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Institutional Economics At The Crossroads: A View From Russia

  • Bagrat Yerznkyan
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    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.

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    Article provided by Economic Laboratory for Transition Research (ELIT) in its journal Montenegrin Journal of Economics.

    Volume (Year): 8 (2012)
    Issue (Month): 1 ()
    Pages: 27-45

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    Handle: RePEc:mje:mjejnl:v:8:y:2012:i:1:p:27-45
    Contact details of provider: Web page: http://www.mnje.com

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    1. Pavel Pelikan, 2011. "Evolutionary developmental economics: how to generalize Darwinism fruitfully to help comprehend economic change," Journal of Evolutionary Economics, Springer, vol. 21(2), pages 341-366, May.
    2. Bagrat Yerznkyan, 2006. "Specificity Of "Contractual" Relations Of Government And Business In Russian Fuel And Energy Sector," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 2(3), pages 139-150.
    3. Mirowski, Philip, 2010. "Inherent Vice: Minsky, Markomata, and the tendency of markets to undermine themselves," Journal of Institutional Economics, Cambridge University Press, vol. 6(04), pages 415-443, December.
    4. Bagrat Yerznkyan, 2008. "Governance Choice For Knowledge Creation And Sharing," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 4(8), pages 53-59.
    5. Andrzej Rapaczynski, 1996. "The Roles of the State and the Market in Establishing Property Rights," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 87-103, Spring.
    6. Veselin Draskovic & Mimo Draskovic, 2009. "Priority Of The Anti-Crisis Economic Policy Based On Innovative-Institutional Changes," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 5(10), pages 47-52.
    7. Geoffrey M. Hodgson, 2003. "The hidden persuaders: institutions and individuals in economic theory," Cambridge Journal of Economics, Oxford University Press, vol. 27(2), pages 159-175, March.
    8. Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-55, December.
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