Book
Эволюция экономической теории: воспроизводство, технологии, институты. Аннотации докладов участников X Международного Симпозиума по эволюционной экономике
This volume presents, received by the Organizing Committee of the Symposium, the abstracts of the reports of the members of the X International Symposium on Evolutionary Economics, “The Evolution of Economic Theory: reproduction, technology, the institutions” in Russian and English in author’s edition (Pushchino, Moscow Region, 12–14 August 2013 .
The purpose of this article is to investigate theories that have produced differences in entrepreneurship definitions. We raise this issue because equitable wealth distribution is a fundamental focus of economics. Yet, recent attempts to guide research on entrepreneurship embrace innovation while ignoring the wealth redistribution aspect of entrepreneurship. Schumpeter argues that entrepreneurship means innovation by independently owned start-up firms that cause creative destruction that yields equitable wealth redistribution. Currently, most entrepreneurship scholars focus on innovation, by any firm, as a source of wealth creation without recognizing that redistribution only occurs when innovation originates in new, independently owned firms. In this article, we describe how new micro- and nano-technologies championed by high-tech start-ups redefined the electronics industry, deconstructed the mainframe computer industry and are redefining the pharmaceutical industry today. We suggest entrepreneurship research should focus more on entrepreneurs that form and operate independent new firms.
The main linking idea of the monograph is the heterodox approach to disclosing a problem of methodology of economic research, the evolutionary theory of capital, institutional economic theory. Readers are invited to apply research and development in the field of evolutionary and institutional economics, as well as system analysis. The authors hope that this monograph will start subsequent collective work of Russian heterodox economists.
The article highlights the reports of X International Symposium on Evolutionary Economics (Russia, Pushchino, Moscow Region, September 12-14, 2013).
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.
The paper studies a problem of optimal insurer’s choice of a risk-sharing policy in a dynamic risk model, so-called Cramer-Lundberg process, over infinite time interval. Additional constraints are imposed on residual risks of insureds: on mean value or with probability one. An optimal control problem of minimizing a functional of the form of variation coefficient is solved. We show that: in the first case the optimum is achieved at stop loss insurance policies, in the second case the optimal insurance is a combination of stop loss and deductible policies. It is proved that the obtained results can be easily applied to problems with other optimization criteria: maximization of long-run utility and minimization of probability of a deviation from mean trajectory.