Nowadays the unpredictability and nonlinearity of macroeconomic processes is growing, due to the technological changes, the increasing economic complexity, and the environmental risks. The development of small and medium enterprises (SMEs) is considered as one of the tools for adapting to these processes. The decline in entrepreneurial activity can finally lead to long-term consequences. Thus, many countries introduce the entrepreneurial support policy. Our review shows that in the face of weak development of public control institutions, direct financial measures can lead to new institutional traps. This forms a need for new and alternative approaches to entrepreneurship policy. The purpose of the paper is to justify and describe an alternative entrepreneurial policy for developing countries, based on the concept of entrepreneurial ecosystems. The goals and principles of the ecosystem approach formulated in the article. They were used to identify new directions and evaluate existing measures of Russian entrepreneurship policy: local authorities and business agents are poorly motivated, local characteristics are not always taken into account, there is a distrust between contractors, support institutions are not open enough, direct support is mainly provided. As a result, the role of the sector in the economy is consistently low and declining. The new approach can become the basis for post-crisis policy in the context of reducing natural resource rent.
The Great Recession in 2008–2009 and slow recovery after it became a significant challenge both for economic policy and theory, especially for economic growth studies. New circumstances have revealed new stylized facts, for instance, the decrease in growth rates and capital accumulation in advanced economies. The paper analyzes responses to and outcomes of the Great Recession for countries at different stages of development. The authors consider the investment impact on economic growth varying through seven clusters of countries, determined according to GDP (PPP) level per capita. An attempt has been made to reveal new stylized facts based on current trends and to revise some theoretical approaches to the analysis of economic growth.
Positive impact of human capital on economic growth seems to be undisputable but its magnitude depends on to what extent high quality education and skills are demanded and valued by the labour market. This essay argues that lack of demand for human capital cannot be cured by growing supply if other things remain intact. The author formulates 10 doubts concerning human capital absorption in the Russian economy. The doubts, supported by statistical and anecdotal evidence, relate to low quality of the Russian institutional environment which limits demand for labour and distorts its structure.
The article examines the non-demographic outcomes of the maternity capital program as a measure of socio-economic assistance to families with children. The analysis is based on the data of the Pension Fund of the Russian Federation and population surveys. The scale of and the reasons for the regional differences are revealed. It is concluded that this support mainly benefits the population of the low-level economic development regions and of the small towns and rural areas, while the largest cities’ and the northern regions’ population profits less from the program. However, the housing shortage of families with children has not been explicitly relieved after the implementation of the maternity capital program.
The article analyzes the relationship of structural changes with economic growth in the world economy and Russia. The authors note the emergence of a growth model in the world economy based on the complementarity of economic policies aimed, on the one hand, at the development of fundamental foundations of economic growth (institutions, human capital, infrastructure, macroeconomic stabilization), and, on the other hand, at initiating growth through structural reforms (even under stable foundations). Analyzing the trends of structural changes in the world economy, the authors consider new forms of structural policy, in particular the kind that is aimed at the identification of sectors – the engines (or escalators) of economic growth using the portfolio approach. A preliminary version of the model of the Russian economy based on the multi-sector variety of the Thirwall law is constructed.
The article assesses the situation in the Russian economy after a two-year recovery and the outlined signs of stagnation associated with both the slowdown of the global economy and the exhaustion of domestic sources of improved market conditions. The approaches to identifying the factors that initiate growth and are different from the factors that support it are considered. In this case, emphasis was placed on the factors of uncertainty of the economic situation and the lack of domestic demand. The approaches to accelerating growth based on macroeconomic and structural policy measures are formulated, forecasts of the Russian economy dynamics for the coming years are analyzed.
The paper deals with the evolution of economic method during the last centuries. The author argues that the Marginalist Revolution in the end of the XIX century created radically new vision of the subject-matter and method of economic theory. As a result, contemporary mainstream economics is now based on the assumptions of methodological individualism, optimization and absence of genuine uncertainty. These processes have strongly diminished the potential of economics. As a response various heterodox conceptions have emerged emphasizing different kinds of non-optimizing and/or group behavior and also stressing the importance of complexity, volatility and genuine uncertainty of economic environment. In this respect, in particular, the paper shows that J. M. Keynes' theory is beyond contemporary mainstream economics.