The paper is dedicated premises of origin and patterns of development of the doctrine of “fair price” Aquinas. Showing contradictions exchange of agricultural products to urban goods and services, resulting in a developed feudalism. For agricultural products incoming to the city market, the situation was characterized as the free competition, while medieval guild tried to create a monopoly conditions for the production and sale of its products, which objectively leads to distortion of prices. Under these conditions, the development of the problem of "fair price" becomes extremely important. The paper shows how scholasticism using theological methodology, trying to solve this problem.
Greed condemned, was considered evil and sin of avarice considered the source of all evils. This tradition goes back to the interpretation of the Gospel of Matthew John Chrysostom. Alexander Halensis one of the first attempted rehabilitation of commercial activities and even tried to criticize the position of the Pseudo-Chrysostom that the merchant is not pleasing to God. In the "sum of all theology" Alexander Halensis wrote that moral qualities profits depend on the circumstances of 6:
1. From the person selling (which allowed the laity, the monks are not allowed);
2. His intentions (satisfaction or desire for profit);
3. The method of sale (by fair means or fraud);
4. Time of trade (on weekdays or holidays, designed for prayer or service of God);
5. Selling place (in the market or in holy places);
6. Relationship to the buyers (which is expressed in the level - excessive or normal - the selling price).
Analyzes the rationale arguments to grounding the doctrine of "fair price", show the evolution of the concept during XII - XIV centuries, as well as its relationship with the teachings of the scholastics on the percentage. The paper deals with various estimates of the concept of "fair value" of Thomas Aquinas, resulting in the history of economic thought. Critically analyzed the "contribution" of Thomas Aquinas in the development of the labor theory of value. Such an ambiguous approach to a "fair" price led to what some researchers considered the forerunner of Thomas Aquinas, the cost of labor history: I. M. Kulisher (1906), R. H. Tawney (1926), J.-B. Kraus (1930), S. Hagenauer (1931), A. Fanfani (1935), O.V. Trachtenberg (1957), Y. Mike. (1994) - and others have tried to try on his views with utility theory (since it appeared demand Aquinas had to implement trade) trying to try two beginnings consumer and labor: H. Contzen (1869), E. Schreiber (1913), O. Scbilling (1923), R. De Roover (1958), R. M. Nureev (2005). Therefore, in the second half of the XX century, many researchers refuse to consider a "fair price" as the basis of cost, and steel is identified with its current market price: A. Sapori (1955), J. T. Noonan (1957), L. W. Baldwin (1959), Dr. T. Stetsyura (2010). The paper analyzes the arguments "pro" and "contra" in favor of each of these approaches.
The paper discusses an alternative to vertical integration – the vertical restraints (VRs)
which have been the subject of numerous studies in neo-institutional economics. It offers a
new approach to analysis of vertical restraints as voluntary self-restraints in the situations of
uncertainty. Not limited to consideration of uncertainty generated by market shocks (Rey and
Tirole, 1986; Hansen and Motta, 2016), this approach takes into account possible termination
of initial contract between firms at the ex post stage, i.e. when specific investments have been
already made. Risks of contract termination are especially significant for so-called «cooperative»
specific investments which might be defined as investments favorably affecting the outside
options of opposite side, i.e. the investor’s partner. Lotteries associated with cooperative specific
investments are characterized by higher risk than lotteries associated with selfish specific
investments (positively affecting the investor’s outside options) because cooperative specific
investments (unlike selfish specific investments) increase the risk of initial contract termination
and often worsen the investor’s outside options. Firms actively respond to risk of contract
termination by choosing an under-investment strategy. The problem of underinvestment could
be solved by an advance compensation paid by a supplier to retailers for taking risk associated
with specific investments. Unfortunately, the implementation of this scenario is complicated by
threat of double moral hazard. VRs voluntarily adopted by the supplier may be considered as
substitutes to such compensation. They can increase the attractiveness of lotteries associated
with specific investments by improving the retailer’s probability beliefs or payoffs in uncertain
VRs redistribute control in favor of the dealers reducing the uncertainty they face;
VRs may be interpreted as an element of the signaling activity aimed to convince the
dealer of the supplier’s willingness to continue cooperation at the ex post stage;
in case the supplier prefers to interrupt the business agreement with the dealer at the ex
post stage, the VRs, such as exclusive territories, will ensure that the dealer gets at least
partial compensation for contract termination;
and, finally, VRs limit the possible redistribution of quasi-rent between the supplier and
the dealer in the internal trade
If the rule of law does not prevail, certain privileged groups gain an advantage in court. Recent studies have shown that law enforcers in Russia are one of the social groups, which, being under investigation, have much higher chances for a positive outcome of the court case. This can be explained in different ways, including their special status and loyalty of the judges. Without rejecting these possible reasons, we assume that law enforcement officers, having a unique experience within the law enforcement system, are able to choose for themselves more effective criminal attorneys. Based on a survey of 3,317 attorneys, we show the difference of ethics and effectiveness of lawyers who have or do not have the experience of protecting law enforcers and judges. Attorneys of law enforcers often had working experience in the law enforcement system. Such lawyers achieve more significant results in conditions of "accusatory bias". In addition, they more often record violations of the rights of defendants, more often achieve positive results for their clients. Finally, the defenders of law enforcers are often "devil's advocates" as they declare their willingness to protect the interests of people who enjoy the reputation of mafia.
The author traces the analysis evolution of the monetary shocks effects on the economy, exploring the key approaches to modeling of the monetary transmission mechanism. The article emphasizes the necessity of the monetary transmission mechanism modification in the conditions of current financial crisis: the active role reflection of the financial intermediaries, accounting of the development degrees of institutional capacity in the economy.
Abstract. Vertical restraints such as exclusive territories may be considered as an alternative to the compensation paid to retailers for taking the risks associated with market shocks . For the first time this approach has been put forward in (Rey & Tirole, 1986). In (Hansen & Motta, 2015) this concept has been further developed, but these authors have come a diametrically opposite result to what Rey & Tirole had reported. The goal of both papers was to compare exclusive territories and retailers’ competition from the point of view of the supplier. In (Rey & Tirole, 1986) the competition was the preferred solution, in (Hansen & Motta, 2015) - the exclusive territories. The explanation of this discrepancy proposed in (Hansen & Motta 2015) doesn't look convincing enough. The paper proposes a new explanation based on the analysis of the attractiveness of the considered lotteries for the retailers. In (Rey & Tirole, 1986) they were ready to pay for the lottery, but in (Hansen & Motta, 2015) - pretend to get a compensation. Accordingly, in the first case the supplier prefers to allow competition between dealers, in the second - to provide exclusive territories in order to reduce the compensation to be paid to the dealer for participating in the lottery. The article discusses that the better solution is to consider not the risks associated with market shocks, but the retailers’ risks associated with the so called «cooperative specific investments» (manufacturer can prefer another partner on ex post stage). Trying to support the retailers’ incentives to make cooperative investments, supplier voluntarily redistributes control in favor of retailers.
The impact of certain norms of anti-monopoly legislation on the comparative costs of intraand inter-firm transactions of Russian companies is investigated. It is shown that some changes in the Russian anti-trust legislation over the past four years, lead to lowering the cost of the business organization (the rules mergers), some have ambiguous (criminal liability for abuse of dominance) and some (illegality of vertical restraints, concerted actions and monopolistically high prices) unfavorable impacts on the development of the Russian company model. In some cases, stricter anti-trust legislation, creating a basis for I and II error types, can not only initiate but directly impedes competition.
Since 2006 onward various regions have been putting and toughening local regulations for alcohol sale hours. The effect of these policies is uncertain in a specific social and economic environment featured by poor observance of the law; long tradition of the excessive consumption of strong spirits; and significant supply of home-made or surrogate alcoholic beverages. This paper uses on the data from the RLMS for 2005-2012 to discuss the effect of the restriction of trading hours on the use of alcoholic beverages falling under the restriction, as well as the substitution effect for the beverages not under the restriction. The adult respondents were broken into the treatment group and control group assuming that the former was more sensitive to the hour restriction. The hypotheses tested are that these policies decrease the use of factory-made vodka and increase the use of home-made vodka (samogon) and factory-made light beverages. Overall use, binge drinking, and the consumption of vodka, samogon, beer, and wine were examined. The paper discusses the existing estimates of the econometric specification difference-in-differences designed for testing the hypotheses. The conclusions are that the sales restrictions led to a decrease of factory-made vodka consumption and its partial substitution by samagon for people most exposed to the restriction.
In the article, we attempt to underpin the hypothesis that under certain conditions a propitious selection may take place on the higher education market. It is a phenomenon when brand universities automatically reproduce their positive reputation without improving the quality of teaching due to influx of talented entrants. We apply econometric modelling and regression analysis based on survey of first-year students from Moscow to demonstrate that graduates with high USE marks really prefer to choose among brand universities; moreover, they appreciate a possibility to obtain a prestigious diploma even more than that of acquiring a particular profession. However, entrants do not possess full information about the quality of teaching in a particular university. The analysis presented in the article shows that university rankings do not contribute to overcoming of this information asymmetry, since they transmit distorted signals caused by the methodology of ranking. The rankings, first of all, accentuate academic activity of teachers rather than educational process and interaction with students. For this reason, higher schools often adopt such a strategy to meet the ranking criteria as much as possible; they also tend to improve namely these indicators disregarding the other to become a leader. As a result, brand universities may surpass ordinary universities not due to rendering educational services of higher quality but due to selection of best entrants and peer-effects. These factors allow them to have excellent graduates, thus maintain positive reputation in employers’ opinion and simultaneously raise the brand value by advancing in a ranking.
The article argues that time delay of relation-specific investments may be considered as a temporal analog of underinvestment often discussed in the theory of the firm. Authors discuss the reasons and the consequences of relation- specific investments time delay and review two possible versions of relation- specific investments time delay differ depending on whether or not the time of investment is observed by the partners.
The paper provides an overview of the land reform in Russia's recent history. Analysis of land reform, which started in 1990, shows what actions and what logic led the land sector in the state in which it was at the finish line of the quarter-century reform marathon. The reform process was not linear, it highlighted the steps differing objectives and strategies to achieve them. Land reform is presented as a struggle of different political forces, which were reflected in the redistribution of functions between agencies in lobbying for appointment to senior positions promoted various commands. The authors conclude about the gradual displacement of state regulation of land relations, the deliberate destruction of the land management as a basis for the development of land resources.
The paper analyzes the classical and neoclassical assumptions concerning the effect of the natural and the institutional environments on the comparative welfare of various countries. The distinction is considered between the preindustrial and industrial societies as to their natural and institutional conditions.
The effectiveness of monetary policy depends not only on the transfer of shock on the economy, but also on the institutional environment in which it operates. Creating the required institutional environment is an important way to increase the effectiveness of the impact of monetary policy. To solve this problem the institutional factors should be included in the macroeconomic models. This work researches the questions of the inclusion of the institutional factors in the analysis of macroeconomic models monetary policy.