Economic Theory

4/2010

CONTENTS

POLITICAL ECONOMY

K.Voznyi. Islam and modern economy: comparisons and interactions

INSTITUTIONAL PROBLEMS OF ECONOMIC DEVELOPMENT

V.Tarasevych. Institutional evolution: the context of interactions

Y. Petrunia, O. Ivashyna. The institutional factors of economic development

V.Mortikov. Implicit agreements in the modern economy

MACROECONOMICS

A.Yepifanov, S.Kozmenko, T.Vasilyeva. Structuring the components of net domestic product by the criterion of innovation

INTERNATIONAL ECONOMY

S.Shumska. Russian capital in Ukraine’s banking system: development dynamics and spheres of interest

O.Kuznetsov. The post-crisis strengthening of Anglo-American global leadership

HISTORY OF ECONOMIC THOUGHT

P.Nesenenko, O. Artemenko. A.R.J.Turgot’s economic system as an origin of the scientific stage of economic thought

SCIENTIFIC LIFE

I.Radionova, I.Malyi. The problems of teaching the course of macroeconomics in the light of modern economic change

CRITICS AND BIBLIOGRAPHY

V.Bazylevych. The innovative paradigm of the development of economic researches on a phenomenological basis

V.Osetskyi. Knowledge based economy in the "mirror" of a modern textbook

SummarieS

K.Voznyi

Islam and modern economy: comparisons and interRELATIONS

The author investigates the contents of the interrelation between the modern doctrine of market economy and the main dogmas of Islam. He provides an assessment of the dynamics and genesis of main economic definitions (trade, wealth, taxes, interest, profit money etc.) in the context of the Islamic dogma. Also, he makes a series of substantial comparisons of those economic categories.

V.Tarasevych

Institutional evolution: the context of interactions

The article continues a cycle of the authors works published in the journal on the regularities of the institutional theory. The author considers the interactions between the institutions of appropriation, defines the institutions of those interactions and their integrational mission in the institutional architectonics.

Y.Petrunia, O.Ivashyna

The institutional factors of economic development

In the methodological context, the authors investigate the factors of economic development, and prove the non-linear bifurcational character of the changes in transition economy, and the necessity to take into account the universum interactions in the process of formation of the new institutional order.

V.Mortikov

IMPLICIT CONTRACTS IN THE MODERN ECONOMY

The author gives a further development to the theory of implicit contracts. He analyzes implicit contracts between the authorities and individuals, in marketing activities and in the shadow economy. The article reveals the role of the risk factors and uncertainty in implicit relations.

A.Yepifanov, S.Kozmenko, T.Vasilyeva

Structuring the components of net domestic product by the criterion of innovation

The article justifies that additional multiplier effects, which an economic system can receive from the realization of a purposeful innovative policy, should be considered within the system of national accounts, particularly during the valuation of the microeconomic indicators of economic growth. The authors give a further development to the methodology of structuring the components of NDP by the criterion of innovation, which allows them: to prove the necessity of taking into account the innovative orientation of the components of consumer spending and the difference between the propensities to consume traditional goods and services and innovative ones; to structure government expenditures by the criterion of innovation; to develop a mechanism of assessment of the innovative orientation of net exports; to investigate the factors of the formation of demand for innovative and traditionally-oriented investments; to prove the presence of a cyclic feedback between the volume of each investment type and individual factors of investment demand; and to define the guidelines for taking into account the innovation component during the calculation of the multiplier of NDP increase.

S.Shumska

Russian capital in Ukraine’s banking system: development dynamics and spheres of interest

The article deals with the ways and dynamics of the expansion of foreign capital in Ukraine’s banking system. The author defines the spheres of interest and development tendencies of the banks with Russian capital, as well as various peculiarities in the behavior of the Russian banks.

O.Kuznetsov

The post-crisis strengthening of Anglo-American global leadership

The author proves the existence of a positive interrelation between crises and the rise in the efficiency of the financial markets in the USA and the Great Britain. The article reveals various factors determining the strengthening of London's role as the world financial center despite the continuous decline of the Great Britain's ranking among the greatest world economies. The author concludes that, during the post-crisis period, the influence of the USA and the Great Britain on the development of the world financial system will remain strong, despite the necessity, for those countries, to overcome the considerable fiscal problems within the anti-crisis regulation.

P.Nesenenko, O.Artemenko

A.R.J.Turgot’s economic system as an origin of the scientific stage of economic thought

The article deals with the economic system designed by A.R.J.Turgot, one of the founders of the first model of the scientific stage of economic thought. The authors describe the main stages of the formation of market system in France in the second half of the XVIII century. They show the place and role of the economic system of the late physiocratism in the development of economic science, and its interpretation and use under the conditions of today’s Ukraine.

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