Latest Articles from Russian Journal of Economics Latest 9 Articles from Russian Journal of Economics https://rujec.org/ Fri, 29 Mar 2024 14:27:13 +0200 Pensoft FeedCreator https://rujec.org/i/logo.jpg Latest Articles from Russian Journal of Economics https://rujec.org/ Oil markets between Scylla of recovery and Charybdis of climate policy https://rujec.org/article/95949/ Russian Journal of Economics 8(3): 207-233

DOI: 10.32609/j.ruje.8.95949

Authors: Leonid M. Grigoryev, Ekaterina A. Kheifets

Abstract: In 2020 the energy transition path was distorted by the COVID-19 pandemic which caused a sharp economic decline and a fast global recovery in 2021. Unlike that period, the years between 2001 and 2019 illustrated a different type of energy evolution for developed and developing countries regarding primary energy consumption. During this period the composition of energy balances of these two major groups demonstrated dramatic disparity, notably marked by the high share of coal in developing countries. The shock of 2020 led to a belief in expediting the transition to green energy, but in 2021 the economic recovery revived demand for oil and coal, dashing hopes for the growing renewable energy sources sector in the European Union that year. The return of coal, however, to the EU energy sector and stable demand for motor fuel globally led to the restoration of the GHG emission growth against the backdrop of the climate policy implementation failure. The current energy transition is denoted by features such as the flat oil demand in developed countries, the flat global demand for motor gasoline and the growing demand for diesel. The econometrics of demand for two motor oil products are quite opposite. For gasoline we have almost all hypotheses met: the negative influence of climate policy and oil prices, strong effect of dummies for shock of 2020 and 2021, and naturally 0.3 coefficient at GDP growth rate. Nevertheless, for diesel everything is exactly the opposite — only 0,4 coefficient at GDP and practically nothing else. This effect shows the strong role and trend for cargo use of diesel fueled trucks in the global economy. The high income of oil and gas majors in 2021 did not secure the investment upturn. A mature oil industry receives substantial profits for its investors, supplying dividends, and buying back debts without enlarging production capacities. At this point climate policy expectations of phasing out fossil fuels in the foreseeable future operated as a braking mechanism against reinvesting oil incomes. Moreover, at this junction we can observe governments’ limited capacity to pursue policies toward multiple objectives simultaneously: modest energy prices, energy transition and securing the sufficient capital formation for energy. The continued fusion of the economic upturn and energy transition will be dependent on demand and supply matching in the oil markets. It is also possible that the sanctions policies of 2022 may aggravate the situation, triggering high prices and uncertainties.

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Research Article Thu, 6 Oct 2022 20:56:11 +0300
Participatory farmer research and exploring the phytobiome: Next steps for agricultural productivity growth https://rujec.org/article/80597/ Russian Journal of Economics 8(1): 16-28

DOI: 10.32609/j.ruje.8.80597

Authors: Margaret M. Zeigler, Ann Steensland

Abstract: Agriculture and food systems must provide nutrition and agricultural products for nearly 10 billion people by 2050. Agriculture is a powerful economic driver, and by prioritizing agricultural productivity and innovation, food systems can become more resilient and improve the wider economy while generating employment. Yet, powerful solutions and approaches are needed that must move beyond “low-hanging fruit” when investing in low-income country agriculture systems. As part of the solution, we discuss innovations such as participatory research models from the International Potato Center (CIP) as well as how to unlock and harness existing plant genetics through the phytobiome.

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Research Article Fri, 25 Mar 2022 20:00:03 +0200
Leontief and his German period https://rujec.org/article/58034/ Russian Journal of Economics 7(1): 67-90

DOI: 10.32609/j.ruje.7.58034

Authors: Harald Hagemann

Abstract: Wassily Leontief jun. (1905–1999) moved to Berlin in April 1925 after getting his first academic degree from the University of Leningrad. In Berlin he mainly studied with Werner Sombart and Ladislaus von Bortkiewicz who were the referees of his Ph.D. thesis “The economy as a circular flow” (1928). From spring 1927 until April 1931 Leontief was a member of the research staff at the Kiel Institute of World Economics, interrupted by the period from April 1929 to March 1930 when he was an advisor to the Chinese Ministry of Railroads. In the journal of the Kiel Institute, Weltwirtschaftliches Archiv, Leontief had already published his first article “Die Bilanz der russischen Volkswirtschaft. Eine methodologische Untersuchung” [The balance of the Russian economy. A methodological investigation] in 1925. In Kiel Leontief primarily worked on the statistical analysis of supply and demand curves. Leontief’s method triggered a fierce critique by Ragnar Frisch, which launched a heavy debate on “pitfalls” in the construction of supply and demand curves. The debate started in Germany but was continued in the USA where Leontief became a researcher at the National Bureau of Economic Research (NBER) in summer 1931. The Leontief–Frisch controversy culminated in the Quarterly Journal of Economics (1934), published by Harvard University, where Leontief made his subsequent career from 1932–1975. His later analysis of the employment consequences of technological change in the 1980s had some roots in his Kiel period.

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Research Article Wed, 31 Mar 2021 19:49:35 +0300
Tugan‑Baranovsky and the West https://rujec.org/article/55686/ Russian Journal of Economics 7(1): 19-33

DOI: 10.32609/j.ruje.7.55686

Authors: François Allisson

Abstract: Mikhail Tugan‑Baranovsky was one of the most prolific Russian economists at the turn of the 19–20th centuries. His thought was largely influenced by Western ideas, like most of his fellow Russian economists. But Tugan‑Baranovsky’s theories in turn also influenced Western economic thought to an unprecedented extent. Tugan‑Baranovsky’s Western legacy is first reflected on, before we examine the West’s reception of two of his works: “Industrial crises in England” (1894) and “Theoretical foundations of Marxism” (1905). We compare the conception of these works vis-à-vis their intended audience, and their reception in the international context of the circulation of ideas, so as to define Tugan‑Baranovsky’s relationship with the West.

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Research Article Wed, 31 Mar 2021 01:16:25 +0300
Relative social inequality in the world: Rigidity against the economic growth, 1992–2016 https://rujec.org/article/35485/ Russian Journal of Economics 5(1): 46-66

DOI: 10.32609/j.ruje.5.35485

Authors: Leonid M. Grigoryev, Victoria A. Pavlyushina

Abstract: The study of economic growth and social inequality goes back to the works of S. Kuznets, A. Atkinson, P. Krugman, J. Stiglitz, T. Piketti, and B. Milanovic. Statistical analysis of social inequalities for a large set of countries, divided into seven clusters, was conducted for the period 2000–2016. The share of incomes of the 10th decile was used as a measure of inequality. The hypothesis of the positive impact of economic growth on the reduction of social inequality was tested. Stylized facts on an array of 106 countries for the period under review indicate a high degree of stability of the level of inequality in most groups, especially in the most developed countries, and in particular in the Anglo-Saxon ones. The distribution of key socioeconomic and even political indicators for clusters shows their strong relationship with the structure of cluster inequality. This makes it possible to significantly deepen the analysis, in particular the one concerning the stages of world development.

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Research Article Wed, 17 Apr 2019 12:37:36 +0300
Whither modern economics? Subjective semi-sociological observations https://rujec.org/article/30171/ Russian Journal of Economics 4(3): 285-304

DOI: 10.3897/j.ruje.4.30171

Authors: Rostislav Kapeliushnikov

Abstract: The paper summarizes main recent sociological, epistemological, methodological and ideological trends in modern economics and tries to evaluate its current state and further perspectives. Special attention has been paid to a change in economists’ methodological ideal: economic science began with trying to become like physics but actually has become like medical statistics. The paper’s general conclusion is that what we are witnessing today in modern economics is simply an ordinary working state rather than a triumph or a crisis. However, that state is not very promising since the period of new large theoretical ideas seems to be over for economics, the new atheoretical tendency in it is becoming stronger and in the very near future, economics is most likely to become more and more interventionist.

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Research Article Tue, 9 Oct 2018 09:06:45 +0300
The Austrian school of economics in Russia: From criticism and rejection to absorption and adoption https://rujec.org/article/26002/ Russian Journal of Economics 4(1): 31-43

DOI: 10.3897/j.ruje.4.26002

Authors: Vladimir Avtonomov, Natalia Makasheva

Abstract: Dissemination and adoption of Western economic ideas in Russia have never been a simple process, always bearing marks of the socio-political and ideological circumstances of the country and inner processes in economics, as well as marks of the national intellectual tradition in general. It is not surprising that the history of Austrian economics in Russia was akin to a long road with many windings and turns. We can distinguish three different periods, or waves, each of them rather complex: from the 1890s until the late 1920s (introduction and, to a certain degree, adoption and criticism), from the beginning of the 1930s until the mid-1980s (hostile attitude and ignorance), and from the mid-1980s onwards (rediscovery, dissemination, and adoption).

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Research Article Mon, 23 Apr 2018 17:20:50 +0300
From Karl Menger to Charles Menger? How Austrian economics (hardly) spread in France https://rujec.org/article/26001/ Russian Journal of Economics 4(1): 8-30

DOI: 10.3897/j.ruje.4.26001

Authors: Gilles Campagnolo

Abstract: The father of the “Austrian” Marginalist revolution and founder of the so-called “Austrian School of economics”, Carl Menger, had a mixed reception during different periods of development of French economics. Somewhat welcomed in the early days, he was rather forgotten later on. Even his major works were not published in translation until recently. What is the reason for such a situation? Criticisms of classical political economy have to be understood in their French context. In comparison to other countries, this paper details the case of France, besides showing how later Austrians, such as Friedrich Hayek, found a limited audience. This comparative study of economic ideas in France must start with the reception of the views of the founder and the role and impact of adopting/adapting or rejecting his views by French scholars. What place did they find in French academia? From Carl Menger to a “Frenchified” Charles Menger, how was Austrian economic thought disseminated in France? This essay starts by recalling the Belle-Époque and an astonishing letter by Charles Rist for the Jubiläum of Menger, in which he deplored the lack of translation of the latter’s works. The Austrian School in France is then discussed as pure economics replaces political economy in the Interwar period, with the 1938 Paris Congress of “liberal thinkers,” as the Vienna Circle became known, also comparing issues in philosophy. The paper considers how Austrian theories of “pure science” were received in Paris from the Vienna of the 1900s, at a time of ”Crossroads,” to the present day, through the Postwar and Cold War, until a revival since the 1990s and a rethinking of economic ideas after 2008.

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Research Article Fri, 20 Apr 2018 17:20:58 +0300
Behavioral economics and the ‘new’ paternalism https://rujec.org/article/27943/ Russian Journal of Economics 1(1): 81-107

DOI: 10.1016/j.ruje.2015.05.004

Authors: Rostislav Kapeliushnikov

Abstract: The paper provides a critical appraisal of the normative program of behavioral economics known as ‘new paternalism’. First, it explores the theoretical foundations of behavioral economics, describes major behavioral anomalies associated with bounded rationality of economic agents and discusses its normative principles and political implications. It then discusses the main empirical and conceptual drawbacks of new paternalism and provides arguments for the alternative non-welfarist normative tradition based on the idea of freedom.

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Research Article Sat, 28 Feb 2015 00:00:00 +0200