Genre: Economy
Publisher:"ASA"
Format: Djvu
Quality: Scanned pages
Number of pages: 832
Description: The reader is invited to the textbook of the team of authors of the department economic theory MGIMO (U) of the Ministry of Foreign Affairs of the Russian Federation, which is the fifth edition since 1991. the main objective our work for ten years - the desire to create a modern textbook that meets the growing requirements for the economic preparation of Russian students. Previous editions of the "Course of Economic Theory" served, we hope, to form an economic way of thinking in our students. L. Carroll in his famous book "Alice in Wonderland" argued that in order to stay in place, you need to run with all your might. What, then, can be said about those who wish to move forward without stopping at the achieved milestones? We clearly understand that the time interval between reprints of the textbook, obviously, should be reduced in order for the content of the theories presented to correspond to the latest achievements of world economic science and rapidly changing realities. economic life.
The book "Course of Economic Theory" has not undergone such a fundamental revision, similar to the one that was carried out in 1999. Nevertheless, the team of authors considers it important to note what is new that distinguishes this textbook from the previous edition.
In addition to clarifying some categories, updating the digital and actual material, changing the title and structure of some chapters, improving the graphical representation of theoretical models in a number of chapters, and in general the editorial and proofreading corrections necessary for reprinting, new paragraphs and substantially revised chapters appeared in the textbook. This applies to chapter 8, § 3 "Mechanism for reducing the asymmetry of information"; chapter 16, which discusses alternative approaches to take into account the size of the underground economy; Chapter 21 Market valuable papers” with new paragraphs “Technical and fundamental analysis of the stock market”, “Efficient Market Hypothesis”, “J. Soros' Theory of Reflexivity”; chapter 25 with revised paragraphs on economic growth models by E. Domar, R. Harrod, R. Solow, new paragraphs on “Endogenous economic growth models”, “ New economy"and problems of growth"; chapter 28 in new edition. Accordingly, the "Subject Index" has also been updated.
The list of Nobel Prize winners in economics has been supplemented, including 2003. For the first time in our textbook, in a separate appendix, a list of some Internet resources is given, namely, the sites of the International Monetary Fund, World Bank, the Ministry of Finance of the Russian Federation, the Central Bank of Russia, the State Statistics Committee, news agencies, research centers and institutes, both domestic and foreign, etc.
The central problem of this publication, as well as previous ones, is the analysis of the patterns of functioning of the modern market mechanism, the mechanism that underlies the most diverse economic systems in both the western and eastern hemispheres of our planet. Of course, market specifics in different countries have their own characteristics associated with historical, demographic, cultural, social, political and natural features. These features are more pronounced in transitional economies compared to established civilized "market" countries. However, here, as we often observe, one should not exaggerate the importance of national and regional factors. Wherever we throw an apple, it, obeying the law of universal gravitation, will fall to the ground. At the same time, the direction of its flight will not depend on the person who picks up this apple, whether it be a Papuan from New Guinea, a farmer from Ohio, or a resident of the Central Russian plain. The situation is exactly the same with the functioning of the basic mechanisms of the market economy - economic laws are as objective as the laws of nature.
The authors of the textbook "Course of Economic Theory" still consider it necessary in all topics without exception to focus on the fact that we study the economic behavior of people, and the construction of graphs and formulas is not an end in itself, but only a necessary help in solving this problem.
The Course of Economic Theory uses the following logic for studying the market mechanism:
- in the first section- "Introduction to economic theory" - highlights the place and role of man in the economy, gives an idea of economic theory as a science, its subject and method, shows the main patterns economic organization society, gives an overview of the most important trends and schools in economic theory and general characteristics market economy;
- in the second section- "Microeconomics" - the market mechanisms of perfect and imperfect competition, theories of the firm and organizational forms of business, markets for factors of production, the economic theory of uncertainty, information and insurance, the advantages and disadvantages of the market mechanism associated with the so-called market failures, the economic theory of welfare are analyzed.
- in the third section- "Macroeconomics" - the national economy as a whole is considered, the role and boundaries of state intervention in economic processes are shown, problems are analyzed macroeconomic equilibrium and instability. It also analyzes the monetary and fiscal systems of a modern market economy, considers the problems of inflation, economic growth and alternative theoretical approaches to the implementation of the macroeconomic policy of the state.
- in the fourth section- "International Aspects of Economic Theory" - shows the features of the functioning of the market mechanism in an open economy, considers problems and contradictions in achieving external economic equilibrium.
- in the fifth section - "Theoretical problems of transition to market economy» - a description of the command-administrative system is given and the main patterns of the transitional economy are considered.
The units of price measurement in various examples are both rubles and dollars - and this is not a blunder of the textbook editors. We hope that we will be understood correctly and will not be accused of lack of patriotism. Our textbook, as in previous editions, reflects the transitional economy in which it was created: the ruble still coexists with the dollar.
One of the characteristic features of the textbook is a wide range of problems that make up its content. The reader will find in it answers to the main questions of all sections of the standard course of economic theory taught in most universities. educational institutions our country and abroad. In connection with the latter, we consider it necessary to translate the basic concepts into English language(at the end of each chapter and in the index).
The team of authors is grateful to our esteemed reviewers, Ph.D. n., Professor Porokhovsky A. A. and the Department of Economic Theory of the IPPK Moscow State University. M. V. Lomonosov (head of the department, Doctor of Economics, Professor A. V. Sidorovich) for valuable comments made when reading the manuscript of the textbook.
We express the warmest words of gratitude to our publishers - the ASA publishing house (Kirov) and personally to A.I. Solodyankin.
The textbook "Course of Economic Theory" is designed for a wide range of Russian students. It is designed to help them study and comprehend, first of all, theoretical aspects economic life modern society to equip them with the scientific tools of economic analysis.
The book "Course of Economic Theory" will be useful to all those who are in modern conditions busy with practical activities - from politics to business, since the success of this activity largely depends on mastering the economic style of thinking.
The team of authors is grateful in advance to dear readers for their wishes and critical remarks, which will certainly be taken into account in future work. Textbook content
"Course of Economic Theory"
INTRODUCTION TO ECONOMIC THEORY
MAN IN THE WORLD OF ECONOMY
- Man and economy
- Human Models in Economic Theory
- The subject of economic theory
- Method of economic theory
- Main directions and schools in economic theory
- Production and economy
- public production and the wealth of society
- Production, distribution, exchange and consumption
- Technological Choice in Economics and the Production Possibility Curve
- Opportunity cost or opportunity cost
- Economic systems: spontaneous order and hierarchy
- Property rights as "rules of the game" in economic systems
GENERAL CHARACTERISTICS OF THE MARKET ECONOMY
- The market and the conditions for its occurrence
- Economic and non-economic goods. Product
- Theory marginal utility and the subjective value of the good
- Origin of money
- The main elements of the market mechanism
- Main types of market structures
- Price, supply and demand. Market balance
- Elasticity of supply and demand
- demand and usefulness. consumer choice theory
- Market economy and the depersonalized price mechanism
- Production costs: types and dynamics
- Firm equilibrium in the short run
- Firm equilibrium in the long run
- Producer surplus, consumer surplus and trade-offs
- The main types of market structures of imperfect competition
- Pure monopoly
- Price discrimination
- Losses from imperfect competition
- natural monopoly
- Oligopoly
- Monopolistic competition with product differentiation
- Monopsony
- Antimonopoly Law and Economic Regulation: Basic Principles
- Uncertainty as characteristic market economy. The concept of asymmetric information
- Risk and ways to reduce it. Insurance
- Information Asymmetry Reduction Mechanism
- The Theory of the Firm: A Technological and Institutional Approach
- Organizational forms of business
- The role of small, medium and large firms in the economy
- production function
- The theory of marginal productivity of factors
- Demand for factors of production. Resource usage rule
- The interchangeability of resources. Marginal rate of technological substitution
- Cost minimization rule and profit maximization conditions
- Features of the labor market
- Supply and demand in the labor market
- Equilibrium in the labor market and the equilibrium rate wages
- Differentiation of wage rates
- Imperfect competition in the labor market
- The concept of capital in economic theory. Capital as a factor of production
- Demand and supply in the capital services market
- Supply and demand in the market borrowed money(loan capital). Real and monetary theories of interest
- Factors Determining Supply and Demand Shifts in the Loan Market
- nominal and real interest rates. Risk Factor in Interest Rates
- Discounting and making investment decisions
- Market of capital assets (durable capital goods)
- Limited supply land resources. The Theory of Marginal Productivity and Ground Rent
- The opportunity value of land services and land rent. Equilibrium in the land services market
- Differential ground rent
- The price of the land capital asset
- Profit: normal and economic
- Sources of economic profit
- Profit functions
- The market as a self-regulating mechanism. Models of partial and general equilibrium
- Public Welfare and Efficiency
- Problems of fiasco (failures) of the market
KEY MACROECONOMIC INDICATORS AND THE SYSTEM OF NATIONAL ACCOUNTS
- Circulation of income and expenses in the national economy
- Gross domestic product (GDP) and methods of its calculation
- Nominal and real GDP
- System of National Accounts
- GDP and Net Economic Wealth (CEB)
- Market fiasco and the need for government regulation
- Public Choice Theory
- State fiasco
- State regulation economics: main goals and tools
- Classical theory of macroeconomic equilibrium
- Macroeconomic Equilibrium in the AD-AS Model
- Keynesian general equilibrium model
- Investment and Saving: The Balance Problem
- Multiplier
- Inflationary and deflationary (recessionary) gaps
- The Paradox of Thrift
- Business cycle: causes, characteristics and frequency
- The Mechanism of Propagation of Cyclic Fluctuations: Multiplier-Accelerator Effect
- Macroeconomic instability and unemployment. Okun's law
- The Role of the State in Regulating Economic Cycles: Stabilization Policy
- Money and their functions. The concept and types of monetary systems
- Essence and forms of credit
- The structure of modern monetary system
- money supply and its structure. Monetary Aggregates
- cartoon expansion bank deposits
- Demand for money. Equilibrium on money market
- The theory of transactional demand for money
- Portfolio theories of demand for money
- Main directions monetary policy Central Bank
- Structure, organization and functions of the securities market
- General characteristics of the underlying securities
- Stock Indices
- Derivatives financial instruments
- Speculative and insurance transactions in the securities market
- Technical and fundamental analysis of the stock market
- The Efficient Market Hypothesis
- J. Soros' theory of reflexivity
- Activities of intermediaries in the securities market
- Regulation of the securities market
- State budget and its structure. Budgets of central and local authorities
- Taxes and their types. Principles of taxation
- Laffer curve
- Shifting the tax burden
- Budget deficit and how to finance it
- Discretionary and non-discretionary (automatic) fiscal policy. Built-in stabilizers
- Multiplier balanced budget(Haavelmo's theorem)
- Balancing problem state budget
- State debt and his economic consequences
- Ricardo-Varro equivalence theorem
- Definition of inflation. Open and suppressed forms of inflation. Measurement of inflation
- Inflation and nominal prices. inflation expectations. Fisher effect
- Causes of inflation. Demand-pull and cost-push inflation
- Monetary and non-monetary concepts of inflation
- Socio-economic consequences of inflation
- inflation and unemployment. Phillips curve. Natural level theory
- Anti-inflation policy states
- The problem of fair distribution in a market economy
- personal and disposable income. The Problem of Measuring Inequality in Income Distribution: The Lorentz Curve and the Gini Coefficient
- Public policy redistribution of income. The Dilemma of Efficiency and Equity
- Definition and measurement of economic growth
- Factors and types of economic growth. production function and the economic growth
- Neo-Keynesian models of economic growth
- Neoclassical models of economic growth
- Scientific and technical progress(NTP) as external factor economic growth. Evaluation of the contribution of scientific and technical progress to economic growth in dynamic models
- Models of endogenous economic growth
- "New economy" and problems of growth
- Keynesian and neoclassical general economic equilibrium (GEE) models
- Assessing the Role of Money in Neoclassical and Keynesian Models
- Active and Passive Economic Policies in Alternative Models of EER
- Keynesians and neoclassicals on the priorities and effectiveness of fiscal and monetary policy
- Keynesians and neoclassicals on the problems of discretionary and automatic economic policy
- Neoclassical synthesis
- Theory of rational expectations. New classical macroeconomics (new classics)
- theory of the real business cycle
- New Keynesian theory
THE THEORY OF COMPARATIVE ADVANTAGE AND PROTECTIONISM
- Theory of comparative advantage
- Heckscher-Ohlin's theory of international trade
- Winning from foreign trade
- International trade and income distribution
- State regulation of international trade
- Arguments for and against protectionism
- Balance of payments: structure and relationship of accounts
- Balance of payments deficit and ways to finance it
- The Macroeconomic Role of the Balance of Payments
- Foreign Economic Equilibrium and Macroeconomic Policy in the Small Open Economy Model
- Spending multiplier in an open economy
- Exchange rate: nominal and real
- Parity hypothesis purchasing power
- Systems exchange rates-, floating and fixed exchange rates
- Macroeconomic policy in an open economy: the Mundell-Fleming model
COMMAND AND ADMINISTRATIVE SYSTEM
- The Socialist Idea: Essence and Historical Development
- Theory and practice of the command and administrative organization of the national economy
- Causes of the decline and collapse of the socialist economy
- What's happened transition period?
- Concepts of transition economy
- Patterns of the transition period
- Institutional Transformation in Transition
- Review of reforms 1992-2003 and prerequisites for the end of the transition period
LITERATURE
RUSSIAN ACADEMY OF SCIENCES
INSTITUTE OF SCIENTIFIC INFORMATION ON SOCIAL SCIENCES
SOCIAL AND HUMANITARIAN
DOMESTIC AND FOREIGN LITERATURE
REFERATIVE JOURNAL SERIES 2
ECONOMY
published since 1972, published 4 times a year RJ index 2 series index 2.2 abstracts 95.03.001-95 03.102
MOSCOW 1995
policies are disclosed on the basis of the "Law on Stabilization" Considering the features of foreign economic policy, the authors draw attention to the close interweaving of the national economy of Germany with the world economy, which leads to a strong dependence of the country on exports and imports
The final section "Economic models" is devoted to the analysis of various economic models(pure market economy, centrally managed and mixed) in terms of property relations (private or collective), coordination mechanism (market or central planning), state regulation functions The essence of a socially oriented market economy is revealed through the active role of the state as a regulatory body areas of competition are set out in accordance with the so-called competition law based on the Law against Unfair Competition Principles, tasks and tools are disclosed social policy, designed to ensure "justice, security and peace on the basis of freedom and prosperity" (p. 381) Having revealed the features of the policy of regulation (establishment of legal norms), operational planning and stabilization, as well as structural policy, the authors come to the conclusion that "for economic policy in the conditions of a social market economy, the principle of freedom and competition is the main one as much as possible, regulation and intervention as much as necessary "(p. 383) In general, in their opinion, the social market economy" does not represent a ready-made economic system , it should be seen rather as a long-term political task" (p. 385)
M A Pivovarova, M L Simanovskaya
03 098 COURSE OF ECONOMIC THEORY Textbook edited by Chepurin MN, Kiseleva E A- Kirov publishing house "ASA", 1994 - 624 p.
The book consists of five sections (24 chapters). The first section examines the subject and method of economic theory, the general laws of the economic organization of society, the coordination of choice in various economic systems, the second analyzes the problems of choice at the level of an individual consumer and firm (i.e., microeconomics). the third section, devoted to macroeconomics, considers the functioning of the national economy as a whole, shows the role of the state in a market economy, the fourth section reveals
international aspects of economic theory; in the fifth - the problems of transition from a command-administrative economic system to a market economy at the micro and macro levels.
The first section "Introduction to Economic Theory" (Ch. 1-4) begins with an examination of the role of man as the center of the economic system. given a brief description of models of economic behavior of people in various economic systems, such as the model of "economic man", social individual man, etc. It is shown that "by making his choice in the world of limited resources, a person in any economic system seeks to minimize his costs and maximum in obtaining benefits" (p. 23). Throughout the book, the authors demonstrate the universality of this principle. They emphasize that the comparison of incremental (marginal) cost and incremental (marginal) income is not limited to "the housewife thinking about the costs and benefits of buying steaks" (p. 609), but also to government agencies deciding whether or not to shut down a polluting environment company. The same principle is used by politicians when making political decisions.
Revealing the subject of economic theory, the authors introduce the reader to the concepts that underlie the economic way of thinking: production, good, rarity, wealth, alternative opportunities, economic efficiency etc. for evaluation various ways coordination of the choices made by people in the course of their daily economic activity, the concept of transaction costs is introduced, i.e. costs associated not with production, but with the costs associated with it: the search for information about prices, about counterparties, control over execution, etc. The section ends with a brief overview of the economic theory of property rights, at the origins which stood well-known American economists - R. Coase (Nobel Prize Laureate in Economics in 1991) and A. Alchian.
The second section "Microeconomics" (Ch. 5-10) begins with a general description of the market economy. The authors dwell on the characteristics of the most important economic categories: market, goods and money. Revealing the concept of a commodity, they successfully combine the labor theory of value and the theory of marginal utility.
The central problem of analysis becomes balance both in the market as a whole and at the level of an individual consumer and producer. Putting forward the proposition that "the market is a living social mechanism endowed with an amazing ability to self-regulate, to move towards a point of equilibrium" (p. 609) , the authors show how equilibrium is established in individual commodity markets, the market for
tori of production (labor, capital, land) under conditions of perfect and imperfect competition.
The third section (Ch. 11-20) deals with the problems of the government's macroeconomic policy. In ch. 11 gives a general idea of the main results of the functioning of the national economy and their measurement. Various methods of calculating GNP (by expenditures and incomes) are disclosed; the shortcomings of the GNP indicator from the point of view of reflecting the real economic well-being of the nation are shown.
In ch. 12 based on the analysis of "failures and breakdowns" of the market mechanism, the possibilities and limits of state regulation of the economy are revealed. The theory of public choice, which studies the interdependence of political and economic phenomena, is presented.
In ch. 13, the question is clarified - does the market mechanism have the ability to ensure the equality of aggregate demand and aggregate supply when full time. The authors present two different approaches to this problem: classical and Keynesian and, accordingly, two well-known graphical interpretations of macroeconomic equilibrium: the "aggregate demand and aggregate supply" model and the "national income - aggregate expenditure" model, the so-called "Keynesian cross". Study various options macroeconomic equilibrium is carried out within the framework of positive economic theory without specific value judgments about the preference of a particular model. "The latter, according to the authors, is the prerogative of statesmen and the government, which solves specific macroeconomic tasks and implements specific programs in the unique circumstances of each country" (p. 339). At the same time, the importance of psychological factors in the economy is emphasized. “The very terms of the theory of macroeconomic equilibrium are permeated with psychological coloring: “inclination”, “preference”, “expectation”, “aspiration”, etc. - this is by no means a complete list of epithets firmly fused with the usual categories of consumption, savings, liquidity, etc. ." (p. 306).
Further in ch. 14 reveals the reasons for the cyclical development of a market economy. The content is reviewed and common features economic cycles, their phases and duration, dynamics economic indicators. The difference between two concepts of state counter-cyclical regulation is shown: neo-Keynesian, focused on the regulation of aggregate demand, and neo-conservative, putting the regulation of aggregate supply in the first place.
Chapters 15 and 16 are devoted to capital market analysis. Here the types of monetary systems are studied, the structure of the modern credit system
systems, equilibrium in the money market. Particular attention is drawn to the functioning of the securities market. A general idea is given about the exchange and over-the-counter circulation of securities, the functioning of the stock exchange, speculation on stock market. Issues of the functioning of the financial policy of the state are disclosed in Ch. 17.
In ch. 18 reveals in detail the essence of inflation, its causes, types (creeping, galloping, hyperinflation, etc.), economic and social consequences. Comparing different approaches to anti-inflationary policy, the authors come to the conclusion that due to the inflationary nature of the modern market economy, "the task of completely eliminating inflation is unrealistic" (p. 438). Summarizing the experience of anti-inflationary measures in Western countries, a set of long-term and short-term measures is singled out, such as measures in the field of reducing the budget deficit, money circulation (for example, strict limits on the annual increase in the money supply), etc.
In ch. 19 analyzes the social policy of the state in countries with established market economies. The concepts of income, social justice are revealed, the sources of income generation, the main elements of the social protection system are clarified. A variety of points of view on the issue of social justice and the principles of its implementation are presented. Thus, the egalitarian, Rawlsian, utilitarian and market principles of social justice are analyzed. Exploring the essence of the state's social policy, the authors emphasize its duality: "On the one hand, it is designed to promote social stability and alleviate social tensions, and on the other hand, in no way undermine the incentives for entrepreneurship and highly efficient wage labor" (p. 454).
Having considered various instruments of state influence on economic processes, the authors go to Chap. 20 to a deeper analysis of government regulation models: Keynesian and neoconservative and explore in detail the concept of monetarism, the theory of supply-side economics and the principle of rational expectations, which underlie the neoconservative model of government regulation.
The fourth section is devoted to international economic relations (Ch. 22-23). The main provisions of the theory of comparative advantage explaining the reasons for international division labor, and her modern modifications(the Heckscher-Ohlin theorem, V. Leontiev's paradox, etc.). In a concise form, the features of modern economic relations in the system of the world economy: world trade, capital migration and work force,
international market loan capital and the international monetary system
In the last section (Ch. 23-24) the authors analyze in detail such problems of the period of transition to the market as privatization, macroeconomic stabilization, encouragement of entrepreneurship, liberalization foreign economic relations, social protection
At the end, three appendices are given, which analyze in detail certain issues of the economic theory of choice under conditions of uncertain outcome, the theory of general equilibrium, as well as the problem of economic growth.
M A Pivovarova
95 03 099 CHISHOLM P SELF-CONFIDENCE THE WAY TO BUSINESS SUCCESS Translated from English - M Publishing house "UNITI", "Culture and sport", 1994 - 287 p.
The book by P Chisholm, a well-known lecturer and organizer of business courses in the UK in Russian translation, is "the right thing, in the right place and at the right time" It helps to fill the lack of knowledge and skills associated with the cultural and psychological aspect of entering the market
The book consists of ten chapters In the chapter "Self-confidence" the reader will find the answer to the questions of how self-confidence (SE) affects your life and work and how much this feeling is necessary for the realization of true opportunities. Structurally, each chapter includes not only a statement of the author's views on this or that question, but also questions for discussion and assignment to readers Considering the aspects of HPS, in particular, the role of intelligence in the process of acquiring it, the vulnerability that anxiety and a sense of insecurity gives, as well as the mood for low self-esteem, the author cites a chip concludes that self-control, emotional calmness, home environment, type and level of education, as well as a daily willingness to take on a challenge, even at the risk of failure, contribute to the development of HP. He analyzes the role of self-discipline and high self-esteem, which are necessary for the successful leadership of others , along with the destructive power of self-doubt and fear The process of self-knowledge, based on the skills of sober self-assessment, allows you to realistically imagine the real limits of your capabilities. This is especially important for applying for a job, especially for success in an interview. to get a job, but also to keep it and succeed
The chapter "People and work" is devoted to the elements of attitude to work
professional
Education "Moscow International Higher School of Business" MIRBIS "(Institute)
The program of entrance examinations in
master's degree in the following areas:
080100.68 "Economics"
Moscow 2013
^ Topic No. 1 Economic theory
Gross domestic product: essence, structure and functions.
Economic growth: its criteria and types.
Consumption and savings, factors determining them.
Types of economic systems and criteria for their classification.
Economic cycles and their impact on the financial system.
Elasticity of supply and demand, types of elasticity.
Market: concept, functions, structure.
Financial market: concept, structure, participants.
capital market.
Forms and methods of price regulation.
Peculiarities of price formation in the labor market.
Inflation: essence, types, methods of reduction, specifics in Russia.
Monetary system: concept, elements, types, features.
Origin and essence of money.
The structure of the financial system.
Characteristics of the main links budget system RF.
public finance: concept, essence, composition and role in the economy.
State off-budget funds: concept, purpose, features of formation and use.
Goals and functions of the Central Bank of the Russian Federation.
Literature:
Abel E., Bernanke B. Macroeconomics (MBA Classic Series). - St. Petersburg: Peter, 2008
Ivashkovsky S.N. Economics for managers: micro and micro levels. - M: Ed. "Case of the ANKh", 2010
Course of economic theory. Ed. Chepurina M.N., Kiseleva E.A. Kirov, ASA, 2010
Microeconomics: Textbook for bachelors / Ed. G. A. Rodina, S. V. Tarasova. - M.: Yurayt, 2012.
Stankovskaya I. K., Strelets I. A. Economic theory: Textbook "Russian business education series" 6th edition. –M.: 2011
Company finance: concept, place and role in financial system countries.
The essence and functions of finance organizations.
Main and working capital companies.
Fixed assets: composition, essence, depreciation.
Bankruptcy of organizations: essence and types.
Expenses of organizations: directions of optimization.
Directions for the use of profits in companies.
Organization income.
Efficiency indicators for the use of the company's current assets.
Factors affecting the company's profit margin.
Literature:
Anshin V. M. Investment analysis. – M.: Delo, 2005.
Baye M.R. Managerial economics and business strategy / Per. from English. ed. A.M. Nikitin. – M.: UNITI-DANA, 2006.
Birman G., Schmidt S. Economic Analysis investment projects: Per. from English. / Ed. L.P. White. - M .: Banks and exchanges, UNITI, 1997.
Braley R., Myers S. Principles of corporate finance / Per. from English. - M .: CJSC "Olimp-Business", 2003 and later.
Van Horn J. Fundamentals of financial management / Per. from English. ed. I.I. Eliseeva. - M.: Finance and statistics, 2005 and later.
Dontsova L.V., Nikiforova N.A. Analysis financial reporting Proc. allowance for universities. - M .: Publishing house "Business and Service", 2009.
Drury K. Introduction to management and production accounting/ per. from English. ed. N.D. Eriashvili - M.: Audit, UNITI, 1998.
Ionova A. F., Selezneva N. N. Analysis of the financial and economic activities of the organization. - M .: Publishing house "Accounting", 2005 and later.
Kovalev V.V. Financial management. – M.: Finance and statistics, 2009.
Kovalev V.V. The financial analysis: Capital Management. Choice of investments. Reporting analysis. – M.: Finance and statistics, 2000.
Kogdenko V.G., Melnik M.V., Bykovnikov I.L. Short-term and long-term financial policy - M.: UNITI, 2010.
Robert S. Higgins. Financial Analysis: Tools for Business Decision Making - 8th Edition. - M .: Publishing House "Williams", 2007.
Selezneva N.N., Ionova A.F. Financial analysis. Financial management. – M.: UNITI-DANA, 2006.
Financial management: theory and practice / Ed. E.S. Stoyanova. –M.: Prospect, 2000.
Classification of forms of credit.
Types of monetary policy.
Functions of credit in a market economy.
Commercial and Bank loan: concepts, common features and key differences.
The concept of a bank and its differences from others credit organizations.
Banking system and its structure.
Bank of Russia as an organ state supervision over the activities of commercial banks.
The essence and varieties of passive banking operations.
Types of credit organizations in Russia and their functions.
The role of taxes in the regulation of the economy.
Classification of taxes.
Essence and functions of taxes.
Russian stock market: current state and development trends.
Dividends and their impact on the growth of the stock price.
Stock Exchange: tasks, functions and development trends.
Structure and place of the securities market in the financial market.
Bill and bill circulation.
Indicators of the state of the securities market.
General characteristics of securities, essence, types.
Literature:
Fetisov V. D., Fetisov T. V. Finance and credit - M. Unity-Dana, 2008.
Shchegoleva N. G., Khabarov V. I. Finance and Credit - Moscow Academy of Finance and Industry, 2011.
Korchagin Yu. A., Malichenko I. P. Finance, money circulation and credit - M. Phoenix, 2008
masters and specialists on the basis
higher vocational education Dedova T.V.
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(Document)
n1.doc
MOSCOW STATE INSTITUTEINTERNATIONAL RELATIONS (UNIVERSITY)
ECONOMIC
Textbook 4th edition, supplemented and revised
Under the general editorship of prof. Chepurina M. N.,
As a textbook for students of higher educational institutions studying economic specialties and directions
Kirov, ASA, 2000
BBC 65.01ya-73
REVIEWERS:
Department of Economic Theory IPPK Moscow State University. M.V. Lomonosov; doctor of economic sciences, professor Porokhovskiy A.A.
Department of Economic Theory, MGIMO(U), Ministry of Foreign Affairs of the Russian Federation
edited by prof. Chepurina M.N., prof. Kiseleva E.A.
Foreword ~ prof. Chepurin M.N.
Ch. 1. - prof. Chepurin M.N. Ch. 2 - § 1,2 - prof. Chepurin M.N., § 3 - prof. Ivashkovsky S.N. Ch. 3 - § 1-3.5 - prof. Kiseleva E.A., § 4 - Assoc. Golikov A.N. Ch. 4 - § 1 - prof. Kiseleva E.A., § 2 - prof. Ivashkovsky S.N. Ch. 5 - § 1-4, 10 - prof. Kiseleva E.A., § 5-9 - Assoc. Kholopov A.V. Ch. 6 - Assoc. Kholopov A.V. Ch. 7 - § 1-4, 8, 9 - prof. Kiseleva E.A., § 5 - Assoc. Chepyzhova O.K., § 6, 7 - Assoc. Safronchuk M.V., Ch. 8 - Assoc. Sagittarius I.A. Ch. 9 - prep. Ogonkov R.V. Ch. 10 - Assoc. Ermilova SV. Ch. 11 - prof. Chepurin M.N. Ch. 12 - prof. Kiseleva E.A. Ch. 13 - prof. Kiseleva E.A. Ch. 14 - Assoc. Kholopov A.V. Ch. 15 - Assoc. Safronchuk M.V. Ch. 16 - prof. Kotov G.N. Ch. 17 - Assoc. Sagittarius I.A. Ch. 18 - prof. Kiseleva E.A. Ch. 19 - prof. Kiseleva E.A., Assoc. Chasovoy V.A. Ch. 20 - Assoc. Amvrosov V.A. Ch. 21 - § 1, 2, 4-7 - prof. Burenin A.N., § 3 - teacher. Sudnik A.Yu. Ch. 22 - § 1, 3-10 - prof. Kiseleva E.A., § 2 - teacher. Ogonkov R.V., Appendix 2 to Ch. 22 - Assoc. Amvrosov V.A. Ch. 23 - Assoc. Safronchuk M.V. Ch. 24 - prof. Kiseleva E.A. Ch. 25 - Assoc. Safronchuk M.V. Ch. 26 - Assoc. Plotnikov SM. Ch. 27 - Assoc. Kholopov A.V. Ch. 28 - § 1 - 7 - Assoc. Serzhenko V.V., § 8 - Assoc. Kholopov A.V. Ch. 29. - prof. Nesterenko A.N. Ch. 30 - prof. Nesterenko A.N.
Conclusion - prof. Kiseleva E.A.
Course of economic theory: textbook - 4th supplemented and revised edition - Kirov: "ACA", 2000 - 752 p.
This, supplemented and revised edition of the textbook, presents the most important sections of economic theory: microeconomics, macroeconomics, international economics, theoretical problems of transition to a market economy. An idea is given of the leading schools and directions of modern economic science - Keynesianism, monetarism, institutionalism, etc. The theoretical material is presented using graphical analysis, which facilitates understanding of the functioning of the market mechanism.
This edition is accompanied by an extensive "Subject Index" of about 600 terms, given with their English translation, an updated list of Nobel Laureates in Economics, and a "Name Index".
The publication is intended for students, graduate students, teachers, as well as anyone interested in the problems of modern economic theory.
FOREWORD 11
CHAPTERI.INTRODUCTION TO ECONOMIC THEORY 15
CHAPTER 1. MAN IN THE WORLD OF ECONOMY 15
§ 1. Man and economy 15
§ 2. Human models in economic theory 17
CHAPTER 2. SUBJECT AND METHOD OF ECONOMIC THEORY 27
§ 1. The subject of economic theory 27
§ 2. Method of economic theory 32
§ 3. Main directions and schools in economic theory 39
CHAPTER 3. MAIN REGULARITIES OF THE ECONOMIC
COMPANY ORGANIZATIONS 48
§ 1. Production and economics 48
§ 2. Social production and the wealth of society 50
§ 3. Production, distribution, exchange and consumption 55
§ 4. Technological choice in the economy and the curve
Manufacturing Capabilities 57
§ 5. Opportunity cost, or costs
Missed opportunities 60
CHAPTER 4. CHOICE COORDINATION IN DIFFERENT
HOUSEHOLD SYSTEMS 63
§ 1. Economic systems: spontaneous order and hierarchy 63
§ 2. Property rights as "rules of the game"
In business systems 69
SECTION II. MICROECONOMICS 74
CHAPTER 5. GENERAL CHARACTERISTICS OF THE MARKET ECONOMY 74
§ 1. The market and the conditions for its occurrence ", 74
§ 2. Economic and non-economic benefits. Item 77
§ 3. The theory of marginal utility and the subjective value of the good 79
§ 4. Origin of money 84
§ 5. Basic elements of the market mechanism.
The concept of a market of perfect competition 88
§ 7. Price, demand and supply. Equilibrium in the market 91
§ 8. Elasticity of supply and demand 98
§ 9. Demand and utility. Consumer Choice Theory 104
§ 10. Market economy and depersonalized price mechanism .... Ш
CHAPTER 6. THE MECHANISM OF THE MARKET OF PERFECT COMPETITION 115
§ 1. Production costs: types and dynamics 115
§ 2. The equilibrium of the firm in the short run 118
§ 3. The equilibrium of the firm in the long run 124
§ 4. Producer's surplus, consumer's surplus
And the mutual benefit of the exchange 126
CHAPTER 7. THE MECHANISM OF THE MARKET OF PERFECT COMPETITION .... 129
§ 1. The main types of market structures of imperfect competition 129
§ 2. "Pure" monopoly 131
§ 3. Price discrimination 141
§ 4. Losses from imperfect competition 144
§ 5. Natural monopoly 146
§ 6. Oligopoly 154
§ 7. Monopolistic competition with product differentiation 163
§ 8. Monopsony 166
§ 9. Antimonopoly legislation and regulation of the economy:
Basic principles 172
CHAPTER 8. THE ECONOMY OF UNCERTAINTY,
SPECULATION AND INSURANCE J76
§ 1. Uncertainty as a characteristic feature of a market economy.
The concept of asymmetric information 176
§ 2. Risk and ways to reduce it. Insurance 179
§ 3. Speculation in the market economy 187
CHAPTER 9. THE THEORY OF THE FIRM AND ORGANIZATIONAL FORMS OF BUSINESS 191
§ 1. Theory of the firm: technological and institutional approach 191
§ 2. Organizational forms of business 199
§ 3. The role of small, medium and large firms in the economy 203
CHAPTER 10. THE THEORY OF PRODUCTION AND LIMIT
PERFORMANCE FACTORS 208
§ 1. Production function 208
§ 2. The theory of marginal productivity of factors 212
Table of contents
§ 3. Demand for factors of production. Rule of use of resources 217 § 4. Interchangeability of resources. Marginal rate
Technological replacement 221
§ 5. Cost minimization rule
And conditions for profit maximization 226
CHAPTER 11. LABOR MARKET AND WAGES 230
§ 1. Features of the labor market 231
§ 2. Demand and supply in the labor market.233
§ 3. Equilibrium in the labor market
And the equilibrium wage rate is 236
§ 4. Differentiation of wage rates 238
§ 5. Imperfect competition in the labor market 242
CHAPTER 12. CAPITAL MARKET AND INTEREST 249
§ 1. The concept of capital in economic theory.
Capital as a factor of production 249
§ 2. Demand and supply in the capital services market 253
§ 3. Demand and supply in the market of borrowed funds (loan capital).
Real and monetary theories of interest 257
§ 4. Factors determining shifts in supply and demand
On the loan market 264
§ 5. Nominal and real interest rate.
Risk factor in interest rates 267
§ 6. Discounting and making investment decisions 270
§ 7. The market of capital assets (capital goods
Durable) 274
Appendix to Chapter 12. Lender or Borrower? 275
CHAPTER 13. THE MARKET OF LAND RESOURCES AND LAND RENT 280 § 1. Limited supply of land resources.
The Theory of Marginal Productivity and Ground Rent 280
§ 2. Alternative value of land services and ground rent.
Equilibrium in the land services market 282
§ 3. Differential ground rent 284
§ 4. The price of land as a capital asset 286
CHAPTER 14 BUSINESS AND PROFIT 288
§ 1. Profit: normal and economic 288
§ 3. Profit functions 294
CHAPTER 15 ADVANTAGES AND DISADVANTAGES
MARKET MECHANISM 295
§ I. Market as a self-regulating mechanism.
Models of partial and general equilibrium 296
§ 2. Public welfare and efficiency 304
§ 3. Problems of fiasco (failures) of the market 311
SECTION III. MACROECONOMICS 319
CHAPTER 16. KEY MACROECONOMIC INDICATORS
AND SYSTEM OF NATIONAL ACCOUNTS 320
§ 1. Circulation of income and expenses in the national economy 320
§ 2. Gross domestic product (GDP) and methods of its calculation 321
§ 3. Nominal and real GDP 325
§ 4. System of national accounts 328
§ 5. GDP and “net economic wealth” (CEB) 331
CHAPTER 17. THE ROLE OF THE STATE IN A MARKET ECONOMY 333
§ 1. Market fiasco and necessity
State regulation 333
§ 2. The theory of public choice 340
§ 3. The fiasco of the state 349
§ 4. State regulation of the economy:
Main goals and tools 351
CHAPTER 18. MACROECONOMIC EQUILIBRIUM
AND DETERMINING THE LEVEL OF NATIONAL INCOME 355
§ 1. The classical theory of macroeconomic equilibrium 356
§ 2. Macroeconomic equilibrium in the AD-AS model 358
§ 3. Keynesian general equilibrium model 365
§ 4. Investments and savings: the problem of equilibrium 370
§ 5. Model "IS" 376
§ 6. Multiplier 378
§ 7. Inflationary and deflationary (recessionary) gaps 382
§ 8. The Paradox of Thrift, 384
Table of contents
1
CHAPTER 19. MACROECONOMIC INSTABILITY;
CYCLE OF THE DEVELOPMENT OF THE MARKET ECONOMY 387
§ 1. Business cycle: causes,
Characteristic features and periodicity 387
§ 2. The mechanism of propagation of cyclic oscillations:
Accelerator multiplier effect 395
§ 3. Macroeconomic instability and unemployment.
Okun's Law 403
§ 4. The role of the state in the regulation of economic cycles:
Stabilization policy 407
CHAPTER 20. CREDIT AND MONETARY SYSTEM
AND MONETARY POLICY: 411
§ I. Money and their functions. Concept and types of monetary systems 4 I
§ 2. Essence and forms of credit 414
§ 3. The structure of the modern monetary system 417
§ 4. Money supply and its structure. Monetary Aggregates 418
§ 5. Multiplier expansion of bank deposits 421
§ 6. Demand for money. Equilibrium in the money market 425
A. The theory of trans-equity demand for money 426
B. Portfolio Theories of Demand for Money 428
§ 7. The main directions of monetary policy
Central Bank 431
CHAPTER 21. SECURITIES MARKET 436
§ 1. Structure, organization and functions of the securities market 436
§ 2. General characteristics of the underlying securities 442
§ 3. Stock indices 453
§ 4. Derivative financial instruments 456
§ 5. Speculative and insurance transactions in the securities market 458
§ 6. Activities of intermediaries in the securities market 460
§ 7. Regulation of the securities market 46 \
CHAPTER 22. TAX AND BUDGET SYSTEM
AND FISCAL POLICY 465
§ I. State budget and its structure.
Budgets of central and local authorities 465
§ 1.
Taxes and their types. Principles of taxation 468
Table of contents
§ 3. The Laffer Curve 474
§ 4. Shifting the tax burden 477
§ 5. Budget deficit and ways to finance it 478
§ 6. Discretionary and non-discretionary (automatic)
Fiscal policy. Integrated Stabilizers 484
§ 7. Balanced budget multiplier
(Haavelmo's theorem) 489
§ 8. The problem of balancing the state budget 490
§ 9. Public debt and its economic consequences 493
§ 10. Ricardo-Barreau Equivalence Theorem 498
Appendix 1 to Chapter 22. Rule Implementation
Fiscal policy by country 502
Annex 2 to Chapter 22. Analysis of monetary
AND fiscal policy with IS-LM 503
CHAPTER 23. INFLATION AND ANTI-INFLATION POLICY 510
§ 1. Definition of inflation. Open and suppressed forms of inflation.
Measurement of inflation 511
§ 2. Inflation and nominal prices. inflation expectations.
Fisher effect 313
§ 3. Causes of inflation.
Demand-pull and cost-push inflation 517
§ 4. Monetary and non-monetary concepts of inflation 524
§ 5. Socio-economic consequences of inflation 528
§ 6. Inflation and unemployment. Phillips curve.
Natural level theory 530
§ 7. Anti-inflationary policy of the state 536
CHAPTER 24. SOCIAL POLICY OF THE STATE 539
§ 1. The problem of fair distribution in a market economy.... 539 § 2. Personal and disposable income. The challenge of measuring inequality
In the distribution of income: the Lorenz curve and the Gini coefficient .... 547 § 3. State policy of redistribution of income.
The Dilemma of Efficiency and Equity 552
CHAPTER 25. ECONOMIC GROWTH 557
§ 1. Definition and measurement of economic growth 558
9
§ 2. Factors and types of economic growth.
Production function and economic growth 560
§ 3. Neoclassical models of economic growth 566
§ 4. Neo-Keynesian models of economic growth 574
§ 5. Scientific and technological progress (STP) as an external
economic growth factor. Evaluation of the contribution of STP
to economic growth in dynamic models 580
CHAPTER 26. MACROECONOMIC POLICY IN GENERAL:
BASIC MODELS 585
§ 1. Keynesian and neoclassical models of the general
Economic Equilibrium (EER) 585
§ 2. Evaluation of the role of money in the neoclassical
And Keynesian models 590
§ 3. Active and passive economic policy
In alternative models OER 594
§ 4. Keynesians and neoclassicals about priorities and performance
Fiscal and monetary policy 595
§ 5. Keynesians and neoclassicists on the problems of discretionary
And automatic economic policy 597
§ 6. Neoclassical synthesis 599
§ 7. The theory of rational expectations. New classic
Macroeconomics (new classics) 600
§ 8. The theory of the real economic cycle 606
§ 9. New Keynesian theory 607
SECTION IV. INTERNATIONAL ASPECTS
ECONOMIC THEORY 611
CHAPTER 27. THE THEORY OF COMPARATIVE ADVANTAGE
AND PROTECTIONISM 611
§ 1. The theory of comparative advantage 612
§ 2. Heckscher-Ohlin's theory of international trade 618
§ 3. Profit from foreign trade 619
§ 4. International trade and distribution of income 624
§ 5. State regulation of international trade 626
§ 6. Arguments for and against protectionism 631
10
BASIC MODELS 635
§ 1. Balance of payments: the structure of the relationship of accounts 635
§ 2. Deficit of the balance of payments and ways to finance it 641
§ 3. The balance of payments and the main conditions of the macroeconomic
Equilibria in an open economy 644
§ 4. Exchange rate: nominal and real 647
§ 5. Purchasing Power Parity Hypothesis 650
§ 6. Exchange rate systems: floating
And a fixed exchange rate 652
§ 7. International Monetary System 658
§ 8. Macroeconomic policy in an open economy:
Mundell a-Fleming Model 661
SECTION V. THEORETICAL PROBLEMS OF THE TRANSITION
TO A MARKET ECONOMY 674
CHAPTER 29
§ 1. Socialist idea: essence and historical development 674
§ 2. Theory and practice of the command and administrative organization
National economy 676
§ 3. Causes of the decline and collapse of the socialist economy 687
CHAPTER 30. PROBLEMS OF TRANSITION TO A MARKET ECONOMY 692
§ 1. What is a transitional period? 692
§ 2. Concepts of transitional economy 696
§ 3. Patterns of the transitional period 700
§ 4. Institutional transformation in the transition period 706
§ 5. Review of reforms 1992-1998 and completion preconditions
Transition period 708
CONCLUSION 714
INDEX 718
NOBEL PRIZE LAUREATES IN ECONOMY 732
NAME INDEX 734
LIST OF ENGLISH ABBREVIATIONS
AND LETTERS 740
Foreword 11
FOREWORD
“The ideas of economists and political thinkers - both when they are right and when they are wrong,- are much more important than is commonly thought. In fact, only they rule the world.
John Maynard Keynes
Like it or not, the main problems of modern politics are indeed purely economic and cannot be understood without a knowledge of economic theory. Only a person who understands the basic issues of economic theory is able to develop an independent opinion on the problems under consideration.
Ludwig von Mises
The attention of the thoughtful reader is invited to the book of the team of authors of the Department of Economic Theory of MGIMO (U) of the Ministry of Foreign Affairs of the Russian Federation, which is the fourth edition since 1991. The main goal of our work for 7 years is the desire to create a modern textbook that meets the growing requirements for the economic training of Russian students. The previous (third version) of the "Course of Economic Theory", which was among the winners in the open competition "Humanities Education in Higher Education", held by the State Committee of the Russian Federation for Higher Education and the International Foundation "Cultural Initiative", first saw the light in 1993, was repeatedly reprinted and served, we hope, for the formation of an economic way of thinking among our students.
However, what happened for last years the changes forced the team of authors to take up the pen again in order to substantially revise our textbook. What is the essence of the above changes?
Firstly, Economic realities are rapidly changing, and, along with them, theoretical ideas about ongoing events. Especially it concerns transients observed in post-socialist countries. The economic romanticism of the period of the first Russian reformers was replaced by difficult attempts to theoretically rethink market transformations in the context of both regional and global trends. This required a complete update of Section V on the transition economy.
Secondly, a well-known step forward has been made in the field of primary economic education in secondary school, which is currently provided
Foreword
Reads graduates with the most general ideas about the main features of the functioning of the modern market mechanism.
Third, In recent years, the range of theoretical works of leading representatives of world economic science available to students has significantly expanded. Numerous textbooks have been published, and study guides on economic theory, both in the framework of the initial and more advanced courses, written by Western and Russian scientists.
The central problem of this publication is the analysis of the patterns of functioning of the modern market mechanism, the mechanism that underlies the most diverse economic systems in both the western and eastern hemispheres of our planet. Of course, market specifics in different countries have their own characteristics associated with historical, demographic, cultural, social, political and natural features. These features are more pronounced in transitional economies compared to established civilized "market" countries. However, here, as we often observe, one should not exaggerate the importance of national and regional factors. Wherever we throw an apple, it, obeying the law of universal gravitation, will fall to the ground. At the same time, the direction of its flight will not depend on the person who picks up this apple, whether it be a Papuan from New Guinea, a farmer from Ohio, or a resident of the Central Russian Plain. The situation is exactly the same with the functioning of the basic mechanisms of the market economy - economic laws are as objective as the laws of nature.
The authors of the textbook still consider it necessary in all topics without exception to focus on the fact that we are studying the economic behavior of people, and the construction of graphs and formulas is not an end in itself, but a leash! help in solving this problem.
The Course of Economic Theory uses the following logic for studying the market mechanism:
in the first section - "Introduction to Economic Theory"- highlights the place and role of man in the economy, gives an idea of economic theory as a science, its subject and method, shows the basic laws of the economic organization of society, provides a general description of the market economy, gives an overview of the most important areas and schools in economic theory.
in the second section - "Microeconomics"- market mechanisms of perfect and imperfect competition, theories of the firm and organizational forms of business, markets for factors of production, advantages and disadvantages of the market mechanism associated with the so-called market failures, economic theory of welfare are analyzed.
Foreword
In the third section - "Macroeconomics"- considered national
the national economy as a whole, showing the role and boundaries of state intervention
gifts in economic processes, analyzes the problems of macroeconomic
mical balance and instability. Here we analyze the meaning
monetary and fiscal system V modern market
economy.
in the fourth section - "International Aspects of Economic Theory"- shows the features of the functioning of the market mechanism in an open economy, considers the problems and contradictions in achieving external economic equilibrium.
in the fifth section - "Theoretical problems of transition to a market economy"- the characteristics of the command-administrative system are given, the main patterns of the transitional economy are considered.
The mathematical component of economic analysis has increased slightly, which makes the content of this textbook quite accessible to readers with ordinary school mathematical training.
The units of price measurement in various examples are both rubles and dollars - and this is not a blunder of the textbook editors. We hope that we will be understood correctly and will not be accused of lack of patriotism. The fact is that in the conditions of unstable and unpredictable Russian inflation, elementary examples with the purchase of apples or pears, not to mention the figures of the state budget, may cause bewilderment in a few months. While we were preparing the textbook, prices from mid-1998 to mid-1999 "jumped" three times on average. Therefore, phrases like "buying a kilogram of apples for 5 rubles ..." may cause the reader to doubt whether the authors know how much these apples actually cost. The denomination that has passed since January 1, 1998 makes it necessary when considering the Russian federal budget each time to make a reservation about denominated or non-denominated rubles, etc. Of course, it would be possible to indicate the so-called monetary units everywhere. or the notorious e. But the sense of style did not allow us to do this, with rare exceptions. Thus, our textbook reflects the transitional economy in which it was created: the ruble is adjacent to the dollar. We really hope that this is the last edition, when due to inflationary processes
14
Foreword
We cannot, in all cases without exception, use our native Russian rubles in our examples.
One of the characteristic features of the textbook is a wide range of problems that make up its content. The reader will find in it answers to the main questions of all sections of the standard course of economic theory taught in most higher educational institutions of our country and abroad. In connection with the latter, we considered it necessary to provide a translation of the main concepts into English (at the end of each chapter and in the subject index).
The team of authors is grateful to our esteemed reviewers, Doctor of Economics, Professor A.A. Porokhovskiy. and the Department of Economic Theory IPPK Moscow State University. M.V. Lomonosov (Head of the Department, Doctor of Economics, Professor Sidorovich A.V.) for valuable comments made when reading the manuscript of the textbook. We express our deep gratitude to the American scientists, Nobel Prize winner in economics, Professor Robert Merton and Professor of Law Tom O'Connor from Wesleyan College (North Carolina) for kindly providing us with information that helped clarify the data of the Name Index.
The team of authors expresses their deep gratitude to the staff of the Department and Laboratory of Economic Theory Rodionova N.Yu., Malyutina V.V., Nikolaenko O.I., Trukhacheva L.N. for organizational and technical assistance in the preparation of the textbook. Special thanks to the teacher Ogonkov R.V. for his intricate work on the computer-aided execution of the graphs, as a result of which this edition differs significantly from all previous ones.
The textbook "Course of Economic Theory" is designed for a wide range of Russian students. It is designed to help them study and comprehend, first of all, the theoretical aspects of the economic life of modern society, to equip them with the scientific tools of economic analysis.
The book will also be useful to all those who in modern conditions are engaged in practical activities - from politics to business, since the success of this activity largely depends on mastering the economic style of thinking.
Section 1. INTRODUCTION TO ECONOMIC THEORY
"I contend that the economic approach is unique in its power because it is able to integrate the many and varied forms of human behavior."
Gary Becker
Chapter 1. MAN IN THE WORLD OF ECONOMY
§ 1. Man and economy
Every science has its own subject. From the very beginning of the course of economic theory, we must clearly understand what we will study. economic behavior of people. What aspects of human life are studied by economic theory? What is a person from the point of view of economic science? These questions will be the subject of this chapter.
5 The history of human origin is lost in the distant past. Modern anthropology does not give a final and reliable idea of the time and causes of the emergence of "reasonable man", as well as the starting point of his evolution. It is only obvious that man has passed in his biological and social development long and very winding road. Man is a social being, and in this capacity he turned out, as a number of scientists of the past and present centuries believe, primarily thanks to work. The fact that labor as a conscious purposeful activity singled out a person from the animal world, endowed him with consciousness and determined the social nature of his being, was considered an axiom for a long time. But perhaps this is just a theorem that needs proof.
In the complex interweaving of biological and social, material and spiritual aspects of human life, economic theory analyzes the most important area of human activity, namely the sphere of production and distribution of life's goods in conditions of limited resources, without which all other diverse forms of realization of personal and public interests would be impossible.
Economic theory in the study of human society proceeds from the most important premise that a person is both a producer and a consumer. economic benefits. A person not only creates, but also sets in motion and determines the ways of using equipment and technology, which, in turn, impose new requirements on the physical and intellectual parameters of a person.
But why does a person work at all? Is labor the first life-
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Noah need or painful need? Obviously, the answer to this question is not very difficult, if we consider the era of the primitive community: it is possible to obtain food only by expending the necessary effort. A person's desire to minimize these efforts forced him to invent new tools of labor, new technologies for obtaining the most necessary vital goods. Let us pay attention to a curious paradox - the desire to avoid the burden of labor, primarily physical, forced (and forces to this day) a person to work on the invention of an ever wider range of material goods. So, in order not to walk, the wheel is invented; in order not to dig the earth with their hands, hoes, shovels, and then modern excavators, etc. are created. No wonder there is a saying that wealth is not created by labor, but by human laziness: this funny expression reflects the above paradox.
The theory of the market economy interprets labor as a kind of cost that a person bears before he can acquire the necessary good. Nothing in this world of limited resources and opportunities comes for free. “You can’t even pull a fish out of the pond without labor!” - says a popular proverb.
Note that the dream of all social utopias and totalitarian regimes was the desire to educate the population in the spirit of labor enthusiasm so that a person would not even think about adequate monetary (or in-kind) remuneration. However, this task was not an easy one. Propaganda and violence have a certain productive potential, but their effectiveness over long periods of time is not great.
Thus, we come to the problem of labor motivation, i.e., the definition of driving incentives that encourage a person to engage in labor activity in its broadest sense. The history of the formation and development of civilization knows two main incentives for this activity - non-economic And economic coercion to work. The first is based on the fear of being punished by the government in its most diverse forms - a slave owner, a landowner, a dictator, etc. - in case of evading labor service. The second presupposes personal material interest and the desire of a person to increase his level of well-being. Non-economic coercion implies the personal dependence of the employee on the employer, the lack of economic, and, consequently, any other (political, religious, etc.) freedom. On the contrary, economic coercion to work is possible only if there is economic freedom. Coercion here appears not as a kind of violence of one person over another, but as a material interest, which makes a person work. As the prominent Austrian economist Friedrich August von Hayek noted, “...
Man in the economic world
The manifestation of an important element of this freedom - the freedom of individuals or subgroups to pursue their own special goals depending on their various knowledge and skills - became possible not only due to the assignment to individuals of control over a variety of means of production, but also due to another establishment, almost inseparable from first: the recognition of legitimate the tried and tested ways of transferring this control. 1
Thus, the nature of incentives for labor activity is determined by the dominant system of property rights to resources and production results (see more about property rights in Chapter 4, § 2). It should also be noted here that economic stimulation of efficient labor is unthinkable without the right to private property, which is the basis of economic freedom.
§ 2. Human models in economic theory
The diversity of the human personality, its unique individuality, the various motives of its activity make it necessary for scientific analysis economic life to use the human model, i.e., a unified idea of a person acting in a certain system of socio-economic coordinates. The human model, like any scientific model, is built on some simplifications. It includes the main parameters that characterize the individual, and, above all, the motives of economic activity, its virgin land is also cognitive, or cognitive (from Latin cognitio - knowledge, cognition) human capabilities used by him to achieve his goals. At the same time, it is important to note that all the humanities (philosophy, history, sociology, economics, etc.) try to understand a person from the point of view of their subject, and therefore his appearance, created by each of these sciences, cannot but suffer from a certain one-sidedness. How can one not recall here the parable of the blind men who touched and felt the elephant and came to various conclusions about the nature of this animal. The one who ran his hand over his leg claimed that in front of him was a tree; holding on to the trunk was sure that it was a snake, etc. A complete (but not absolutely reliable) idea of the diversity of a person’s personality can only be given by all the humanities, and even then only within the framework of the level of knowledge achieved by each of them.
(Economic theory singles out in a person mainly that which meets the task of explaining the economic behavior of people, i.e., the individual.
the activities of individuals and groups of people are implemented in various economic systems (for more details on economic systems, see Chapter 4, § 1) in conditions of limited resources, alternative uses of the latter, and the boundlessness of human needs.
The creation of a human model by economic science presupposes an abstraction from many real-life features and qualities of human nature, the abundance of which, in countless combinations, characterizes individual people. But it is precisely this diversity and versatile richness of the human personality that does not allow economics at theoretical analysis economic life is based on the images of specific people - their personal characteristics turn out to be too complex, contradictory and confusing.
Therefore, the model of “economic man”, or “homo economicus”, which will be discussed below, is characterized by a certain one-sidedness, since a person is not only an “economic man”, realizing himself exclusively in the process of economic life. There are many other areas of life (politics, culture, religion, sports, family and other interpersonal relationships, etc.) in which a person finds his manifestation. It should be recognized as fair to say that "the suitability of any logical model for explaining human behavior is very limited." 1 However, the economic activity of people is an essential characteristic of the realization of the human personality, a condition, basis and prerequisite for all other aspects of life, both for an individual and for society as a whole.
It should be emphasized that when developing and using the model of "economic man" and its varieties, it is impossible not to take into account the huge role in motivation economic activity psychological factors. After all, it is not for nothing that many, if not all, theorists of the past and present, when explaining the economic behavior of people, operate with such concepts as “inclination”, “preference”, “expectation”, “intention”, etc. collectivist and paternalistic (from Latin pater - father) psychology turned out to be a significant obstacle in the transition from command to market system, the psychological basis of which is necessarily rational individualism.
It should be noted that the economic theory considers the model 1 Buksnan J., Tulloch G. Calculation of consent. Series "Laureates of the Nobel Prize in Economics". M., 1997. S. 75.
It is on its basis that theoretical economists build their numerous theories of demand, supply, competition, profit, consumer behavior, etc.
Among the numerous directions of "modeling" of a person, four can be conditionally distinguished. The differences between them are determined, firstly, by the degree of abstraction from the diversity of a person's personal characteristics and, secondly, by taking into account the economic, political and psychological environment in which people's activities are carried out.
First direction represented by the English classical school, marginalism and neoclassicism (see ch. 2, § 3 - short review main schools in economic theory). At the forefront of the models developed within the framework of this direction is the selfish, primarily monetary interest, which is the main motive for the activity of the "economic man" - Homo economicus model,- the most famous of the considered models. According to this theoretical construction individual behaves in a way that maximizes utility 1 within certain limits, the main of which is its monetary income. Developed back in the 18th century, this concept has survived to this day, and it is given a place of honor in any textbook on economic theory.
It is important to note that "homo economicus" is a rational individual. He has such a level of intelligence, awareness and competence, which is able to ensure the implementation of his goals in conditions of free or perfect competition (for more details about perfect competition, see Chapters 5, 6.). The economic system in which such a person operates acts as a simple set of economic entities, and an undeformed market structure does not experience any outside influence (for example, from the state), except for one that ensures compliance with the “rules of the game” by all members of society. The state in this structure is assigned the role of a “night watchman”, ensuring the internal and external security of citizens and creating a legal framework for the free exchange of benefits.
An analysis of the economic behavior of people within the framework of the “homo economicus” model assumes, as noted earlier, the use of the postulate of rational human behavior, i.e., the desire of the individual
1 In economic theory, the term utility is a synonym for such concepts as satisfaction, well-being, happiness, etc. Utility, from the point of view of an economist, does not mean at all the ordinary understanding of this word, such as “healthy”. We will repeatedly meet with this term on the pages of the textbook.
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to get the maximum result at the minimum cost in the conditions of limited opportunities and resources used. A rational person is able to rank (assign a certain rating) his preferences and strives to achieve a personal goal in an internally consistent way. In satisfying their subjective interests, people everywhere are faced with the need to choose alternative ways of using limited economic benefits. Naturally, in order to realize their rational behavior, individuals must have freedom of choice. With the development of mankind, the degree of freedom to choose economic behavior increases, which is associated with the gradual elimination of class, caste, political, ideological, legal and other restrictions on this freedom. Thus, we see that the concept of human rationality is based on the premise that in a free competitive society, in the end, the one who behaves rationally wins and the one who does not adhere to rational behavior loses. 1
The idea of rational economic behavior of people is very important. After all, it is possible to build certain forecasts regarding certain consequences, for example, of the state economic policy, only when it is assumed that a person will behave economically rationally.
“If people in society did not value rationality, but preferred whims, accidents, and useless actions, economic theory would almost lose its predictive power; ... its predictive power is greater in those areas of public life where decisions are made more deliberately. 2
At the same time, it is customary to distinguish full, bounded and organic rationality economic behavior. The American economist Oliver Williamson proposes to classify these varieties of rationality as, respectively, its strong, semi-strong And weak forms. 3
complete rationality, as a theoretical assumption, assumes that a person makes the best possible use of all available information and achieves the highest gap between the results achieved and the costs incurred (maximum benefit at minimum cost). The “economic man” described above corresponds precisely to the premise of complete rationality, or, as economists put it, a strict form of rationality. The hypothesis of complete rationality, as we
1 North D. Institutions, institutional changes and the functioning of the economy. M., 1997. S. 37
: Heine P. Economic way of thinking. M., 1991. S. 444.
1 Williamson O. Economic institutions capitalism. SPb. Lenizdat. 1996, p. 93.
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We see, it is based on very strong assumptions of an abstract nature. Therefore, in economics since the mid-1950s. other behavioral hypotheses began to be developed.
So, bounded rationality, i.e., a semi-strong form of rationality (the concept was developed by the American economist, Nobel Prize winner in economics Herbert Simon) reflects the impossibility of using the fullness of available information when making economic decisions due to difficulties in collecting and analyzing it, as well as the limited cognitive abilities of a person. Man is not a calculating machine, not a computer capable of processing all the information he has. Bounded rationality means that a personconsciously seeks to achieve the best option, but does not have all the information. In other words, although people behave rationally, their ability to receive and process information is limited by human computational abilities. In this case, decisions are made partly on the basis of experience, intuition, etc., and the net gain (i.e., the difference between common benefits and the total costs of the decision taken) are smaller.
Under conditions of bounded rationality, a person no longer maximizes utility (income, wealth, enjoyment), but only searches for the first level of satisfaction available to him. Here by myself search procedure a satisfactory result is the focus of attention in studies of economic behavior.
Thus, the sale of a product at a price lower than that of a competitor may not lead to an increase in total sales, especially for those products whose share in the total consumer spending small (for example, a new Dosya washing powder, a new brand of toothpaste, etc.). This would seem to be contrary to the behavior of "economic man": to buy more goods when their price decreases. But we are talking about bounded rationality. Consumers' everyday experience tells them that cheaper everyday goods are also of lower quality. The described situation is possible precisely in the case when the goods are little known to the consumer, the buyer does not have complete information about them, and the achievement of complete knowledge about new products is associated with extremely high, or, as economists say, prohibitive costs. A “boundedly rational” subject will be satisfied with the previous volumes of purchases of toothpaste or washing powder, rather than spending time and effort on finding out all the features of the consumer qualities of new products with lower prices.
When organic rationality, i.e. its weak form (most
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More prominent representatives of this concept are American economists A. Alchian, R. Nelson, S. Winter, Austrian economist F. Hayek) Special attention is given to the observance of formal and informal rules of conduct that a person follows. The rationality of the choice can be limited either by legal prohibitions (“do not walk on lawns!”), Or by traditions - throwing cigarette butts out of a car at a stop at a traffic light is not accepted in civilized countries, and sometimes it is punishable. The hypothesis of organic rationality assumes that the interaction of people is rationalized by formal and informal, for example, moral rules of behavior, developed by evolutionary institutions of human society. Hayek, already cited earlier, emphasized that "... moral norms and traditions, and not intellect and calculating reason, allowed people to rise above the level of savages." 1 People, under fear of possible punishment or social condemnation, act rationally even when they do not consciously seek to rationalize their behavior. 2
So, the model of the “economic man” described above in its classical version assumes a rationally thinking egoist, i.e., maximizing his benefits and minimizing costs, free to choose the goals and ways to achieve them, and possessing all the information. "Economic Man" is a "rational maximizer". In other words, this model uses the premise of complete rationality, which made it the object of criticism from a number of scientists. G. Simon ironically remarked: “... his rationality (i.e., the traditional “homo economicus” - author's note) extends so far that it extends to the bedroom: as Harry Becker believes,“ he will read in bed at night only if the value of his reading (from his point of view) exceeds the value of his wife's sleep deprivation." 3
The analysis of a person's economic behavior is also complicated by the non-economic component in the motivation of his activity (altruism, religious attitudes, etc.), i.e., a component whose share increases with the development of human society. The improvement of the “homo economicus” model implied taking into account the incomplete awareness of economic agents, as well as the restrictions imposed on their behavior by legal and moral norms. 1 Hayek F. Pernicious arrogance, S. 53.
2 See more about organic rationality: Wilmson O. Economic institutions of capitalism. SPb. Lenizdat. 1996, p. 96.
1 Simon G. Rationality as a process and product of thinking. THESIS. M., 1993, Vol. 1, Issue. 3. S. 17, G. Becker - American economist, winner of the Nobel Prize in Economics, discussed at the end of this chapter.
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Ka in the second half of the 20th century increasingly relied on the assumption of bounded and organic rationality.
Second direction inherent in the Keynesian school, institutionalism, historical school. Human models developed within this direction seem to be more complex and are based on the hypothesis of limited rationality already known to us. One of the most famous representatives of neo-institutionalism, the American economist Douglas North, wrote that “human behavior is much more complicated than what economists describe in their models based on the individual utility function. In many cases, one should talk not only about maximizing personal gain, but also about altruism and self-restraint, which radically affect the results of an individual's choice. 1
In particular, incentives include not only the desire for material, monetary benefits, but also certain elements of a psychological nature - adherence to traditions, habits, considerations of prestige, the desire to enjoy life, etc. It is also difficult in the model under consideration to achieve the set goals. The reasons for this are the same incomplete information of economic entities, the imperfection of their intellect (which is understood as the calculating abilities of a person), stereotyped behavior depending on habits, religious attitudes, etc. Imperfect information entails an increase in the importance of such factors as expectations, premonitions, etc., to which the outstanding English economist John Maynard Keynes paid special attention. Under these conditions, it seems impossible to achieve the goals of economic entities through the mechanism of free competition, especially since, in addition to the individual, there is also a pronounced group interest, which is formed as a result of the desire of economic agents to overcome the limitations of "economic egoism" by self-organization into groups with common interests. At the same time, the interests of individual groups may not only not coincide, but also contradict each other.
In these models, society has a more complex structure, which requires government intervention in economic relations to maintain it in a state of equilibrium.
third direction represented by a fundamentally new version of the "economic man" model, reflecting modern realities. It is characterized by a change in the motivation of activity in comparison with the “rational maximizer” model: an increase in the importance of not so much material as spiritual needs of the individual (satisfaction with the labor process itself, its social significance, complexity and
1 North D. Institutions, institutional changes and the functioning of the economy. M., 1997. S. 37.
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etc.). new model are distinguished by the diversity and dynamism of needs, the main of which is the need for freedom of expression, establishing relationships with other people, freedom of spiritual self-determination, free choice of the type of culture and socio-political views. This model of a social individual person assumes a society based on democratic and pluralistic principles with developed intergroup ties and blurred, non-rigid boundaries between social communities.
Worthy of mention is such a specific model as "Soviet economic man", rooted in the Stalinist totalitarian repressive regime and reflecting the main features of the economic behavior of a person (the so-called "scoop") in the command-administrative system of the economy.
This model is characterized, first of all, by the duality of the target function of the individual's economic behavior, determined by the desire for personal well-being. Labor for the state is accompanied by severe restrictions and equalization of the state distribution of its results. Therefore, aspirations to minimize labor costs dominate here, dependency moods prevail, and theft is not uncommon. state property, the expectation of a modest but firm guaranteed remuneration prevails not for the results of labor, but for the very presence in the workplace. The intellectual abilities of the worker are used by him in a specific way, mainly in order to protect himself from the control of numerous officials, superiors, to bypass their instructions, to deceive, add postscripts, etc. A fertile ground is created for opportunistic behavior. Term "opportunistic behavior" or "opportunism" in economic theory, it means economic dishonesty, the presentation of deliberately distorted or incomplete information by the counterparty of an exchange transaction (see more details in Chapter 9). The American economist Oliver Williamson defines opportunism as "the pursuit of self-interest using deceit, including calculated efforts to lead astray, deceive, conceal information and other actions that interfere with the realization of the interests of the organization." 1 It is noteworthy that opportunism in a command economy was a completely rational, reasonable form of behavior, since the system itself rejected those economic agents who were guided by the principles of honesty, openness, and predictability in their actions. Here it is appropriate to cite the statement of a prominent representative
Wilmson O. Economic institutions of capitalism. SPb. Lenizdat. 1996. S. 689.
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The body of psychoanalysis, the German scientist Erich Fromm: "... the function of the mind is to serve the art of living." 1 The art of survival under the dictates of the state, the general shortage of goods and services forced the citizens of Soviet society to show miracles of resourcefulness in avoiding formal rules both in the field of labor activity and in the sphere of distribution and consumption of goods. The rule, and not the exception, in the command economy were manifestations of group egoism, opposing the interests of individual collectives to the state ones, which was a natural reaction to the total nationalization of the economy.
Inefficient work for the state was opposed by “work for oneself” as in legal (individual labor activity, work in cooperatives, garden plots etc.), and in illegal spheres (shadow economy). Here there was a rationalization of labor and other costs in order to maximize the income received. In the spheres of work “for oneself”, the ability to take risks, an active desire to search for new information, establish business contacts, and differentiate production activities appeared.
The duality of the objective function of the "Soviet economic man" not only reduced the overall efficiency of the functioning of the economy, but also caused disastrous moral costs. Imitation labor activity replaced actual labor efforts. It is no coincidence that in the era command economy a saying was widespread, reflecting the relationship between the individual and the state: “You pretend that you are paying us, and we pretend that we are working!”. Until now, many countries transition economy, including Russia, are experiencing enormous difficulties associated with the ingrained habit of people to non-market behavior. Non-market behavior- this is the behavior of economic entities, formed by the institutions of the administrative-command system: commitment to paternalism on the part of the state, economic dishonesty, inertia, fear and rejection of personal responsibility, etc.
Interestingly, the very duality of the goals of "homo soveticus" was generated by the indestructible features of a person, presented in the "homo economicus" model. Indeed, even within the framework of a totalitarian regime, a person sought to minimize his costs and maximize his benefits, and this is nothing but rational economic behavior.
Making his choice in a world of limited resources, a person in any economic system sought to minimize his costs and
1 Fromm E. Anatomy of human destructive ™. M., 1994. S. 230.
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Chapter I
Achieve maximum benefit. The universality of this principle has allowed scientists to apply it not only within the framework of economic theory, but also to try to explain the motives of human actions in other, non-economic spheres of life. An outstanding contribution to this kind of research was made by the modern American economist Gary Becker, Nobel Prize winner in economics. 1 He gave an original explanation for such situations as making decisions about the number of desired children in the family, committing crimes, making decisions about continuing education, etc., where the problem of rational choice is traced. Using an economic approach to the analysis of non-economic aspects of people's lives got the name "economic imperialism".
This is a brief description of the main models of man in economic theory. Generally abstract in nature, these models reflect in a generalized form the main parameters inherent in the "human factor" in economic process. Knowing them allows not only to realistically assess the role of a person in the economy at various stages of the development of civilization, but also to form the most optimal directions in economic policy, to predict with a sufficient degree of probability the consequences of certain economic decisions. The following chapters will continue the analysis of the role of man as the center of the economic system of modern society and the mechanism for making individual and public (collective) decisions.
Basic concepts:
labor motivation labor motivation
"Economic Man" "homo economicus",
Economic man
rational choice behavior
(rational choice)
perfect rationality
bounded rationality
organic rationality
Opportunism
(opportunistic behavior) opportunism
economic imperialism
1 Becker G. Economic analysis and human behavior-THESIS, M., 1993. T. 1. Issue. 1.C. 24-40.
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