Any legislative framework is likely to generate different institutions or norms of behavior which the legislator occasionally could have never foreseen. I suggested a general pattern, on which inefficient, if stable, norms or institutions called institutional traps would form.

If imperfect market institutions prevail in a country and inflation amounts to about 10% then efforts directed to further inflation decrease would probably hamper economic growth. To substantiate this thesis, I make references on opinions of well-known economists, discuss results of recent...

We suggest a dynamic game theoretic model to explain why resource abundance may lead to instability of democracy. Stationary Markov perfect equilibria of this game with four players – Politician, Oligarch, Autocrat and Public (voters) – are analyzed. Choosing a rate of resource rent tax,...

Different approaches to the formation of a National Innovation System (NIS) are discussed. In Russia, the current attempts of creating NIS resemble "shock therapy" whereas an interim institution strategy could be more fruitful. At the initial stage, such a strategy has to provide creation of...

We develop a strategy for building mass mortgage financing in Russia based on the transplantation of a modified institution of Contractual Savings for Housing (CSH) and on the control upon its evolution. Rationality of the proposed decision is justified by analysis of mortgage institutions...

Sachs, Warner (1995) were among the first to claim that «resource curse» is real and that resource abundant economies do indeed grow more slowly than the others. Hundreds of papers were published since then supporting the «resource curse» thesis and offering new explanations of mechanisms...

Two myths have harmed many economies throughout the world. One is the theory of absolute advantage of central planning over the market mechanism, and the other is the belief that efficient markets develop spontaneously and quickly enough if appropriate economic legislation is established....

We analyze the state of both economic science and economic education in Russia. The proposed approach to their integration implies transforming academic institutes into organizations, which conduct both research and educational activities.

We propose an evolutionary equation and develop an asymptotic theory that generalize results obtained in Polterovich, Khenkin, 1988. It is shown that, as a result of interaction between innovation and imitation, the shape of the efficiency distribution curve of technologies eventually...

The paper is devoted to investigation of a number of difference-differential equations, among them the following one plays the central role: dFn/dt=φ(Fn)(Fn-1 - Fn) (*) where, for every t, {Fn(t), n = 0, 1, 2, ...} is a probability distribution function, and φ is a positive function on [0, 1]....