peculiarities of making of managerial decisions in modern business systems, predetermined by observation of the basic principles, are shown: constant monitoring of external environment for determining new possibilities and actual problems and determining the need for managerial decisions; founding on materials of marketing research, conduct of marketing communications for informing and supporting loyalty of interested parties in the process of implementation of decisions; and striving for increasing or at least preserving the uniqueness and effectiveness of business system during decision making (criterion of optimality of decisions).
The economic crisis has uncovered three negative Russian tendencies that created institutional obstacles for market economy growth during the last decade: deepening of raw materials specialization, wear and tear of the equipment, gap in scientific and technical progress, and strengthening of the government. To stop these negative tendencies and overcome economic crisis it is necessary to reform developed institutes.
The major problem of the Russian economy is its low performance level. Overcoming development gap in comparison with developed countries will become possible only with the help of innovations. This means that process of generating and using Schumpeterian-type innovations should become the key factor of economic development. It is necessary to note that innovative activity of businessmen can be present in various forms. Depending on existing game rules business activity can get not only productive (J. A. Schumpeter’s creative destruction), but also unproductive (rent seeking) orientation.
The “Concept 2020” analyses the global challenges which Russia faces in its development that amplify high level of social inequality and regional differentiation, preservation of barriers to conducting enterprise activity, weak interrelation of education, science and business, absence of necessary competition in various markets and low level of social capital development. Under these conditions, as A. Gerschenkron wrote, the government becomes the leading factor of economic modernization, and it is its representatives that try to shape the concept of long-term socio-economic development of the country.
It is supposed that gross national product growth will be provided, mainly, by means of priority development of labour productivity and large capital assets investments. Our calculations show they considerably advance growth of productivity and gross national product, and that will lead to increase in a capital intensity of production and falling yield on capital investment. The arising gap between export and import, according to authors of the Concept, will be covered by the accruing inflow of foreign capital.
However the main drawback is the mechanism of maintaining economic growth. Defining concrete aims of development is an important, but an insufficient condition. The institutional mechanism of private sector development stimulation is not developed at all. Meanwhile, sharp increase of expenses on social sphere will raise the question about budget spending. It can be reached either by increase in taxes or by public sector expansion.
In the report it is critically considered not only the official point of view, but also Porter M., Ketels K. “Competitiveness at the Crossroads: Choosing the Future Direction of the Russian Economy”, «The forecast of innovative, technological and structural dynamics of Russian economy till 2030», and RAND Corporation report “The Global Technology Revolution 2020: Trends, Drivers, Barriers, and Social Implications” devoted to tendencies of development of 16 technologies in 29 countries and other forecasts.
In this paper we analyze institutional preconditions and possibilities of application of the concept of social market economy in the 21st century Russia. Basic elements of social market economy are personal liberty, social justice, and economic efficiency.
Personal liberty assumes trust strengthening between agents, development of guarantees of private property, and regular economic policy promoting freedom.
With social justice present market economy promotes social development and strengthens middle class. Democracy will allow to break administrative barriers and to create public control. Social justice also includes address support of vulnerable regions of Russia.
Economic efficiency should be directed towards creation and maintenance of competitive order, strengthening of antimonopoly activity and improving fair entrepreneur’s image. This will make Russia more attractive for workers from abroad and help it develop integrative relations with neighboring countries.
All these measures will raise economic efficiency while creating preconditions for a fast overcoming of the crisis and increasing the well-being and the acceleration of economic development of Russia.
Institutions affect investment decisions, including investments in human capital. Hence institutions are relevant for the allocation of talent. Good market-supporting institutions attract talent to productive value-creating activities, whereas poor ones raise the appeal of rent-seeking. We propose a theoretical model that predicts that more talented individuals are particularly sensitive in their career choices to the quality of institutions, and test these predictions on a sample of around 95 countries of the world. We find a strong positive association between the quality of institutions and graduation of college and university students in science, and an even stronger negative correlation with graduation in law. Our findings are robust to various specifications of empirical models, including smaller samples of former colonies and transition countries. The quality of human capital makes the distinction between educational choices under strong and weak institutions particularly sharp. We show that the allocation of talent is an important link between institutions and growth.
Propagation of the short vector envelope solitons in a inhomogeneous medium with linear potential in coupled third–order nonlinear Shrodinger equations frame is considered. Explicit vector soliton solution is obtained. The explicit solution for the solitons trajectories is studied. In particular cases this solitons solution can be reduced as to the short scalar soliton solution on linear inhomogeneity profile, as to well – known Chen soliton solution.
One of the basic factors of economic growth in the information knowledge - based economy is the innovation component determined by the level of intellectual capital usage. Of the specifics in the usage of intellectual capital is that the cost evaluation of intellectual resources on the macro-level as a factor of economic growth is extremely difficult and there are more evaluation possibilities on the micro-level. The risk's estimation based on making use of discount theory.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.