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Author: R. E. Ericson
Publisher:
ISBN: 9789516869271
Category :
Languages : en
Pages : 40
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Book Description
The Russian Economy has evolved into a hybrid form, a partially monetized quasi-market system that has been called the virtual economy. In the virtual economy, barter and non-monetary transactions play a key role in transferring value from productive activities to the loss-making sectors of the economy. We show how this transfer takes place, and how it can be consistent with the incentives of economic agents. We analyze a simple partial-equilibrium model of the virtual economy, and show how it might prove an obstacle to industrial restructuring and hence marketizing transition. Published in: Review of Economic Design vol 6, issue 2 (2001) pp. 185-214, ISSN 1434-4742.
Author: R. E. Ericson
Publisher:
ISBN: 9789516869271
Category :
Languages : en
Pages : 40
Get Book Here
Book Description
The Russian Economy has evolved into a hybrid form, a partially monetized quasi-market system that has been called the virtual economy. In the virtual economy, barter and non-monetary transactions play a key role in transferring value from productive activities to the loss-making sectors of the economy. We show how this transfer takes place, and how it can be consistent with the incentives of economic agents. We analyze a simple partial-equilibrium model of the virtual economy, and show how it might prove an obstacle to industrial restructuring and hence marketizing transition. Published in: Review of Economic Design vol 6, issue 2 (2001) pp. 185-214, ISSN 1434-4742.
Author: Clifford G. Gaddy
Publisher: Brookings Institution Press
ISBN: 9780815731122
Category : Business & Economics
Languages : en
Pages : 334
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Book Description
Clifford Gaddy's and Barry Ickes' thesis-- that Russia's economy is based on illusion or pretense about nearly every important economic yardstick, including prices, sales, wages and budgets-- has forced broad recognition of the inadequacies of the intended market reform policies in Russia and provided a coherent framework for understanding how and why so much of Russia's economy has resisted reform.
Author: R.E. Ericson
Publisher:
ISBN:
Category :
Languages : en
Pages : 41
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Book Description
Author: Richard E. Ericson
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
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Book Description
The Russian Economy has evolved into a hybrid form, a partially monetized quasi-market system that has been called the virtual economy. In the virtual economy, barter and non-monetary transactions play a key role in transferring value from productive activities to the loss-making sectors of the economy. We show how this transfer takes place, and how it can be consistent with the incentives of economic agents. We analyze a simple partial-equilibrium model of the virtual economy, and show how it might prove an obstacle to industrial restructuring and hence marketizing transition.
Author: Svetlana Bojarčenko
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Book Description
Author: CLIFFORD GADDY AND BARRY W. ICKES
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
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Book Description
Author: VLAD IVANENKO
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
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Book Description
Author: Clifford Gaddy
Publisher: Routledge
ISBN: 1134106823
Category : Business & Economics
Languages : en
Pages : 142
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Book Description
Bear Traps examines Russia’s longer term economic growth prospects. It argues that Russia’s growth challenges are conventionally misdiagnosed and examines the reasons why: a spatial misallocation that imposes excess costs on production and investment; distortions to human capital; an excessively high relative price of investment that serves as a tax on physical capital accumulation; and an economic mechanism that inhibits adjustments that would correct the misallocation. Bear Traps explains why Soviet legacies still constrain economic growth and outlines a feasible policy path that could remove these obstacles. The most popular proposals for Russian economic reform today — diversification, innovation, modernization — are misguided. They are based on a faulty diagnosis of the country’s ills, because they ignore a simple reality: Russia’s capital, both physical and human, is systematically overvalued, owing to a failure to account for the handicap imposed by geography and location. Part of the handicap is an unavoidable consequence of Russia’s size and cold climate. But another part is self-inflicted. Soviet policies placed far too much economic activity in cold, remote locations. Specific institutions in today’s Russia, notably its federalist structure, help preserve the Soviet spatial legacy. As a result, capital remains handicapped. Investments made to compensate for the handicaps of cold and distance should properly be treated as costs. Instead, they are considered net additions to capital. When returns to what appear to be large quantities of physical and human capital fail to satisfy expectations, the blame naturally goes to poor institutions, corruption, backward technology, and so on. Policy proceeds along the wrong path, with costly programs that can end up doing more damage than good. The authors insist that the goal should be to seek to remove the handicaps rather than to spend to compensate for them. They discuss how Russia could develop a modernization program that would let the nation finally focus on its economic advantages, not its handicaps.
Author: Peter Wehrheim
Publisher: Ashgate Publishing, Ltd.
ISBN:
Category : Business & Economics
Languages : en
Pages : 226
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Book Description
Peter Wehrheim analyses the economy-wide effects of various trade and economic policies that have affected Russia's transition from a planned economy to a market economy in the past decade.
Author: Gene H Chang
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The rapid expansion in Russia of the virtual economy, a system characterized by a network of barter, has recently received much attention. This article analyzes the origin, the nature, efficiency and welfare implication, of the virtual economy. While the system is criticized by many economists as a retreat from reform, this article argues that the virtual economy has merit and economic rationality, given the special circumstances in Russia. In particular, the system results in a net welfare gain, and it functions by using its own criterion of cost efficiency.
