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Volume 8 № 1


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Article title Contents - Volume 8 № 1
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Category Economics
Article type Science Article JEL Classification
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Download Sergey Aivazian, Mikhail Afanasyev THE MODELS FOR COMPANY'S HUMAN CAPITAL ESTIMATION, BASED ON THE STOCHASTIC FRONTIER APPROACH
Article title THE MODELS FOR COMPANY'S HUMAN CAPITAL ESTIMATION, BASED ON THE STOCHASTIC FRONTIER APPROACH
Authors Sergey Aivazian, Mikhail Afanasyev
Category Economics
Article type Science Article JEL Classification C13; D24; E24
Abstract This paper contributes to the development of the methodology of company's productive potential estimation by suggesting the approach to the estimation of its human capital, based on the stochastic frontier approach. The results of the empirical analysis of a scientific organization's human capital are presented, supporting the possibility of the application of the proposed approach to the estimation of the human capital amount and efficiency from both the company and its employees' perspectives.
Key words intellectual capital, human capital, human capital determinants, human capital efficiency, econometric model, stochastic frontier approach
Literature 1. Aivazian, S. A., Afanasyev, M. Y. (2011), "Simulation of the company's productive potential accounting for the intellectual capital", Working Paper # WP/2011 /, Moscow, CEMI RAS (Rus.)
2. Aivazian, S. A., Afanasyev, M. Y. (2010), "Human capital of company in the production s potential model", GUU Proceedings, No 2 (Rus.)
3. Aivazian, S. A., Afanasyev, M. Y.(2009), "Estimation of the Economic Efficiency of a Shift to the Achievable Production Potential", Applied Econometrics, No 3 (Rus.)
4. Aivazian S. A., Afanasyev, M.Y., Makarov V. L. (2008), "Modelling of the Attainable Production Potential and the Appreciation of the Efficiency of Production on the Basis of Stochastic Frontier Method", Working Paper # WP/2008 /, Moscow, CEMI RAS (Rus.)
5. Afanasyev, M. Y. (2006), "A Model of the Production Potential with Managed Factors of Inefficiency", Applied Econometrics, No 4 (Rus.)
6. Battese, C. (1988), "Prediction of Firm-level Technical Efficiencies with a Generalized Frontier Production Function and Panel Data", Journal of Econometrics, Vol. 38, pp. 387–399.
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10. Makarov, V. L. (2008), Artificial Societies and the future of Social Science, S. Pb. (Rus.)
11. Makarov, V. L. (2009), "Review of the mathematical models for the economy with innovation", Economics and mathematical methods, Vol. 45, No 1. (Rus.)
12. Makarov, V. L., Kleiner, G. B. (2007), Macroeconomics of knowledge, Economics, Moscow.
13. Mincer, J. (1975), Schooling, Experience and Earnings, National Bureau of Economic Research Press, N.Y.
14. Mulligan, C.B., Sala-i-Martin, X. (1995), "Measuring Aggregate Human Capital", Discussion Paper Series № 1149, Centre for Economic Policy Research Press.
15. Ordones de Pablos, P. (2005), "Intellectual capital statements: what pioneering firms from Asia and Europe are doing now", International Journal of Knowledge and Learning, Vol. 1, № 3, pp. 249–268.
16. Pitt, M. M., Lee, L. F. (1981), "Measurement and Sources of Technical Inefficiency in the Indonesian Weaving Industry", Journal of Development Econ. Vol. 9, pp. 43–64.
17. Reifschneider D., Stevenson R. (1991), "Systematic Departures from the Frontier: A Framework for the Analysis of Firm Inefficiency", International Econ. Review, Vol. 32, pp. 715–723.
18. Schultz, T. (1960), "Capital Formation by Education" Journal of Political Econ, Vol. 68, No 6, University of Chicago Press.
19. Sveiby, K. E. (2010), Methods for Measuring Intangible Assets, http://www.sveiby.com/articles/ IntangibleMethods.htm.
20. Taymaz, E., Saatçi, G. (1997), "Technical Change and Efficiency in Turkish Manufacturing Industries", Journal of Productivity Analysis, Vol. 8, pp. 461-475.
21. Ushkova, V. L. (2011), Individual rating of scientist, CEMI RAS, Moscow
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Download Bagrat Yerznkyan INSTITUTIONAL ECONOMICS AT THE CROSSROADS: A VIEW FROM RUSSIA
Article title INSTITUTIONAL ECONOMICS AT THE CROSSROADS: A VIEW FROM RUSSIA
Authors Bagrat Yerznkyan
Category Economics
Article type Science Article JEL Classification B00; B52; D02; P20
Abstract On the base of the brief outlook of history of the origin and development of institutional economics, the main theoretical-methodological changes with details applied to the current stage of development, supplemented by the events taking place in the field of evolutionary economics, are discussed. More precisely, the purpose of the article is to identify new phenomena and trends occurring in modern institutional (evolutionary) economics during recent decades with special emphasis on the Russian experience. Add to this that the line between the new phenomena observed in this field and possible trends of development is shaky, because not all events at the crossroads can get the trends, and moreover, we cannot exclude the possibility of trends that by subjective or objective reasons have not been identified and/or foreseen before. The article also presents some considerations on the formation of an institutional policy in Russia.
Key words Institutional Economics, Mainstream Economics, Crossroads, Changes, Phenomena, Trends, Russia
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Coase, R. H. (1988), The Firm, the Market, and the Law, University of Chicago Press, Chicago.
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Cooter, R. (1987), "Coase Theorem", in J. Eatwell, M. Milgate, and P. Newman, eds., The New Palgrave: A Dictionary of Economics, Macmillan, London. Dementiev, V. (2004), "Ekonomicheskaya vlast i institusionalnaya teoriya (Economic power and institutional theory)", Voprosy ekonomiki, No 3.
Draskovic, V., Draskovic, M. (2009a), "Neoinstitucionalizam, neoliberalizam i globalna finansijska kriza", Montenegrin Journal of Economics, Vol. 5, No 9, pp. 23-32.
Draskovic, V., Draskovic, M. (2009b), "Priority of the Anti-crisis Economic Policy Based on Innovative- Institutional Changes", Montenegrin Journal of Economics, Vol. 5, No 10, pp. 47-53.
Frey, B. S. (2003) "Publishing as Prostitution? – Choosing between one's Ideas and Academic Success", Public Choice, No 116, pp. 205-223.
Frey, B. S. (2009) Economists in the PITS? CESinfo Working Papers, No 2594, March.
Friedman, D.F. (1991) "The Swedes Get it Right", http://ddfr.best.vwh.net/Academic/Coase_ World. html (Downloads 12.09.2011).
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Grebennikov, V. G. (2001), "Institutsionalizm kak metodologiya ekonomicheskoy nauki (Institutionalism as the methodology of economics)", in D. S. Lvov, ed., Institutsionalnaya economika: ucheb. posobie (Institutional economics: textbook), INFRA-M, Moscow, pp. 34-49.
Haavelmo, T. (1987), "Econometrics and the Welfare State (1989 Nobel Lecture)", American Economic Review, No 87 (supplement), pp. 13-17.
Hodgson, G. M. (2003) "The Hidden Persuaders: Institutions and Individuals in Economic Theory", Cambridge Journal of Economics, Vol. 27, No 2, pp. 159-175.
Hodgson, G. M. (2004), The Evolution of Institutional Economics. Agency, Structure and Darwinism in American Institutionalism, Routledge, London.
Hodgson, G. M. (2006) "Characterizing Institutional and Heterodox Economics – A Reply to Tony Lawson", Evolutionary and Institutional Economics Review, Vol. 2, No 2, pp. 213-223.
Hodgson, G. M., Knudsen, T. (2006), "Dismantling Lamarckism: Why Descriptions of Socio- Economic Evolution as Lamarckian are Misleading", Journal of Evolutionary Economics, Vol. 16, No 4, pp. 343-366.
Hodgson, G. M., Knudsen, T. (2007), "Evolutionary and Institutional Economics as the New Mainstream?", Evolutionary and Institutional Economics Review, Vol. 4, No 1, pp. 7-25.
Hodgson, G. M., Knudsen, T. (2010), Darwin's Conjecture: The Search for General Principles of Social and Economic Evolution, University of Chicago Press, Chicago.
Hodgson, G. M., Knudsen, T. (2011), What I am Working on Now, 1 March, www.geoffry-hodgson. info (Downloads 15.011.2011).
Kleiner, G. B. (2004), Evolutsia institutsionalnykh system (The evolution of institutional systems), Nauka, Moscow.
Kleiner, G. B. (2008), Strategia predpriyatiya (The strategy of the enterprise), Delo, Moscow.
Knight, J. (1992), Institutions and Social Conflict, Cambridge University Pres, Cambridge.
Lawson, T. (2005), "The Nature of Institutional Economics", Evolutionary and Institutional Economics Review, Vol. 2, No 1, pp. 7-20.
Lvov, D. S. (2002), Ekonomika razvitiya (Economics of development), Ekzamen, Moscow.
Lvov, D. S. , Zotov, V. V., Yerznkyan, B. H. (2007), "K teorii institutov i ekonomicheskikh preobrazovaniy (Theory of institutions and institutional change)" in B.H.Yerznkyan, ed., Theory and Practice of Institutional Reforms in Russia, CEMI RAS, Moscow, No 8, pp. 5-17
Lvov, D. S. (2008), Missiya Rossii (Mission of Russia), S.Y.Glaziev, and B.H.Yerznkyan, eds., Collection of scientific works, State University of Management, Moscow.
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Download Nikolay Afanasiev, Tatyana Salashenko, Oleksandr Dorokhov STRATEGY MAP OF ENERGY EFFICIENCY IN INDUSTRY OF THE REGION BASED ON A SYSTEM-DYNAMIC MODEL
Article title STRATEGY MAP OF ENERGY EFFICIENCY IN INDUSTRY OF THE REGION BASED ON A SYSTEM-DYNAMIC MODEL
Authors Nikolay Afanasiev, Tatyana Salashenko, Oleksandr Dorokhov
Category Economics
Article type Science Article JEL Classification C53; Q40; R11
Abstract This paper is devoted to the problem of energy efficiency for Kharkiv region of Ukraine. This problem is to actual for the Ukraine economy and for its regions, which energy intensity levels are more than twice below than world-average rate of this indicator. For solving problem of low energy efficiency of industrial developed Kharkiv region, the authors propose to develop energy efficiency strategy map and balanced scorecard. The rates of target indicators were determined by using system-dynamic modeling. Energy efficiency scenarios of Kharkiv industry were divided on two groups: scenarios of extensive industry development (passive group) and innovation activity scenarios (active group).
Key words Energy Efficiency, Strategy Map, System-dynamic Model
Literature Afanasiev, N., Salashenko, T. (2011), "Investments Efficiency in Cutting of Energy Intensity of Gross Regional Product", Business Inform, No 1, pp. 30-34. Aleksandrov, I. (2010), The strategy of sustainable development of the region, Knowledge, Donetsk. Bachinsky, I. (2012),"Ukrainian Energy Phenomena", Terminal: Oil Review, No 3, pp. 10-12. Beravs, F. (2001), "Energy efficiency policy in Slovenia", International Journal of Global Energy Issues, Vol. 16, No 1/2/3, pp. 159-168. Bondarchuk, A. S. (2008), "Forecasting the energy efficiency by seasonal account of time in Ukraine with regard to the influence of meteorological conditions", Odes'kyi Politechnichnyi Universytet- Pratsi, No 1, pp. 152-156. Elek, L. (2010), "Energy efficiency policies and measures in Hungary", International Journal of Global Energy Issues, Vol. 34, No 1/2/3/4, pp. 42-67. Forrester, J. W. (2003), Wold Dynamics, AST, Moscow. Glaziev, S. (2009), "World Economic Crisis as a Process of Substitution of Technological Modes", Voprosy Ekonomiki, No 3, pp. 26- 38. Gnedoy, M.V. (2003), "Energy management and effective energy use in Ukraine: basic problems and ways to solve them", International Journal of Risk Assessment and Management, Vol. 4, No. 2/3, pp. 112-124. Jebaraj, S. (2007), "An optimal energy allocation model using fuzzy linear programming for energy planning in India for the year 2020", International Journal of Energy Technology and Policy, Vol. 5, No.4, pp. 509-531. Michna, J. (2010), "Risk management on energy and environmental conservation in CEE countries", International Journal of Global Energy Issues, Vol. 34, No 1/2/3/4, pp. 139-215. Kizim, N., Pilipenko, A., Zinchenko, V. (2007), The Balanced Scorecard, ENGEC, Kharkiv. Kizim, N. (2010), Sustainable Development Modeling of the Region, ENGEC, Kharkiv. Norton, D. P., Kaplan, R. S. (2005), Strategy Maps: Converting Intangible Assets into Tangible Outcomes, Olymp-Business, Moscow. Norton, D. P., Kaplan, R. S. (2005a), The Balanced Scorecard: Translating Strategy into Action, Olymp-Business, Moscow. Prakhovnik, A.V. (2010), "Risk and uncertainty assessment in the development of strategy for forming the potential of dispatchable generation in the national power system of Ukraine", International Journal of Global Energy Issues, Vol. 34, No 1/2/3/4, pp. 132-138.
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Download Marko Backovic, Zoran Popovic THE ANALYSIS OF MODEL OF GENERAL ECONOMIC EQUILIBRIUM AND FINANCIAL INSTABILITY OF ECONOMIC SYSTEM
Article title THE ANALYSIS OF MODEL OF GENERAL ECONOMIC EQUILIBRIUM AND FINANCIAL INSTABILITY OF ECONOMIC SYSTEM
Authors Marko Backovic, Zoran Popovic
Category Economics
Article type Science Article JEL Classification D50; D52; E51; G21
Abstract The model of the economic system which is discussed in this paper is based on the assumption of the existence of the heterogeneous structure of economic agents. During this assumption, we analyze the general economic equilibrium model with incomplete asset market, the existence of monetary equilibrium and the emergence of financial instability of the economic system, as well as actions that are necessary for overcoming economic instability. The private sector is observed as a set of participants who have different utility functions. Also, it is assumed that there are more commercial banks, where each bank has their own portfolios, which reflect the different preferences the risk / profit. In the market conditions, each bank analyzes the credit worthiness of each borrower, and on the other side each borrower faces different credit markets. Therefore, in this paper, instead of the only market for deposits/loans, development of model will be conducted by analyzing more than one market for deposits and more than one market for loans. The private sector and commercial banks maximize their utility functions, while the role of the Central Bank and the public sector is exogenously given. Further, in the model, we look at money as the conditioned medium of exchange, whereby the Central Bank and the government have a monopoly on the issue of controlled money as a widely accepted method of payment. Also, depending on what is the function of money in the markets funds, we observe the same physical structure as endogenous or exogenous size.
Key words The model of general economic equilibrium, incomplete asset markets, monetary equilibrium, financial instability, money
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Download Oleg Sukharev THE NEOINSTITUTIONAL CONTRACTS THEORY: NEW PERSPECTIVES
Article title THE NEOINSTITUTIONAL CONTRACTS THEORY: NEW PERSPECTIVES
Authors Oleg Sukharev
Category Economics
Article type Science Article JEL Classification B52; D02; D23; D86; K12
Abstract A new version of the contracts theory in terms of economic agent's interaction analysis, their competition, ideas about unfavorable selection, legal efficiency/inefficiency, institutions dysfunction is elaborated in the article. The author evaluates efficiency criteria and offers his own model of effective contracting, considers conditions and restrictions of contract interactions of agents subject to the model of agents' behaviour in a view to legal efficiency and opportunism. The critical estimation of O. Williamson's contracts theory is given and the author's classification of contracts and the basis of the contract theory corresponding to the changed format of modern contracting on a microeconomic level are suggested.
Key words contract, competition, legal efficiency, secondary markets, "contract" welfare, lawyer's "paradox", opportunism
Literature Akerlof, G., Kranton R. (2010), Identity Economics: How Our Identities Shape Our Work, Wages, and Well-Being, Princeton University Press, Princeton, New Jersey. Akerlof, G. (1984), An Economic Theorist's Book of Tales, Cambridge University Press, Cambridge. Akerlof, G. (1970), "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism", The Quarterly Journal of Economics, Vol. 84, No 3, August, pp. 488-500. Alchian, A. (1950), "Uncertainty, Evolution and Economic Theory", Journal of Political Economy, Vol 58, No 3, pp. 211-221. Coase, R. (1937), "The Nature of the Firm", Economica, Vol. 4, No 16, November, pp. 386-405. Coase, R. (1940), "The Problem of Social Cost", Journal of Law and Economics, Vol. 3, No 1, pp. 1-44. Coase, R. (1972), "Durability and Monopoly", Journal of Law and Economics, Vol. 15, No 1, pp. 143- 49. Coase, R. (1992), "The Institutional Structure of Production", The American Economic Review, Vol. 82, Issue 4, pp. 713-719. Datta S., Nugent, J. (1986), "Adversary Activities and Per Capita Income Growth", World Development, Vol. 14, No 12. Demsetz, H. (1969), "Information and Efficiency: Another Viewpoint", Journal of Law & Economics, Vol. 12, No 1, pp. 1–22. Demsetz, H. (1967), "Toward a Theory of Property Rights", American Economic Review, Vol. 57, pp. 347-359. Haavelmo, T. (2003), Econometrics and the State of General Welfare // Nobel Prize-winners in Economics, A Look from Russia, Gumanistika, St. Petersburg. Hicks, J. R. (2003), The Mainspring of Economic Growth // Nobel Prize-winners in Economics. A Look from Russia, Gumanistika, St. Petersburg. Janzhul, I. I. (1912), Economic Value of Honesty (the Forgotten Factor of Production)// Bulletin of education, Moscow, No 4, pp. 79-103 Posner, R. (1981), The Economics of Justice, Harvard University Press, Cambridge, Massachusetts, London. Posner, R., Landes W. (2003), The Economic Structure of Intellectual Property Law, Harvard University Press, Harvard. Posner, R. (2010), Economic Analysis of Law, 8th ed. – A Division Of Aspen Publishers, Inc. A Wolters Kluwer Company, N.Y. Ruff, L. E. (1969), "Research and Technological Progress in a Cournot Economy", Journal of Economic Theory, No 1, рр. 397-415. Sukharev, O. (2011), Institutional Change, Efficiency and Structure of Economy, Lambert Academic Publishing, Berlin: Saarbrucken, Germany. Sukharev, O. S. (2009), The theory of economic efficiency, Finances and Statistics, Moscow. Williamson, O. E. (1975), Markets and Hierarchies: Analysis and Antitrust Implications, N.Y: Free Press Williamson O.E. (1985), The Economic Institutions of Capitalism, Implications, N.Y.-London, Collier Macmillan Publishers Williamson O.E. (1991), The Nature of the Firm: Origins, Evolution, and Development (by Editor O. Williamson and co-edited with Sidney Winter), Implications, New York: Oxford University Press. Williamson O.E. (2002), "The Theory of the Firm as Governance Structure: From Choice to Contract", Journal of Economic Perspectives, Vol. 1, No 3, pp. 171–195. Zerbe, R. (2001), Economic Efficiency in Law and Economics, Jr. Elgar, N.Y.
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Download Veselin Draskovic, Mimo Draskovic INSTITUTIONAL NIHILISM AS A BASIS FOR ANTI-DEVELOPMENT POLICY
Article title INSTITUTIONAL NIHILISM AS A BASIS FOR ANTI-DEVELOPMENT POLICY
Authors Veselin Draskovic, Mimo Draskovic
Category Economics
Article type Science Article JEL Classification B52; O17; P30
Abstract Private initiative in an environment of well protected property rights and a good legal system, high quality performance of institutions, clear rules of the game, consensus building capacity of the society regarding the importance of economic freedom can bring in significant differences in economic development between particular countries. During the period of the post-socialism transition, the whole system of inhibiting institutional and other factors has caused the dysfunctional conglomerate system. The effect was synergetic, destructive, and anti-development. Two decades of intense crisis, with all the accompanying events, has not been sufficient warning to holders of (vulgarised neo-liberal) economic policy in the post-socialism states that something is wrong and that the anti-development model ultimately needs to be changed. This paper discusses the causes and conditions that have disabled the pluralistic and even monistic acting of economic institutes in the practice of transitional countries and have led to their objective substitution by the quasi-institutes and meta-institutes of a sociopathological nature. It emphasizes the primary significance of institutionalization for economic policy, as well as the negative effect of pseudo-institutes on economic policy and the valorisation of economic resources. In addition, the article provides evidence that monistic pseudo-market reforms in the period of post-socialist transition have not succeeded in compensating for a vast institutional vacuum, and that they have even led to its spreading and turning into a quasi-institutionalization, and institutional nihilism. The paper explains that the institute of civil society as an instrument of people protection from the government doesn't work universally. It's denied by variety of national, corporate and informal groups ("elites"), which are superior in wealth and power and limiting the individuals. Uncontrolled power centers abuse Institute of state regulation and, paradoxically and ironically, preach and conduct marauding ideology of neo-liberalism as an institutional monism. We start from the hypothesis that the institutional nihilism is the main cause of unsuccessful post-social transition and anti-development and vulgarized neo-liberal economic policy. We also start from hypothesis that the neo-liberal myth about "mini" state was the interest cover by privileged individuals for their promotion and choice implementation, which reduced the choice of the vast majority of people, and therefore denied their (propagated) economic freedom, competion, private property and entrepreneurship as a mass phenomenon.
Key words Economic Institution, Institutional Pluralism, Institutional Monism, Neo-liberalism, Transition Economies
Literature Aburdene, P. (2005), Megatrends 2010: The Rise of Conscious Capitalism, Hampton Roads Publishing Company, Charlottesville. Domazet, T. (2010), "Facing the Future of Economic Policy- Causes of the Crisis from the Political Econmomy Point of View", in Facing the Future of South East Europe, pp. 7-70, Croatian Institute of Finance and Accounting, Zagreb. Drašković, M. (2009), "Globalna finansijska kriza i neoliberalna dogma", Ekonomija / Ekonomist, Vol. 16, No 1, pp. 127-148. Drašković, V. (1994), Razvoj sovjetske ekonomske misli, Ekonomika, Beograd. Drašković, V. (1995), Tranzicija i mješovita ekonomija, Ekonomika, Beograd. Drašković, V. (2003), "Značaj institucionalizacije i njena ograničenja u periodu postsocijalističke tranzicije", Ekonomska misao, No 1-2, pp. 143-151. Drašković, V. (2007), "Kritika odnosa ekonomske politike i institucionalizacije u Crnoj Gori", Ekonomija/ Economics, Vol. 15, No. 1, 83-99. Drašković, V. (2010), "Neoliberalni mitovi globalizacije i pseudo-tržišne tranzicijske privrede", Montenegrin Journal of Economics, Vol. 6, No 11, pp. 11-18. Draskovic, V. (2010a), "The Real Institutionalization as a Condition of the Efficient Economic Politics and Economic Development", Montenegrin Journal of Economics, Vol. 7, No 1, pp. 5-20. Drašković, V., Drašković, M. (2009), "Neoinstitucionalizam, neoliberalizam i globalna finansijska kriza", Montenegrin Journal of Economics, Vol. 5, No 9, pp. 23-32. Drašković, V., Drašković, M. (2009a), "Prepreke ekonomskoj institucionalizaciji u državama tranzicije", in Zbornik Institucionalne promene kao determinanta privrednog razvoja Srbije, Ekonomski fakultet, Kragujevac, pp. 21-29. Drašković, V., Drašković, M. (2009a), "Neophodnost primjene institucionalnog pluralizma za održiv ekonomski razvoj", in Zbornik Institucionalne promene kao determinanta privrednog razvoja Srbije, Ekonomski fakultet, Kragujevac, pp. 21-29. Earle, J. S. et al. (1996), "Ownership Structures, Patterns of Control, and Enterprise Behavior in Russia" in Simon Commander Q. Fan and Mark Schaffer, (eds.), Enterprise Restructuring and Economic Policy in Russia, The World Bank, Washington, pp. 205-252. Harvey, D. (2005), A Brief History of Neoliberalism, Oxford University Press, Oxford. Kešeljević, A. (2007), "Indexes of economic freedom – An outline and open issues", Zbornik radova Ekonomskog fakulteta u Rijeci, Vol. 25, sv. 2, pp. 223-243. Kulić, S. (2000), "Koncepcija neoliberalizma, edukacija i egzistencija", Ekonomski pregled, Vol. 51, No 9-10, pp. 867-894. Mau, V. (2008), "Ekonomičeskaja politika 2007 goda: uspehi i riski", Voprosi ekonomiki, No 2, pp. 4-25. Mesarić, M. (2011), "Neoliberalizam vs. planiranje kao institut društveno-ekonomskog razvitka", Montenegrin Journal of Economics, Vol. 7, No 9, pp. 5-20. Murell, P. (1996), "How Far has the Transition Progressed", Journal of Economic Perspectives, No 10, pp. 29-42. North, D. (1981), Structure and Change in Economic History, W · W · Norton & Company, New York. Polterovich, V. M. (2001), "Transplantaciya ekonomicheskikh institutov", Ekonomicheskaya nauka sovremennoy Rossii, No 3, pp. 11-22. Young, S. (2003), Moral Capitalism: Reconciling Private Interest with Public Goods, San Francisco: Berret Kohler Publishing.
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Download Aleksandra Prascevic THE ROLE OF GOVERNEMENT IN OVERCOMING THE EFFECTS OF GLOBAL ECONOMIC CRISIS IN SERBIA – OBSTACLES FROM THE PAST
Article title THE ROLE OF GOVERNEMENT IN OVERCOMING THE EFFECTS OF GLOBAL ECONOMIC CRISIS IN SERBIA – OBSTACLES FROM THE PAST
Authors Aleksandra Prascevic
Category Economics
Article type Science Article JEL Classification P26, H11, E62
Abstract Economic policy in Serbia as in other countries in the process of economic transition and consolidation of democracy emerges as a source of opportunistic and ideologically motivated political manipulation. This manipulation was primarily by fiscal policy, motivated by opportunistic motives of policymakers. Due to the type of government - coalition governments, which have been present in Serbia since 2000, we can acknowledge the problem of distributional conflict, as a conflict between the coalitions partners concerning the agreement about burdening particular social structures with fiscal stabilization, as well the total cost of reform. Simultaneously, the size and structure of government expenditure was also determined by privatization revenues, which were partly channeled to the state budget. Fiscal manipulation therefore prevented formation of an efficient fiscal system and a transparent budget process which created an additional restriction on the macroeconomic policy in Serbia during the period of the global economic crisis when the need to stimulate economic activity required measures of fiscal stimulus. In such unfavourable circumstances Serbia was hit by the global economic crisis in 2009 and policymakers were not able to significantly use fiscal stimulations due to frequently use of fiscal manipulation in the past.
Key words political macro economy, fiscal stimulus, gobal economic crisis
Literature Acemoglu, D., Robinson, J. A. (2006), Economic Origins of Dictatorship and Democracy, CUP, Cambridge. Adam, K., Billi, R. M. (2008), "Monetary conservativism and fiscal policy", Journal of Monetary Economics, No 55, pp. 1376-1388. Alesina, A., Drazen, A. (1991), "Why Are Stabilizations Delayed?", American Economic Review, Vol. 81, No 5, pp. 1170 – 1188. Alesina, A., Roubini, N., Cohen, G. D. (1997), Political Cycles and the Macroeconomy, MIT Press, Cambridge, Mass. Alesina, A., Tabellini, G. (1990), "A Positive Theory of Fiscal Deficit and Governement Debt", Review of Economic Studies, Vol. 57, No 3, pp. 403-414. Arsić, M. (2008), "Dometi i ograničenja antirecesionih mera Vlade Republike Srbije", QM - Kvartalni monitor ekonomskih trendova i politika u Srbiji, No 15, pp. 67-71. Arsić, M., Petrović, P. (2009), "Izazovi makroekonomske politike: kratak i srednji rok", in Živković. B., Stamenković, S., ed.: Ekonomska politika Srbije u 2010. godini – Ka novom modelu makroekonomske stabilnosti, Naučno društvo ekonomista i Ekonomski fakultet u Beogradu, Beograd Brander, A., Drazen, A. (2005), "Political budget cycles in new versus established democracies", Journal of Monetary Economics, Vol. 52, No 7, pp. 1271-1295. Jakšić, M., Praščević, A. (2010), Politička makrokeonomija, Ekonomski fakultet, Beograd. Praščević, A. (2008), "Politički faktori makrokeonomske nestabilnosti u Srbiji", in Zec, M., Cerović, B., ed. (2010), Kuda ide Srbija – Ostvarenja i dometi reformi, Ekonomski fakultet, Beograd. Praščević, A. (2009), "Ekonomska politika Srbije: između globalne ekonomske krize i predizbornih obećanja", in Jakšić, M., Praščević, A., ed: Svetska ekonomska kriza i ekonomska politika Srbije u 2009. godini, Ekonomski fakultet, Beograd. Roubini, N., Sachs J. (1989), "Government spending and budget deficits in the industrial countries", Economic Policy, No 8, pp. 100-117. Spilimbergo, A, Symansky, S., Blancard, O., Cottarelli, C. (2008), " Fiscal Policy for the Crisis", IMF Staff Position Note, Dec. 2008, http://www.imf.org/external/pubs/ft/spn/2008/spn0801.pdf [Accessed 7.07.2010] Stamenković, S., Kovačević,M., Vučković, V., Nikolić, I., Bušatlija, M. (2009), "Ekonomska politika u 2010. godini: ka novom modelu ravnoteže", in Živković. B., Stamenković, S., ed.: Ekonomska politika Srbije u 2010. g. – Ka novom modelu makroekonomske stabilnosti, Naučno društvo ekonomista i Ekonomski fakultet u Beogradu, Beograd. Statistical Database – Statistical Office of Serbia (2011), www.stat.gov.rs [Accessed 11.04.2011] Nations in Transition: Serbia (2009), Freedom House, Washington D.C., http://www.freedomhouse. org/uploads/nit/2009/Serbia-final.pdf [Accessed 16.07.2010] QM - Kvartalni monitor ekonomskih trendova i politika u Srbiji (2008), No.15, okt.- dec. 2008, Fond za razvoj ekonomske nauke, Beograd. QM - Kvartalni monitor ekonomskih trendova i politika u Srbiji (2009), No.18, jun.- sep. 2009, Fond za razvoj ekonomske nauke, Beograd. QM - Kvartalni monitor ekonomskih trendova i politika u Srbiji (2010), No.19, okt.- dec. 2009, Fond za razvoj ekonomske nauke, Beograd. QM - Kvartalni monitor ekonomskih trendova i politika u Srbiji (2011), No. 23, okt.- dec. 2010, Fond za razvoj ekonomske nauke, Beograd.
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Download Druzic Gordan CROATIAN DEVELOPMENT THROUGHOUT HISTORY
Article title CROATIAN DEVELOPMENT THROUGHOUT HISTORY
Authors Druzic Gordan
Category Economics
Article type Science Article JEL Classification O11; O52
Abstract The paper provides a brief analysis of economic development in the territory of present day Croatia over the past five centuries. The basic indicators used are changes in gross domestic product (GDP) and population, that is, GDP per capita.
Key words economic development, gross domestic product (GDP), population
Literature Adamček, J. – Kampuš, I. (1976), Popisi i obračuni poreza u Hrvatskoj u XIV i XV stoljeću (Censuses and Tax Statements in the 14th and 15th Centuries), Croatian History Sources, Book 3, Croatian Institute of History, Zagreb. Barro, R. J. (1997), Determinants of Economic Growth, MIT Press, Cambridge, Mass. Bertoša, M. (1981), Društvene strukture u Istri 16.-18. stoljeće (Social Structures in Istria in the 16th- 18th Centuries), in the book Društveni razvoj u Hrvatskoj od 16. do početka 20. stoljeća (Social Development in Croatia from the 16th to the Early 20th Century) (ed. M. Gross). Bertoša, M. (1986), Mletačka Istra u XVI i XVII stoljeću, (Venetian Istria in the 16th and 17th Centuries), Pula. Bertoša, M. (1995), Istra: Doba Venecije (XVI-XVIII stoljeće), Istria: The Venetian Age (16th-17th Centuries), Pula. Bićanić, R. (1972), Turning Points in Economic Development, The Hague, Mouton. Bićanić, R. (2004), Ekonomska podloga hrvatskog pitanja (The Economic Background of the Croatian Issue), Dom i svijet, Zagreb. Castells, M. (1996), The Rise of the Network Society, Blackwell, Cambridge, Mass. Družić, G. (2001), Kriza hrvatskog gospodarstva i ekonomska politika (The Croatian Economic Crisis and Policy), Golden marketing, Zagreb. Družić, G. (2004), Hrvatska obratnica – Stanje i perspektive hrvatskoga gospodarstva (The Croatian Tropic – Croatian Economic Conditions and Perspectives), Golden marketing – Tehnička knjiga, Zagreb. Družić, G. (2009), Croatian Economic Development and EU – Potential and Perspectives, HAZU, Školska knjiga, Zagreb. Družić, I. – Tica, J. (2002), Dinamika i kontraverze gospodarskog razvitka Hrvatske (The Dynamism and Controversies concerning Croatian Economic Development), Zbornik radova Stabilizacija – participacija – razvoj (Proceedings of Stabilization – Participation – Development), Faculty of Economics and Business, Zagreb, pp. 107-125. Dujšin, U. (2004), Foreword to the book by R. Bićanić Ekonomska podloga hrvatskog pitanja (The Economic Background of the Croatian Issue), Dom i svijet, Zagreb. Gelo, J. (1987), Demografske promjene u Hrvatskoj od 1780. do 1981. godine (Demographic Changes in Croatia from 1780 to 1981), Globus, Zagreb. Gelo, J. – Krivošić, S. (1990), Stanovništvo na tlu Hrvatske oko 1700. godine (Population in the Croatian Territory in 1700) (within the project: Population Development in the Croatian Territory), Economic and Social Policy Institute of the Faculty of Economics and Business, Zagreb. Gelo, J. (2002), Kratka povijest hrvatskog puta u stvarnu demografsku provaliju (A Short History of the Croatian Journey to a Genuine Demographic Abyss), Zbornik radova Hrvatska demografska i demostrateška drama (Proceedings of The Croatian Demographic and Demostrategic Drama) (ed. V. Pavletić), MH, Zagreb. Hebrang, A. (1947), Govor o petogodišnjem planu razvitka narodne privrede Jugoslavije 1947-1951 (Speech on the Five Year Development Plan for the Yugoslav National Economy, 1947-1951), in: Petogodišnji plan razvitka narodne privrede Federativne narodne republike Jugoslavije u godinama 1947.-1951. (A Five Year Development Plan for the National Economy of the Federal People's Republic of Yugoslavia, 1947-1951), Borba, Belgrade, 1947. Korenčić, M. (1979), Naselja i stanovništvo SR Hrvatske 1857.-1971. (Settlements and Population in the Socialist Republic of Croatia 1857-1971), JAZU Studies, Book 54. Kukoleča S. (1941), Industrija Jugoslavije 1918.-1938. (Yugoslav Industry, 1918-1938), Beograd. Maddison, A. (1995), Monitoring the World Economy 1820-1992, Paris. Maddison, A (2001), The World Economy – A Millennial Perspective, Paris. Mažuran, I. (1998), Popis naselja i stanovništva u Slavoniji 1698. godine (Settlement and Population Census in Slavonia in 1698), HAZU, Studies of the Institute for Scientific Research in Osijek, Book 2, Osijek. Mirković, M. (1950), Ekonomska struktura Jugoslavije 1918-1941 (The Yugoslav Economic Structure, 1918-1941), NHZ, Zagreb. Petogodišnji plan razvitka narodne privrede Federativne Narodne Republike Jugoslavije u godinama 1947-1951 (1947), A Five Year National Economic Development Plan of the Federal People's Republic of Yugoslavia, 1947-1951, Borba, Belgrade. Rozenberg, V. Kostić, J. (1939), Tko financira jugoslavensku privredu (Who is Financing the Yugoslav Economy), Beograd. Sirotković, J. (1993), Hrvatsko gospodarstvo 1945-1992, Ekonomski uzroci sloma Jugoslavije i oružane agresije na Hrvatsku (The Croatian Economy in 1945-1992 – Economic Reasons Behind the Breakdown of Yugoslavia and the Armed Aggression Against Croatia), Studies of the Institute for Economic Research, Vol. 28, HAZU, Zagreb. Sirotković, J. (1996), Hrvatsko gospodarstvo (The Croatian Economy), Golden marketing and HAZU, Zagreb. Stipetić, V. (1979), A foreword in: Mirko Kostrenčić, Naselja i stanovništvo SR Hrvatske 1857-1871. (Settlements and Population in the Socialist Republic of Croatia), HAZU, Zagreb, pp. IX-XXII. Stipetić, V. (1999), Gospodarski rast Hrvatske i Središnje Europe između 1850 i 1913. godine (Croatian and Central European Economic Development Between 1850 and 1913), HAZU Study, Book 478, pp. 81-133. Stipetić, V. (2001), Povijest hrvatske ekonomske misli (1298-1847) (A History of Croatian Economic Thought (1298-1847), Golden marketing, Zagreb. Stipetić, V. (2002), Stupanj i dinamika gospodarskog razvoja Hrvatske (The Phase and Dynamism of Croatian Economic Development), Zbornik radova Stabilizacija – participacija – razvoj (Proceedings of Stabilisation – Participation – Development), Faculty of Economics and Business, Zagreb, pp. 63-83. Stipetić, V. (2003), Stanovništvo i bruto domaći proizvod Hrvatske (1500-1913) (Croatian Population and Gross Domestic Product (1500-1913), in the context of the most recent study by Angus Maddison, Annals of the HAZU Institute of Historical Sciences in Dubrovnik, Vol. XLI, Zagreb-Dubrovnik, pp. 91-154. Vekarić, N. (1991), Broj stanovnika Dubrovačke Republike u 15, 16. i 17. stoljeću (Population Numbers in the Dubrovnik Republic in the 15th, 16th and 17th Centuries), Annals of the Institute for Historical Sciences, Vol. XXIX, Dubrovnik, pp. 7-22. Wertheimer-Baletić, A. (1999), Stanovništvo i razvoj (Population and Development), Mate, Zagreb. Wertheimer-Baletić, A. (2003), "Dugoročni demografski procesi u Hrvatskoj u svjetlu popisa stanovništva 2001. godine" ("Long Term Demographic Processes in Croatia in the Light of the 2001 Census"), Zbornik radova Pristup strategiji ekonomskog razvoja Hrvatske (Proceedings of An Approach to the Croatian Economic Development Strategy), HAZU and RIFIN, Ekonomija/Economics, No 1, pp. 97-114.
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Download Marjan Sternad, Matjaz Safran, Darja Topolsek INTERNATIONAL COMPARATIVE ADVANTAGE IN TRANSPORT SERVICES: THE CASE OF SLOVENIA
Article title INTERNATIONAL COMPARATIVE ADVANTAGE IN TRANSPORT SERVICES: THE CASE OF SLOVENIA
Authors Marjan Sternad, Matjaz Safran, Darja Topolsek
Category Economics
Article type Science Article JEL Classification L91
Abstract Competitiveness in the world markets is getting increasingly tougher, and that is why it is crucial for countries to gain comparative advantages if they want to keep their established market positions in the international environment in the long run. Participation in the international trade has become one of the most important factors of economic growth and welfare of individual countries. In the article the export and the import models of Slovenia in transport services, as well as the comparative advantages are defined using the Balassa index. In comparison with the most important foreign trade partners Slovenia is gaining comparative advantages in transport services; however, the transport infrastructure, the technology and the promotion of the exports of transport services will have to be improved in order to preserve the competitive position of Slovenia in the international environment
Key words comparative advantage, transport services, internationalization, export performance, import profile, Balassa Index
Literature Amador, J., Cabral, S., Maria, J. (2009), "A Simple Cross-Country Index of Trade Specialization", Open Economic Review, 22, 447-461. Balassa, B. (1965), "Trade Liberalization and Revealed Comparative Advantage", The Manchester School of Economic and Social Studies, Vol. 33, 99 – 123. Benedictis, L.M., Gallegati, M., Tamberi, M. (2009), "Overall trade specialization and economic development: countries diversify", Review of World Economics, 145, 37 – 55. Benedictis, L.M., Tamberi, M. (2001), "A note on the BAlassa Index of Revealed Comparative Advantage", Working paper, 158. Ferto, I., Hubbard, L. (2003), "Revealed comparative advantage and the competitiveness in Hungarian Agri-Food sectors", World Economy, 26 (2), 247 – 259. ITC – International Trade Center. (2003), "Country market Analysis Profiles – Benchmarking of National and Sectoral Trade Performance and Competitiveness", ITC – International Trade Center (b.l.). Najdeno dne 15.11.2010 na naslovu http://legacy.intracen. org/menus/countries.htm. Javalgi, R., Martin, C. (2007), "Internationalization of services: identifying the building-blocks for future researc", Journal of Services marketing, 21/6, 391 – 397. Navodilo za izvajanje sklepa o obveznosti poročanja s poslovanju s tujino. Uradni list RS št. 107/2008 z dne 14.11.2008. Seyoum, B. (2007), "Revealed comparative advantage and competitiveness in services: A study with special emphasis on developing countries", Journal of Economic Studies, 34 (5), 376 – 388. Vollrath, T. (1991), ˝A Theoretical Evaluation of Alternative Trade Intensity measures of Revealed Comparative Advantage˝, Review of World Economics, 127, 265 – 280. Wang, Y., Cui, L., Shuang, M., (2010), "The Empirical Study of Comparative Advantage of Chinese and Indian Service Industries: A Comparative Perspective", Management of innovation and Technology. Winsted, K.F., Patterson, P., (1998), "Internationalization of services: the service exporting decision", Journal of Services marketing, 12/4, 294 – 311.
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Download Dragoljub Stojanov TRANSITION OF BOSNIA&HERZEGOVINA ECONOMY: AN EXAMPLE OF ECONOMICS BARBARISM
Article title TRANSITION OF BOSNIA&HERZEGOVINA ECONOMY: AN EXAMPLE OF ECONOMICS BARBARISM
Authors Dragoljub Stojanov
Category Economics
Article type Science Article JEL Classification D00; E00, F02; O11
Abstract Bosnia&Herzegovina is in the process of transformation from a previously self-managed economy to a modern market economy. The process has begun immediately after the Dayton Peace Accord was signed. The transition package was based on the "rules of the game "of the Washington Consensus. We consider that an application of neoliberal economic concept in a war-torn country could provide nothing else than a disaster... The application of Washington consensus under given B&H' circumstances we consider as economic barbarism. In the paper we analyze the barbaric strategy of the international institutions and its consequences for B&H' economy and society. In our research we rely mostly on our primary data and research as well as on official World Bank publications. Our own neo-Keynesian economic development strategy supported by UNDP has been rejected by the IMF and World Bank in 1997.
Key words strategy, failure, neoclassical, IMF, UNDP
Literature Agency for Statistics of Republic Srpska (2008). Central Bank B&H Bulletin (2007). Labor Force Survey, Agency for Statistics of B&H (2007). Stojanov, D. (1996), Macroeconomic Policy Issues Relating to Transition to a Market Economy in Bosnia and Herzegovina, UNDP. Stojanov, D, (1997), Economic Development Strategy for B&H, UNDP, team leader and main author. Stojanov, D. (1998), Inter-Entity Trade Facilitation, UNDP, team leader, Vienna. Stojanov, D., Pitelis, C. (2000), Supply-Side Strategy for Productivity, Competitiveness and Convergence between the CEECs and (in) the EU, PHARE-ACE Project. Stojanov, D. (2000), Supply-Side Strategy for Productivity, Competitiveness and Convergence Between the CEESs and (in) the EU: The Case Study of Bosnia and Herzegovina, South-South, New York. Stojanov, D. (2001), "B&H Since 1995:Transition and Reconstruction of the Economy", in International Support Policies to South-East European Countries-Lessons (not)Learned, Open Society Fund B&H Stojanov, D. (2003), Transition in B&H: Macroeconomic Framework for New and Different Approach towards Economic Growth, contribution to the UNDP study project "Transition in B&H". Stojanov, D. (2003), Bosnia and Herzegovina: Economy in the process of Transition, in ed. C.Solioz and S.Dizdarevic, Ownership Process in B&H. Stojanov, D. (2004), Hungary and B&H: A Success and a Failure of Transition, Hungarian Academy of Science, Institute for World Economics, Budapest. Stojanov, D. (2004), Survey and Analysis of the Debt Structure of a sample of Bosnian Enterprises, World Bank-DFID study. Stojanov, D. (2009) Economics of peacemaking: Lessons from B&H, The Portland Trust, London The Silent Majority Speaks, (2007), Oxford Research International, Oxford University Press. World Bank, European Commission, EBRD (1996), Bosnia and Herzegovina on the Road to Recovery, World Bank.
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Download Tatiana Volkova, Marina Kuznetsova MODELLING OF CRITERIA FOR THE FEASIBILITY ASSESSMENT OF INTELLECTUAL PRODUCTS' POTENTIAL IN THE VENTURE FINANCING SYSTEM
Article title MODELLING OF CRITERIA FOR THE FEASIBILITY ASSESSMENT OF INTELLECTUAL PRODUCTS' POTENTIAL IN THE VENTURE FINANCING SYSTEM
Authors Tatiana Volkova, Marina Kuznetsova
Category Economics
Article type Science Article JEL Classification G24; GO31; GO32; GO34
Abstract Objective of the research is to develop a logical modeling variant of criteria for the feasibility assessment of intellectual products` potential in the venture financing system. Research methodology is based on synthesis of institutional and new institutional economics theory, theories of innovations, uncertainty and risk, management of innovations. Essential characteristics of venture financing are structured in the article, its treatment as an economic category is suggested. The structure of institutional field of venture financing (by the example of Russia) is elaborated with consideration of projected development and co evolution of formal and informal institutions as a favorable environment for drawing into economic turnover and commercialization of technological developments and projects. A logical model of institutional criteria for the assessment of intellectual products` potential feasibility in the system of venture financing is suggested.
Key words venture financing, intellectual products` potential, assessment criteria, institutional field
Literature Akerlof, G. A. (1970), "The Market for "Lemons": Quality Uncertainty and the Market Mechanism", Quarterly Journal of Economics Vol. 84 No 3, pp. 488-500. Alekhina, N. M. (2009), "Venture financing as an innovative development", Innovations Issue 6, pp. 49-52. Andersson, T. and Napier, G. "The role of venture capital, global trends and issues from a nordic perspective", International Organisation for Knowledge Economy and Enterprise Development (IKED), available at: http://www.iked.org/ (accessed 19 March 2012). Arrow, K. J. (1962), "Economic Welfare and the Allocation of Resources for Invention", in: Richard Nelson (ed.), The Rate and Direction of Inventive Activity, Princeton, Princeton University Press. Arrow, K. J. (1993), "The Potentials and Limits of the Market in Resource Allocation", THESIS. Spring Vol. 1 No. 2, pp. 53-68. Balaban, A. M. and Balaban, M. A. (1999), Venture financing of innovation projects, Moscow, ANE. Bernoth, K., Colavecchio, R., Sass, M. (2010), "Drivers of Private Equity Investment in CEE and Western European Countries", Working Paper D.3.5 European Commission, available at: http://www.finessweb. eu (accessed 19 March 2012). Chesbrough, H. (2007), Open Innovation, Moscow, Pokoleniye. Dictionary of Venture Capital Financing Terms (2004), Saint-Petersburg, RVCA. Direct and Ventured in Russia (2010), Preliminary market review, available at: http://allventure.ru (accessed 19 March 2012). Dvorak, I., Kochishova, J., Prochazka, P., 1999, "Venture capital in Central and Eastern Europe", Theoretical and Practical Issues of Management Issue 6, pp. 59-66 European Venture Capital Association, available at: http://evca.eu (accessed 19 March 2012). Folomyov, A. N. and Noibert, M. (1999), Venture capital, Saint-Petersburg, Science. Gulkin, P. (2001), Venture Capital Terms Glossary, Saint-Petersburg, RVCA. Hall, B. H. (2002), "The Financing of Research and Development", NBER Working Paper, No 8773. Knight, F. H. (2003), Risk, Uncertainty and Profit, Moscow, Delo. Mani, S. and Bartzokas, A. (2002), "Financing of Technology-based venture, An analysis of the experience of venture capital institutions from Asia", EADI 10th General Conference, Ljubljana, 19-21 Sept., available at: http://www.eadi.org (accessed 19 March 2012). North, D. (1990), Institutions, Institutional Change and Economic Performance, Cambridge University Press, Cambridge. PricewaterhouseCoopers/NationalVentureCapitalAssociationMoneyTree™ Report (2011), Thomson Reuters available at: http://www.thomsonreuters.com, http://www.pwcmoneytree.com (accessed 19 March 2012). Romer, P. M. (1990), "Endogenous technological change", Journal of Political Economy Vol. 98 No. 5, pp. 97-103. Romer, P. M. (1994), "The Origins of Endogenous Growth", Journal of Economic Perspectives No. 8, pp. 3-23. Schumpeter, J. (1982), The Theory of Economic Development: An inquiry into profits, capital, credit, interest and the business cycle, Moscow, Progress. Statistical data of the Worldbank, available at: http://data.worldbank.org/indicator/TX.VAL.TECH. MF.ZS (accessed 19 March 2012). Thurow, L. (1999), Creating Wealth. The New Rules for Individuals, Companies and Countries in а Knowledge-Based Economy. N.Y., Harper Collins / L.: Nicholas Brealey Publishing. ХVI + 301 pp. 23, 207- 208, 5-6. Van der Burg, E. (2001), Evolution of the European Private Equity Industry in the late 1990s and Developments in Eastern Europe, Saint-Petersburg, RVCA. Venture entrepreneurship training course EVCA-RVCA, available at: http://allventure.ru (accessed 19 March 2012). Venture financing: foreign experience (analytical articles), available at: http://solev.ru (accessed 19 March 2012). Volkova, T. I. (2004), Reproduction of creative potential of science, Yekaterinburg, Institute of Economics, the Ural Branch of Russian Academy of sciences. Volkova, T. I. (2009), "Endogenous factors of commercialization of intellectual products in scientific and technological sphere", Innovations, Issue 11, pp. 51-56. Volkova T. I., Usoltsev I.A. (2010), Intellectual products in the sphere of science: potential of commercialization, Yekaterinburg, Institute of Economics, the Ural Branch of Russian Academy of sciences.
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Download Mimo Draskovic, Dragan Radovic THE ECONOMY OF CONVENTIONS' ORIGINALITY AND SIMILARITIES WITH NEOINSTITUTIONALISM
Article title THE ECONOMY OF CONVENTIONS' ORIGINALITY AND SIMILARITIES WITH NEOINSTITUTIONALISM
Authors Mimo Draskovic, Dragan Radovic
Category Economics
Article type Science Article JEL Classification B52; B59
Abstract This paper represents an effort to explain the originality of a consensus theory, its similarities and differences with neo-institutional theory. The author discusses the interrelations between the terms convention and institute, trying to determine the overlapping and disciplinary boundaries of the economy of conventions and neo-institutional economic theory. We start from the hypothesis that the above mentioned directions are sufficiently different in terms of form and meaning, but they also have some essential similarities and many mutual points, primarily in terms of a concept.
Key words agreement, norms of behavior, rational choice, institutional subsystems
Literature Bessy, Ch., Favereau, O. (2003), "Institutions et économie des conventions", Cahiers d'économie politique, N0 44, pp. 119-164. Bessi, K., Favro, O. (2010), "Ekonomika konvencij i institucionalizm: rezuljtati vzaimodejstvija", Voprosi ekonomiki No 9, ss. 26-40. Boltanski, L., Thévenot, L. (1991), De la justification. Les ékonomies de la graddeur, Gallimard, Paris. Drašković, M. (2007), "Suština i značaj teorije dogovora", Montenegrin Journal of Economics Vol. 3, No 6, ss. 213-223. Drašković, V. (2006), "Imitacije postsocijalističke institucionalizacije", Montenegrin Journal of Economics Vol. 2, No 4, ss. 49-69. Drašković, V. (2009), "Neoinstitucionalizam, neoliberalizam i globalna finansijska kriza", Montenegrin Journal of Economics Vol. 5, No 9, ss. 23-33. Galbraith, J.K (1994), "Ekonomika u sledećem veku", Ekonomika No 7-9, ss. 63-64. Lafaye, C., Thévenot, L. (1993), "Une justification ékologique? Conflits dans l'aménagement de la nature", Revue Française de Sociologie, Vol. 34, No 4. Livet, P., Thévenot, L. (1994), "Les catégories de l'action collective", in Orléans, A. ed., Analise économique des conventions, PUF, Paris. North, D. C. (1987), "Institutions, transaction cost and economic growth", Economic Inwuiry Vol. 25, No 3., pp. 418-32. Olejnik, A. (1997), "V poiskah institucionalnoj teorii perehodnogo obšćestva", Voprosi ekonomiki No 10, ss. 58-68. Olejnik, A., red. (2007), Institucionaljnaja ekonomika, INFRA-M, Moskva. Teveno, L. (1997), "Množestvennost sposobov koordinacii: ravnovesie i racionalnost v složnom mire", Voprosi ekonomiki No 10, ss. 69-84. Teveno, L. (2007), "Cennosti, koordinacija i racionaljnost: ekonomika soglašenij ili epoha zbliženij ekonomičeskih, socialjnih i političeskih nauk", u Olejnik, A. red., Institucionaljnaja ekonomika Moskva: INFRA- M, pp. 76-112.
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Download Jovo Tauzovic OPTIMAL MANAGEMENT OF ELECTRONIC BUSINESS SYSTEM
Article title OPTIMAL MANAGEMENT OF ELECTRONIC BUSINESS SYSTEM
Authors Jovo Tauzovic
Category Economics
Article type Science Article JEL Classification M11
Abstract Comprehensive electronic business (as an e-system /e-organisation/) is regarded as the most up-to-date business. For performance of its operations (e-operations) it uses Internet (as information-communication technologies), in the initial period through electronic commerce (e-commerce) as the operational part (management), and then through its extension (or upgrading) via electronic business (e-business) as its strategic part (management). Since the strategic part of management designs the e-system, and the operational part of management performs the production of electronic products (e-products), the esystem optimisation firstly determines the optimal e-system design, used subsequently as a basis for optimal production of e-products (goods, information, management and services). The innovative methodology known as Tauzović's General Continuum (TGC) was used for modern optimisation of e-system management (e-operations design and production); more particularly, its theoretical form (TGCt) for strategic management, and the practical form (TGCp) for operational management. Given that the application of different TGC forms (TGCt and TGCp) in the optimisation of e-system management confirms its validity as a modern (systems) management methodology, it is to be expected that further development in management of contemporary and future systems will be based on the Tauzović's General Continuum (TGC) methodology, particularly its two forms (TGCt and TGCp).
Key words Electronic business system (e-system or e-organisation), electronic business (ebusiness), electronic commerce (e-commerce), electronic operations (e-operations), electronic products (e-products), optimal management, Tauzović's General Continuum (TGC), the theoretical (TGCt) and the practical (TGCp) form of Tauzović's General Continuum (TGC).
Literature Bijelić, P. (2000), Elektronska trgovina, Institut za međunarodnu politiku i privredu, Beograd. Chaffy, D. (2009), E-business and E-commerce Management – Strategy, Implementation, and Practice (Fourth Edition). Prentice Hall – Financial Times, London. Kalakota, R. & Robinson, M. (2002), e-Poslovanje 2.0 – Vodič ka uspjehu. Mate, Zagreb. Tauzović. J. T. (1998), Savremeno upravljanje operacionim sistemima (Modern management of Operations Systems). Ekonomski fakultet, Univerzitet Crne Gore, Podgorica. Tauzović, J. T. (2009), Savremeno upravljnaje poslovnim organizacijama (Tauzovićev opšti kontinuum – TOK) (Modern Management of Business Organizations (Tauzovic General Continuum – TGC), Unireks, Podgorica. Turban, E., D. Kind, J. Lee, M. Warkentin, H. M. Chung (2002), Electronic Commerce 2002 – A Managerial Perspecitve, Prentice Hall, London.
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Download Veselin Draskovic BOOK REVIEW
Article title BOOK REVIEW
Authors Veselin Draskovic
Category Economics
Article type Science Article JEL Classification
Abstract Book Review. "Management of Economy - Introduction to the Theory of Crises and Growth". Author: Oleg Sukharev
Key words Book Review
Literature
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