A course of lectures on the economic theory of Chepurin. Economic theory course - Chepurin M.N.
Genre: Economy
Publisher:"ASA"
Format: DjVu
Quality: Scanned pages
Number of pages: 832
Description: The reader is invited to a textbook by a team of authors from the Department of Economic Theory of MGIMO (U) of the Ministry of Foreign Affairs of the Russian Federation, which is the fifth edition since 1991. The main goal of our work for ten years has been the desire to create a modern textbook that meets the growing requirements for the economic training of Russian students. The previous editions of the "Course in Economic Theory" have served, we hope, the formation of our students of the economic way of thinking. L. Carroll in his famous book "Alice in Wonderland" argued: in order to stay put, you need to run with all your might. What, then, can be said about those who wish to go forward without stopping at the achieved lines? We clearly understand that the time interval between the reprints of the textbook, obviously, should be reduced in order for the content of the theories to be consistent with the latest achievements of world economic science and the rapidly changing realities of economic life.
The book "The Course of Economic Theory" has not undergone such a fundamental revision, like the one that was carried out in 1999. Nevertheless, the team of authors considers it important to note that new thing that distinguishes this textbook from the previous edition.
In addition to clarifying some categories, updating digital and factual material, changing the title and structure of some chapters, improving the graphical representation of theoretical models in a number of chapters, and generally editing and proofreading necessary for republishing, new paragraphs and substantially revised chapters appeared in the textbook. This refers to Chapter 8, § 3 “Mechanism for reducing information asymmetry”; Chapter 16 discusses alternative approaches to accommodate the size of the shadow economy; Chapter 21 "Securities Market" with new paragraphs "Technical and fundamental analysis of the stock market", "Efficient market hypothesis", "The theory of reflexivity of J. Soros"; Chapter 25 with revised paragraphs devoted to the models of economic growth by E. Domar, R. Harrod, R. Solow, new paragraphs "Models of endogenous economic growth", "New economy" and growth problems "; Chapter 28 in the new edition. Accordingly, the "Subject Index" has been updated.
The list of Nobel Prize laureates 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, the World Bank, the Ministry of Finance of the Russian Federation, the Central Bank of Russia, Goskomstat, news agencies, research centers and institutes, both domestic and foreign, etc.
The central problem of this publication, like the previous ones, is the analysis of the regularities of the 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 characteristics. These features are more pronounced in transition economies in comparison with the well-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, be it a Papuan from New Guinea, a farmer from Ohio, or an inhabitant 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 emphasize that we are studying 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 of 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 laws of the economic organization of society, gives an overview of the most important directions and schools in economic theory and general characteristics of the market economy ;
- in the second section- "Microeconomics" - analyzes the mechanisms of the market of perfect and imperfect competition, theories of the firm and organizational forms of business, factor markets, 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.
- in the third section- "Macroeconomics" - examines the national economy as a whole, shows the role and boundaries of state intervention in economic processes, analyzes the problems of macroeconomic equilibrium and instability. It also analyzes the monetary and fiscal systems of the modern market economy, examines the problems of inflation, economic growth and alternative theoretical approaches to the conduct of the state's macroeconomic policy.
- in the fourth section- "International aspects of economic theory" - shows the features of the functioning of the market mechanism in an open economy, examines the problems and contradictions in achieving external economic equilibrium.
- in the fifth section - "Theoretical problems of the transition to a market economy" - a description of the command-administrative system is given and the main laws of the transition economy are considered.
The units of measurement of prices in various examples are both rubles and dollars - and this is not a bobble of the textbook editors. We hope that they will understand us 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 is still adjacent to the dollar.
One of the characteristic features of the textbook is the wide range of problems that make up its content. The reader will find in it answers to the basic questions of all sections of the standard course of economic theory, taught in most higher educational institutions in our country and abroad. In connection with the latter, we consider it necessary to give a translation of the basic concepts into English (at the end of each chapter and in the subject index).
The team of authors is grateful to our esteemed reviewers, Dr. Sci., Professor A.A. Porokhovsky and the Department of Economic Theory of the Institute of Computer Science and Technology, Moscow State University. M.V. Lomonosov (head of the department, Doctor of Economics, Professor A.V. Sidorovich) for valuable remarks expressed during the reading of the manuscript of the textbook.
We express the warmest words of gratitude to our publishers - the publishing house "ASA" (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, the theoretical aspects of the economic life of modern society, to equip them with scientific tools of economic analysis.
The book "The Course of Economic Theory" will 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.
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. Content of the tutorial
"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
- Economic theory method
- Main directions and schools in economic theory
- Manufacturing and economics
- Social production and the wealth of society
- Production, distribution, exchange and consumption
- Technological Choice in Economics and the Production Opportunity Curve
- Opportunity Cost, or Opportunity Cost
- Economic systems: spontaneous order and hierarchy
- Property rights as "rules of the game" in economic systems
GENERAL DESCRIPTION OF THE MARKET ECONOMY
- Market and conditions for its emergence
- Economic and non-economic benefits. Product
- The theory of marginal utility and the subjective value of a good
- Origin of money
- The main elements of the market mechanism
- The main types of market structures
- Price, supply and demand. Equilibrium in the market
- Elasticity of supply and demand
- Demand and utility. Consumer choice theory
- Market economy and depersonalized price mechanism
- Production costs: types and dynamics
- Equilibrium of the firm in the short run
- Long-term equilibrium of the firm
- Producer surplus, consumer surplus and mutual benefit of exchange
- The main types of market structures of imperfect competition
- Pure monopoly
- Price discrimination
- Loss from imperfect competition
- Natural monopoly
- Oligopoly
- Monopoly competition with product differentiation
- Monopsony
- Antitrust Law and Economic Regulation: Basic Principles
- Uncertainty as a characteristic feature of the market economy. Asymmetric information concept
- Risk and ways to reduce it. Insurance
- Mechanism for reducing information asymmetry
- Theory of the Firm: 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 factor productivity
- Demand for factors of production. Resource Usage Rule
- Interchangeability of resources. Marginal rate of technological substitution
- The rule of minimizing costs and conditions for maximizing profits
- Features of the labor market
- Supply and demand in the labor market
- Equilibrium in the labor market and the equilibrium wage rate
- Differentiation of wage rates
- Imperfect competition in the labor market
- The concept of capital in economic theory. Capital as a factor of production
- Supply and demand in the capital services market
- Demand and supply in the market for borrowed funds (loan capital). Real and monetary theories of interest
- Factors Determining Shifts in Demand and Supply in the Market for Borrowed Funds
- Nominal and real interest rates. Risk Factor in Interest Rates
- Discounting and investment decision making
- Capital asset market (durable capital goods)
- Limited supply of land resources. The theory of marginal productivity and land rent
- Alternative value of land services and land rent. Equilibrium in the land services market
- Differential land rent
- The price of land as a capital asset
- Profit: normal and economic
- Sources of economic profit
- Profit functions
- The market as a self-regulating mechanism. Partial and general equilibrium models
- Public welfare and efficiency
- Market fiasco (failure) problems
KEY MACROECONOMIC INDICATORS AND THE SYSTEM OF NATIONAL ACCOUNTS
- The cycle of income and expenditure in the national economy
- Gross Domestic Product (GDP) and Methods for Calculating It
- Nominal and real GDP
- System of national accounts
- GDP and Net Economic Welfare (CEB)
- Market fiasco and the need for government regulation
- Public choice theory
- State fiasco
- State regulation of the economy: main goals and tools
- Classical theory of macroeconomic equilibrium
- Macroeconomic equilibrium in the "AD-AS" model
- Keynesian general equilibrium model
- Investing and Saving: The Problem of Equilibrium
- Cartoonist
- Inflationary and deflationary (recessionary) gaps
- The thrift paradox
- Business cycle: causes, characteristics and frequency
- Cyclic oscillation propagation mechanism: multiplier-accelerator effect
- Macroeconomic instability and unemployment. Okun's law
- The role of the state in regulating economic cycles: stabilization policy
- Money and its functions. Concept and types of monetary systems
- The essence and form of the loan
- The structure of the modern monetary system
- Money supply and its structure. Monetary aggregates
- Cartoon expansion of bank deposits
- Demand for money. Equilibrium in the money market
- The theory of transactional demand for money
- Portfolio theories of money demand
- The main directions of the monetary policy of the Central Bank
- Structure, organization and functions of the securities market
- General characteristics of major securities
- Stock indices
- Derivative financial instruments
- Speculative and insurance transactions in the securities market
- Technical and fundamental analysis of the stock market
- Efficient market hypothesis
- J. Soros's theory of reflexivity
- Activities of intermediaries in the securities market
- Regulation of the securities market
- State budget and its structure. Central and local government budgets
- Taxes and their types. Tax principles
- Laffer curve
- Tax shifting
- Budget deficit and ways to finance it
- Discretionary and non-discretionary (automatic) fiscal policy. Built-in stabilizers
- Balanced Budget Multiplier (Haavelmo's Theorem)
- The problem of balancing the state budget
- Public debt and its economic consequences
- Ricardo - Varro Equivalence Theorem
- Definition of inflation. Open and suppressed forms of inflation. Measuring inflation
- Inflation and nominal prices. Inflationary expectations. Fisher effect
- The causes of inflation. Demand inflation and cost inflation
- Monetary and non-monetary inflation concepts
- Socio-economic consequences of inflation
- Inflation and unemployment. Phillips curve. Natural level theory
- Anti-inflationary policy of the state
- The problem of fair distribution in a market economy
- Personal and disposable income. The problem of measuring inequality in income distribution: the Lorenz curve and the Gini coefficient
- State policy for the redistribution of income. The dilemma of efficiency and fairness
- Defining and measuring economic growth
- Factors and types of economic growth. Production function and economic growth
- Neo-Keynesian models of economic growth
- Neoclassical models of economic growth
- Scientific and technological progress (STP) as an external factor of economic growth. Assessment of the contribution of scientific and technological progress to economic growth in dynamic models
- Endogenous economic growth models
- "New Economy" and Growth Challenges
- Keynesian and neoclassical general economic equilibrium (OER) models
- Assessing the role of money in neoclassical and Keynesian models
- Active and passive economic policy in alternative models of OER
- Keynesians and Neoclassicists on the Priorities and Effectiveness of Fiscal and Monetary Policy
- Keynesians and Neoclassicists on the Problems of Discretionary and Automatic Economic Policy
- Neoclassical synthesis
- The theory of rational expectations. New classical macroeconomics (new classics)
- Real business cycle theory
- New Keynesian theory
THEORY OF COMPARATIVE ADVANTAGES AND PROTECTIONISM
- Comparative advantage theory
- Heckscher-Ohlin's theory of international trade
- Benefits 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 how it is financed
- Macroeconomic role of the balance of payments
- Foreign economic equilibrium and macroeconomic policy in the model of a small open economy
- Cost Multiplier in an Open Economy
- Exchange rate: nominal and real
- The purchasing power parity hypothesis
- Exchange rate systems-, floating and fixed exchange rates
- Macroeconomic Policy in an Open Economy: The Mundell-Fleming Model
COMMAND AND ADMINISTRATIVE SYSTEM
- Socialist idea: essence and historical development
- Theory and practice of the command-administrative organization of the national economy
- Reasons for the decline and collapse of the socialist economy
- What is the transition period?
- Transition concepts
- Patterns of the transition period
- Institutional transformation in transition
- Review of reforms 1992-2003. and prerequisites for the completion of the transition period
LITERATURE
In the fifth, supplemented and revised edition of the textbook, the most important sections of economic theory are presented: microeconomics, macroeconomics, international economics, theoretical problems of the transition to a market economy. An idea of the leading schools and directions of modern economic science - Keynesianism, monetarism, institutionalism, etc. is given. The theoretical material is presented using graphical analysis, which makes it easier to understand the laws of the functioning of the market mechanism. This publication is accompanied by an extensive Index of about 600 terms, given with their English translation, an updated list of Nobel Prize winners in economics, an Index of Names, a list of Internet sites containing data on key macroeconomic indicators.
Section I. INTRODUCTION TO ECONOMIC THEORY
Chapter 1. MAN IN THE WORLD OF ECONOMY
Chapter 2. SUBJECT AND METHOD OF ECONOMIC THEORY
Chapter 3. BASIC REGULATIONS OF THE ECONOMIC ORGANIZATION OF THE COMPANY
Chapter 4. COORDINATION OF CHOICE IN DIFFERENT ECONOMIC SYSTEMS
Section II. MICROECONOMICS
Chapter 5. GENERAL CHARACTERISTIC OF THE MARKET ECONOMY
Chapter 6. MECHANISM OF THE MARKET OF PERFECT COMPETITION
Chapter 7. MECHANISM OF THE MARKET OF IMPERFECT COMPETITION
Chapter 8. ECONOMY OF UNCERTAINTY, INFORMATION AND INSURANCE
risk averters expected utility theory St. Petersburg paradox anchoring effect certainty effect insurance market signaling warranties Chapter 9. COMPANY THEORY AND ORGANIZATIONAL FORMS OF BUSINESS
Chapter 10. THEORY OF PRODUCTION AND LIMITING PRODUCTIVITY OF FACTORS
Chapter 11. LABOR MARKET AND Wages
Chapter 12. CAPITAL MARKET AND PERCENTAGE
Chapter 13. MARKET OF LAND RESOURCES AND LAND RENT
Chapter 14. BUSINESS AND PROFIT
Chapter 15. ADVANTAGES AND DISADVANTAGES OF THE MARKET MECHANISM
Section III. MACROECONOMICS
Chapter 16. KEY MACROECONOMIC INDICATORS AND THE SYSTEM OF NATIONAL ACCOUNTS
Chapter 17. THE ROLE OF THE STATE IN THE MARKET ECONOMY
Chapter 18. MACROECONOMIC EQUILIBRIUM: BASIC MODELS
Chapter 19. MACROECONOMIC INSTABILITY: CYCLIC DEVELOPMENT OF THE MARKET ECONOMY
Chapter 20. MONEY AND CREDIT SYSTEM AND MONETARY CREDIT POLICY
Chapter 21. SECURITIES MARKET
Chapter 22. TAX AND BUDGETARY SYSTEM AND TAX AND BUDGET POLICY
Chapter 23. INFLATION AND ANTI-INFLATIONARY POLICY
Chapter 24. SOCIAL POLICY OF THE STATE
Chapter 25. ECONOMIC GROWTH
Chapter 26. MACROECONOMIC POLICY IN GENERAL: ALTERNATIVE APPROACHES
Section IV. INTERNATIONAL ASPECTS OF ECONOMIC THEORY
Chapter 27. THEORY OF COMPARATIVE ADVANTAGES AND PROTECTIONISM
Section V. THEORETICAL PROBLEMS OF TRANSITION TO A MARKET ECONOMY
Chapter 29. TEAM-ADMINISTRATIVE SYSTEM
Chapter 30. PROBLEMS OF TRANSITION TO A MARKET ECONOMY
5th ed., Rev., Supplemented. and revised - Kirov: "ASA", 2006. - 832 p.
In the fifth, supplemented and revised edition of the textbook, the most important sections of economic theory are presented: microeconomics, macroeconomics, international economics, theoretical problems of the transition to a market economy. An idea of the leading schools and directions of modern economic science - Keynesianism, monetarism, institutionalism, etc. is given. The theoretical material is presented using graphical analysis that makes it easier to understand the laws of the functioning of the market mechanism.
This publication is accompanied by an extensive Subject Index of about 600 terms with their English translation, an updated list of Nobel Prize winners in economics, an Index of Names, and a list of Internet sites containing data on key macroeconomic indicators.
The publication is intended for students, graduate students, teachers, as well as anyone interested in the problems of modern economic theory.
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The size: 12.1 MB
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CONTENT
Section I. INTRODUCTION TO ECONOMIC THEORY
MAN IN THE WORLD OF ECONOMY
Man and economy
Human models in economic theory
SUBJECT AND METHOD OF ECONOMIC THEORY
The subject of economic theory
Economic theory method
Main directions and schools in economic theory
BASIC REGULARITIES OF THE ECONOMIC ORGANIZATION OF THE SOCIETY
Manufacturing and economics
Social production and the wealth of society
Production, distribution, exchange and consumption
Technological Choice in Economics and the Production Opportunity Curve
Opportunity Cost, or Opportunity Cost
COORDINATION OF CHOICE IN DIFFERENT ECONOMIC SYSTEMS
Economic systems: spontaneous order and hierarchy
Property rights as "rules of the game" in economic systems
Section II. MICROECONOMICS
GENERAL DESCRIPTION OF THE MARKET ECONOMY
Market and conditions for its emergence
Economic and non-economic benefits. Product
The theory of marginal utility and the subjective value of a good
Origin of money
The main elements of the market mechanism
The main types of market structures
Price, supply and demand. Equilibrium in the market
Elasticity of supply and demand
Demand and utility. Consumer choice theory
Market economy and depersonalized price mechanism
MECHANISM OF THE MARKET OF PERFECT COMPETITION
Production costs: types and dynamics
Equilibrium of the firm in the short run
Long-term equilibrium of the firm
Producer surplus, consumer surplus and mutual benefit of exchange
MECHANISM OF THE MARKET OF IMPERFECT COMPETITION
The main types of market structures of imperfect competition
Pure monopoly
Price discrimination
Loss from imperfect competition
Natural monopoly
Oligopoly
Monopoly competition with product differentiation
Monopsony
Antitrust Law and Economic Regulation: Basic Principles
ECONOMY OF UNCERTAINTY, INFORMATION AND INSURANCE
Uncertainty as a characteristic feature of the market economy. Asymmetric information concept
Risk and ways to reduce it. Insurance
Mechanism for reducing information asymmetry
THEORY OF THE FIRM AND ORGANIZATIONAL FORMS OF BUSINESS
Theory of the Firm: Technological and Institutional Approach
Organizational forms of business
The role of small, medium and large firms in the economy
THEORY OF PRODUCTION AND LIMITING PRODUCTIVITY OF FACTORS
Production function
The theory of marginal factor productivity
Demand for factors of production. Resource Usage Rule
Interchangeability of resources. Marginal rate of technological substitution
The rule of minimizing costs and conditions for maximizing profits
LABOR MARKET AND Wages
Features of the labor market
Supply and demand in the labor market
Equilibrium in the labor market and the equilibrium wage rate
Differentiation of wage rates
Imperfect competition in the labor market
CAPITAL MARKET AND PERCENTAGE
The concept of capital in economic theory. Capital as a factor of production
Supply and demand in the capital services market
Demand and supply in the market for borrowed funds (loan capital). Real and monetary theories of interest
Factors Determining Shifts in Demand and Supply in the Market for Borrowed Funds
Nominal and real interest rates. Risk Factor in Interest Rates
Discounting and investment decision making
Capital asset market (durable capital goods)
LAND MARKET AND LAND RENT
Limited supply of land resources. The theory of marginal productivity and land rent
Alternative value of land services and land rent. Equilibrium in the land services market
Differential land rent
The price of land as a capital asset
BUSINESS AND PROFIT
Profit: normal and economic
Sources of economic profit
Profit functions
ADVANTAGES AND DISADVANTAGES OF THE MARKET MECHANISM
The market as a self-regulating mechanism. Partial and general equilibrium models
Public welfare and efficiency
Market fiasco (failure) problems
Section III. MACROECONOMICS
KEY MACROECONOMIC INDICATORS AND THE SYSTEM OF NATIONAL ACCOUNTS
The cycle of income and expenditure in the national economy
Gross Domestic Product (GDP) and Methods for Calculating It
Nominal and real GDP
System of national accounts
GDP and Net Economic Welfare (CEB)
THE ROLE OF THE STATE IN THE MARKET ECONOMY
Market fiasco and the need for government regulation
Public choice theory
State fiasco
State regulation of the economy: main goals and tools
MACROECONOMIC BALANCE. BASIC MODELS
Classical theory of macroeconomic equilibrium
Macroeconomic equilibrium in the "AD-AS" model
Keynesian general equilibrium model
Investing and Saving: The Problem of Equilibrium
Cartoonist
Inflationary and deflationary (recessionary) gaps
The thrift paradox
MACROECONOMIC INSTABILITY: CYCLIC DEVELOPMENT OF THE MARKET ECONOMY
Business cycle: causes, characteristics and frequency
Cyclic oscillation propagation mechanism: multiplier-accelerator effect
Macroeconomic instability and unemployment. Okun's law
The role of the state in regulating economic cycles: stabilization policy
MONEY AND CREDIT SYSTEM AND MONETARY CREDIT POLICY
Money and its functions. Concept and types of monetary systems
The essence and form of the loan
The structure of the modern monetary system
Money supply and its structure. Monetary aggregates
Cartoon expansion of bank deposits
Demand for money. Equilibrium in the money market
The theory of transactional demand for money
Portfolio theories of money demand
The main directions of the monetary policy of the Central Bank
STOCKS AND BODS MARKET
Structure, organization and functions of the securities market
General characteristics of major securities
Stock indices
Derivative financial instruments
Speculative and insurance transactions in the securities market
Technical and fundamental analysis of the stock market
Efficient market hypothesis
J. Soros's theory of reflexivity
Activities of intermediaries in the securities market
Regulation of the securities market
TAX AND BUDGETARY SYSTEM AND TAX AND BUDGET POLICY
State budget and its structure. Central and local government budgets
Taxes and their types. Tax principles
Laffer curve
Tax shifting
Budget deficit and ways to finance it
Discretionary and non-discretionary (automatic) fiscal policy. Built-in stabilizers
Balanced Budget Multiplier (Haavelmo's Theorem)
The problem of balancing the state budget
Public debt and its economic consequences
Ricardo - Varro Equivalence Theorem
INFLATION AND ANTI-INFLATION POLICY
Definition of inflation. Open and suppressed forms of inflation. Measuring inflation
Inflation and nominal prices. Inflationary expectations. Fisher effect
The causes of inflation. Demand inflation and cost inflation
Monetary and non-monetary inflation concepts
Socio-economic consequences of inflation
Inflation and unemployment. Phillips curve. Natural level theory
Anti-inflationary policy of the state
SOCIAL POLICY OF THE STATE
The problem of fair distribution in a market economy
Personal and disposable income. The problem of measuring inequality in income distribution: the Lorenz curve and the Gini coefficient
State policy for the redistribution of income. The dilemma of efficiency and fairness
THE ECONOMIC GROWTH
Defining and measuring economic growth
Factors and types of economic growth. Production function and economic growth
Neo-Keynesian models of economic growth
Neoclassical models of economic growth
Scientific and technological progress (STP) as an external factor of economic growth. Assessment of the contribution of scientific and technological progress to economic growth in dynamic models
Endogenous economic growth models
"New Economy" and Growth Challenges
MACROECONOMIC POLICY IN GENERAL: ALTERNATIVE APPROACHES
Keynesian and neoclassical general economic equilibrium (OER) models
Assessing the role of money in neoclassical and Keynesian models
Active and passive economic policy in alternative models of OER
Keynesians and Neoclassicists on the Priorities and Effectiveness of Fiscal and Monetary Policy
Keynesians and Neoclassicists on the Problems of Discretionary and Automatic Economic Policy
Neoclassical synthesis
The theory of rational expectations. New classical macroeconomics (new classics)
Real business cycle theory
New Keynesian theory
Section IV. INTERNATIONAL ASPECTS OF ECONOMIC THEORY
THEORY OF COMPARATIVE ADVANTAGES AND PROTECTIONISM
Comparative advantage theory
Heckscher-Ohlin's theory of international trade
Benefits from foreign trade
International trade and income distribution
State regulation of international trade
Arguments for and against protectionism
BALANCE OF PAYMENT AND EXCHANGE RATE: BASIC MODELS
Balance of payments: structure and relationship of accounts
Balance of payments deficit and how it is financed
Macroeconomic role of the balance of payments
Foreign economic equilibrium and macroeconomic policy in the model of a small open economy
Cost Multiplier in an Open Economy
Exchange rate: nominal and real
The purchasing power parity hypothesis
Exchange rate systems-, floating and fixed exchange rates
Macroeconomic Policy in an Open Economy: The Mundell-Fleming Model
Section V. THEORETICAL PROBLEMS OF TRANSITION TO A MARKET ECONOMY
COMMAND AND ADMINISTRATIVE SYSTEM
Socialist idea: essence and historical development
Theory and practice of the command-administrative organization of the national economy
Reasons for the decline and collapse of the socialist economy
PROBLEMS OF TRANSITION TO A MARKET ECONOMY
What is the transition period?
Transition concepts
Patterns of the transition period
Institutional transformation in transition
Review of reforms 1992-2003. and prerequisites for the completion of the transition period
Laureates of the Nobel Prize in Economics
LITERATURE
(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 in economic specialties and areas
Kirov, "ASA", 2000
BBK 65.01ya-73
REVIEWERS:
Department of Economic Theory IPPK Moscow State University M.V. Lomonosov; Doctor of Economics, Professor Porokhovsky A.A.
Department of Economic Theory, MGIMO (University) of the Ministry of Foreign Affairs of the Russian Federation
edited by prof. Chepurina M.N., prof. Kiseleva E.A.
Foreword by ~ 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. Strelets I.A. Ch. 9 - Venerable 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. Strelets I.A. Ch. 18 -prof. Kiseleva E.A. Ch. 19 - prof. Kiseleva E.A., Assoc. Chasovoy V.A. Ch. 20 -doc. 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. SM Plotnikov. 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.
The course of economic theory: textbook - 4th supplemented and revised edition - Kirov: "ASA", 2000 - 752 p.
In this, supplemented and revised edition of the textbook, the most important sections of economic theory are presented: microeconomics, macroeconomics, international economics, theoretical problems of the transition to a market economy. An idea of the leading schools and directions of modern economic science - Keynesianism, monetarism, institutionalism, etc. is given. The theoretical material is presented using graphical analysis that makes it easier to understand the laws of the functioning of the market mechanism.
This publication is accompanied by an extensive "Subject Index" of about 600 terms, given with their English translation, an updated list of Nobel Prize winners 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
Section 1. Man and the 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. The main directions and schools in economic theory 39
CHAPTER 3. BASIC REGULATIONS OF 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 economics and the curve
Production capacity 57
§ 5. Opportunity, or costs
Missed opportunities 60
CHAPTER 4. COORDINATION OF CHOICES IN DIFFERENT
HOUSEHOLD SYSTEMS 63
§ 1. Economic systems: spontaneous order and hierarchy 63
§ 2. Property rights as "rules of the game"
In economic systems 69
SECTION II. MICROECONOMICS 74
CHAPTER 5. GENERAL DESCRIPTION OF THE MARKET ECONOMY 74
§ 1. Market and conditions for its emergence ", 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. The main elements of the market mechanism.
Perfect Competition Market Concept 88
§ 7. Price, supply and demand. Market equilibrium 91
§ 8. Elasticity of supply and demand 98
§ 9. Demand and utility. Consumer Choice Theory 104
§ 10. Market economy and depersonalized price mechanism ...
CHAPTER 6. PERFECT COMPETITION MARKET MECHANISM 115
§ 1. Production costs: types and dynamics 115
§ 2. Equilibrium of the firm in the short run 118
§ 3. Equilibrium of the firm in the long run 124
§ 4. Producer's surplus, consumer's surplus
And mutually beneficial exchange 126
CHAPTER 7. MECHANISM OF THE MARKET OF PERFECT COMPETITION ... 129
§ 1. The main types of market structures of imperfect competition 129
§ 2. "Pure" monopoly 131
Section 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. Antitrust law and regulation of the economy:
Fundamental principles 172
CHAPTER 8. ECONOMY OF UNCERTAINTY,
SPECULATION AND INSURANCE J76
§ 1. Uncertainty as a characteristic feature of the 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. THEORY OF THE FIRM AND ORGANIZATIONAL BUSINESS FORMS 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. THEORY OF PRODUCTION AND LIMIT
PRODUCTIVITY FACTORS 208
§ 1. Production function 208
§ 2. The theory of the marginal productivity of factors 212
Table of contents
§ 3. Demand for factors of production. The rule of using resources 217 § 4. Interchangeability of resources. Limit rate
Technological substitution 221
§ 5. The rule of minimizing costs
And the conditions for maximizing profit 226
CHAPTER 11. LABOR MARKET AND Wages 230
§ 1. Features of the labor market 231
§ 2. Supply and demand in the labor market.233
§ 3. Equilibrium in the labor market
And the equilibrium wage rate 236
§ 4. Differentiation of wage rates 238
§ 5. Imperfect competition in the labor market 242
CHAPTER 12. CAPITAL MARKET AND PERCENTAGE 249
§ 1. The concept of capital in economic theory.
Capital as a factor of production 249
§ 2. Supply and demand in the capital services market 253
§ 3. Supply and demand in the market for borrowed funds (loan capital).
Real and Monetary Theories of Interest 257
§ 4. Factors determining shifts in supply and demand
On the borrowed funds market 264
§ 5. Nominal and real interest rates.
Risk factor in interest rates 267
§ 6. Discounting and making investment decisions 270
§ 7. Market for capital assets (capital goods
Long-term use) 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 land rent 280
§ 2. Alternative value of land services and land rent.
Equilibrium in the land services market 282
§ 3. Differential land rent 284
§ 4. Price of land as a capital asset 286
CHAPTER 14. BUSINESS AND PROFIT 288
§ 1. Profit: normal and economic 288
§ 3. Functions of profit 294
CHAPTER 15. ADVANTAGES AND DISADVANTAGES
MARKET MECHANISM 295
§ I. Market as a self-regulating mechanism.
Partial and General Equilibrium Models 296
§ 2. Public welfare and efficiency 304
§ 3. Problems of market fiasco (failures) 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 for its Calculation 321
§ 3. Nominal and real GDP 325
§ 4. System of national accounts 328
§ 5. GDP and "net economic welfare" (CEB) 331
CHAPTER 17. THE ROLE OF THE STATE IN THE MARKET ECONOMY 333
§ 1. Market fiasco and necessity
State regulation 333
§ 2. Public choice theory 340
Section 3. Fiasco of the State 349
§ 4. State regulation of the economy:
Main objectives and tools 351
CHAPTER 18. MACROECONOMIC BALANCE
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. Investment and Saving: The Equilibrium Problem 370
§ 5. Model "IS" 376
§ 6. Multiplier 378
§ 7. Inflationary and deflationary (recessionary) gaps 382
§ 8. The paradox of frugality, 384
Table of contents
1
CHAPTER 19. MACROECONOMIC INSTABILITY;
THE CYCLE OF DEVELOPMENT OF THE MARKET ECONOMY 387
§ 1. The economic cycle: causes of occurrence,
Characteristics and periodicity 387
§ 2. The mechanism of propagation of cyclic oscillations:
Multiplier-Accelerator 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. MONETARY CREDIT SYSTEM
AND MONETARY POLICY: 411
§ I. Money and their functions. The concept and types of monetary systems 4 AND
§ 2. The 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. Cartoon expansion of bank deposits 421
§ 6. Demand for money. Equilibrium in the money market 425
A. Theory of Trans-Action Demand for Money 426
B. Portfolio theories of money demand 428
§ 7. Main directions of monetary POLICY
The Central Bank 431
CHAPTER 21. SECURITIES MARKET 436
§ 1. Structure, organization and functions of the securities market 436
§ 2. General characteristics of basic securities 442
§ 3. Stock indexes 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 BUDGETARY SYSTEM
AND TAX AND BUDGET POLICY 465
§ I. State budget and its structure.
Central and local government budgets 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. The budget deficit and methods of financing it 478
§ 6. Discretionary and non-discretionary (automatic)
Fiscal policy. Built-in 484 stabilizers
§ 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 - Barro Equivalence Theorem 498
Appendix 1 to chapter 22. Implementation of the rules
Fiscal Policy by Country 502
Appendix 2 to Chapter 22. Analysis of monetary
And fiscal policy using the IS-LM model 503
CHAPTER 23. INFLATION AND ANTI-INFLATIONARY POLICY 510
§ 1. Definition of inflation. Open and suppressed forms of inflation.
Measuring inflation 511
§ 2. Inflation and nominal prices. Inflationary expectations.
Fischer effect 313
§ 3. Causes of inflation.
Demand inflation and cost 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
Section 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 problem 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 Fairness 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
factor of economic growth. Assessment of the contribution of scientific and technological progress
into economic growth in dynamic models 580
CHAPTER 26. MACROECONOMIC POLICY IN GENERAL:
BASIC MODELS 585
§ 1. Keynesian and neoclassical models of general
Economic equilibrium (OER) 585
§ 2. Assessment 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 neoclassicists on 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. 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. THEORY OF COMPARATIVE ADVANTAGES
AND PROTECTIONISM 611
§ 1. The theory of comparative advantage 612
§ 2. The theory of international trade Heckscher-Ohlin 618
§ 3. Benefit 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: structure of the relationship of accounts 635
§ 2. Deficit of the balance of payments and methods of financing it 641
§ 3. Balance of payments and basic conditions of macroeconomic
Equilibria in an open economy 644
§ 4. Exchange rate: nominal and real 647
§ 5. The hypothesis of purchasing power parity 650
§ 6. Exchange rate systems: floating
And fixed rate 652
§ 7. International monetary system 658
§ 8. Macroeconomic policy in an open economy:
Mundell-a-Fleming Model 661
SECTION V. THEORETICAL PROBLEMS OF TRANSITION
TO THE MARKET ECONOMY 674
CHAPTER 29. COMMAND AND ADMINISTRATIVE SYSTEM 674
§ 1. Socialist idea: essence and historical development 674
§ 2. Theory and practice of command and control organization
National economy 676
§ 3. The reasons for the decline and collapse of the socialist economy 687
CHAPTER 30. PROBLEMS OF TRANSITION TO A MARKET ECONOMY 692
§ 1. What is the transition period? 692
§ 2. Concepts of an economy in transition 696
§ 3. Laws of the transition period 700
§ 4. Institutional transformation during the transition period 706
§ 5. Review of reforms 1992-1998. and prerequisites for completion
Transition 708
CONCLUSION 714
SUBJECT INDEX 718
WINNERS OF THE NOBEL PRIZE IN ECONOMY 732
INDEX 734
LIST OF ENGLISH ABBREVIATIONS
AND LETTER SYMBOLS 740
Foreword 11
FOREWORD
“The ideas of economists and political thinkers - and when they are right and when they are wrong,- are much more important than is commonly thought. In reality, they alone rule the world. "
John Maynard Keynes
“Like it or not, the main problems of modern politics are really purely economic and cannot be understood without knowledge of economic theory. Only a person who understands the main issues of economic theory is able to develop an independent opinion on the issues under consideration. "
Ludwig von Mises
The thoughtful reader is offered a book by a team of authors from 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 one of the winners in the open competition "Humanitarian Education in Higher Education" held by the State Committee of the Russian Federation for Higher Education and the International Fund "Cultural Initiative", was first published in 1993, was reprinted many times and served, we hope, to form an economic way of thinking among our students.
However, the changes that have taken place in recent years have forced the team of authors to take up the pen again in order to significantly revise our textbook. What is the essence of the above changes?
At first, economic realities are rapidly changing, and, along with them, the theoretical ideas about the events taking place. This is especially true of the transition processes observed in post-socialist countries. The economic romanticism of the period of the first Russian reformers was replaced by arduous attempts at theoretical rethinking of market reforms 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 now provides
Foreword
Cheers graduates with the most general ideas about the main features of the functioning of the modern market mechanism.
Thirdly, in recent years, the range of theoretical works available to students by leading representatives of world economic science has significantly expanded. Numerous textbooks and textbooks on economic theory, both in the initial and more advanced courses, were published by Western and Russian scholars.
The central problem of this publication is the analysis of the regularities of the 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 characteristics. These features are more pronounced in transition economies in comparison with the well-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 his flight will not depend on the person who picks up this apple, be it a Papuan from New Guinea, a farmer from Ohio, or an inhabitant 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 just as objective as the laws of nature.
The authors of the textbook still consider it necessary in all topics, without exception, to emphasize 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! the necessary help in solving this problem.
The "Course of Economic Theory" uses the following logic of studying the market mechanism:
in the first section - "Introduction to Economic Theory"- the place and role of a person in the economy is highlighted, an idea of economic theory as a science, its subject and method is given, the main laws of the economic organization of society are shown, a general description of the market economy is given, an overview of the most important directions and schools in economic theory is given.
in the second section - "Microeconomics"- the mechanisms of the market of perfect and imperfect competition, theories of the firm and organizational forms of business, markets for factors of production, the advantages and disadvantages of the market mechanism associated with the so-called market failures, the economic theory of welfare are analyzed.
Foreword
In the third section - "Macroeconomics"- considered by the nation
the economy as a whole, the role and boundaries of government intervention are shown.
donation to business processes, the problems of macroeconomic
microbalance and instability. The value is also analyzed here
monetary and fiscal system v modern market
economy.
in the fourth section - "International aspects of economic theory"- the features of the functioning of the market mechanism in an open economy are shown, problems and contradictions in achieving external economic equilibrium are considered.
in the fifth section - "Theoretical problems of the transition to a market economy"- the characteristics of the command-administrative system are given, the main laws of the transitional economy are considered.
The mathematical component of economic analysis has increased insignificantly, which makes the content of this textbook quite accessible to readers with ordinary school mathematics training.
The units of measurement of prices in various examples are both rubles and dollars - and this is not a bobble of the textbook editors. We hope that they will understand us correctly and will not be accused of lack of patriotism. The fact is that in conditions of unstable and unpredictable Russian inflation, elementary examples of buying apples or pears, not to mention the figures of the state budget, may cause confusion in a few months. While we were preparing the textbook, prices from mid-1998 to mid-1999 "jumped" by an average of three times. 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, to make a reservation every time about denominated or non-denominated rubles, etc. Of course, the so-called monetary units could be indicated everywhere. or the notorious y. 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 use native Russian rubles in our examples in all cases without exception.
One of the characteristic features of the textbook is the wide range of problems that make up its content. The reader will find in it answers to the basic questions of all sections of the standard course of economic theory taught in most higher educational institutions in our country and abroad. In connection with the latter, we considered it necessary to provide a translation of the basic concepts into English (at the end of each chapter and in the subject index).
The team of authors is grateful to our distinguished reviewers, Doctor of Economics, Professor A.A. Porokhovsky. 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 while reading the manuscript of the textbook. We express our deep gratitude to American scientists, Nobel Prize Laureate in Economics Professor Robert Merton and Law Professor Tom O "Connor of Wesleyan College, North Carolina, for the kindly information they have provided us that have helped to clarify the Name Index.
The team of authors expresses deep gratitude to the staff of the department and laboratory of economic theory N.Yu. Rodionova, V.V. Malyutina, O.I. Nikolaenko, L.N. Trukhacheva. for organizational and technical assistance in the preparation of the textbook. Special thanks to the teacher R.V. Ogonkov. for the difficult work on the computer execution of the graphics, as a result of which this publication 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 scientific tools of economic analysis.
The book will 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 argue that the economic approach is unique in its power because it is capable of integrating many different forms of human behavior."
Gary Becker
Chapter 1. MAN IN THE WORLD OF ECONOMY
§ 1. Man and the economy
Each science has its own subject. From the very beginning of the course of economic theory, we must be clear about what we will study economic behavior of people. What aspects of human life does economic theory study? What is a person from the point of view of economic science? These issues 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 reasons for the emergence of "Homo sapiens", as well as the starting point of his evolution. It is only obvious that man has traveled a long and very tortuous path in his biological and social development. Man is a social being, and in this capacity he turned out, as a number of scientists of the past and present century believe, primarily due to work. For a long time it was considered an axiom 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 life. But perhaps this is just a theorem requiring proof.
In a 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 benefits 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 is based on the most important premise that a person is both a producer and a consumer of economic goods. A person not only creates, but also activates and determines the ways of using technology and technology, which, in turn, impose new requirements on the physical and intellectual parameters of a person.
But why does man work at all? Is labor the first life
Chapter 1
Noah a need or an onerous need? Obviously, the answer to this question is not very difficult if we consider the era of the primitive community: it is possible to get food only by spending the necessary efforts. The desire of man to minimize these efforts forced him to invent new tools of labor, new technologies for the extraction of the most essential benefits of life. Let us pay attention to a curious paradox - the desire to avoid the burden of labor, primarily physical, forced (and still forces) 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; so as not to dig the earth with your hands, hoes, shovels are created, and then modern excavators, etc. It is not for nothing that there is a saying that wealth is created not by labor, but by human laziness: this amusing 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 get a fish out of the pond without difficulty!" - 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 turned out to be not an easy one. Propaganda and violence have a certain productive potential, but their effectiveness over long periods of time is low.
Thus, we come to the problem of labor motivation, that is, the determination of the driving incentives that induce 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 compulsion to work. The first is based on the fear of being punished by the government in its most diverse guises - slave owner, landowner, dictator, etc. - in case of evasion of labor service. The second presupposes personal material interest and the desire of a person to increase the level of his well-being. Non-economic coercion presupposes the employee's personal dependence on the employer, his lack of economic, and, consequently, any other (political, religious, etc.) freedom. On the contrary, economic compulsion to work is possible only if there is economic freedom. Coercion here appears not as a kind of violence of one person against another, but as a material interest, which makes a person work. As the eminent Austrian economist Friedrich August von Hayek remarked, “...
Man in the world of economy
The phenomenon 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 consolidation of control over various means of production by individuals, but also due to another establishment, practically inseparable from first: the recognition as legitimate of the tried and tested methods of transferring this control. " 1
Thus, the nature of incentives for labor activity is determined by the prevailing system of property rights to resources and production results (see more details about property rights in Chapter 4, § 2). It should be noted here that economic incentives for effective work are unthinkable without the right to private property, which was 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 to use the model of a person in the scientific analysis of economic life, that is, 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, first of all, the motives of economic activity, its virgin soil is also cognitive, or cognitive (from Lat. Cognitio - knowledge, cognition) the capabilities of a person used by him to achieve his goals. 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 not to recall the parable of the blind men who touched and groped the elephant and came to different conclusions about the nature of this animal. The one who ran his hand over his leg claimed that there was a tree in front of him; the one 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 be given only 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 what meets the task of explaining the economic behavior of people, that is, the individual, 1 Hayek F. Pernicious arrogance. Moscow, 1992, p. 55.
the activity of individuals and groups of people is realized in various economic systems (for more details on economic systems, see Ch. 4, § 1) in conditions of limited resources, the possibilities of alternative use of the latter and the infinity of human needs.
The creation of a human model by economic science presupposes an abstraction from many really existing traits and qualities of human nature, all the abundance of which in countless combinations characterizes individual people. But it is precisely this diversity and versatile wealth of the human personality that does not allow economic science to rely on the images of specific people in the theoretical analysis of economic life - 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 distinguished by a certain one-sidedness, since a person is not only an "economic man" who realizes 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 that the words 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 of an individual and of society as a whole.
It should be especially 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 of psychological factors in the motivation of economic activity. After all, it is not for nothing that many, if not all, theorists of the past and the present, when explaining the economic behavior of people, operate with such concepts as "inclination", "preference", "expectation", "intention", etc. collectivist and paternalistic (from Lat. pater - father) psychology turned out to be a significant obstacle in the transition from a command to a market system, the psychological basis of which is necessarily reasonable individualism.
It should be noted that economic theory considers the model of che- 1 Bucksnen J., Tullock G. Calculating agreement. Series "Nobel Prize Laureates in Economics". M., 1997.S. 75.
Prerequisite. It is on its basis that economists-theoreticians build their numerous theories of demand, supply, competition, profit, consumer behavior, etc.
Among the numerous areas of "modeling" of a person, one can conditionally single out four. The differences between them are determined, firstly, by the degree of abstraction from the variety of personal characteristics of a person and, secondly, by taking into account the economic, political and psychological environment in which the activities of people are carried out.
First direction represented by the English classical school, marginalism and neoclassicists (see Chapter 2, § 3 - a brief overview of the main schools in economic theory). At the forefront of the models developed in this area is egoistic, first of all, monetary interest, which is the main motive for the activity of an "economic person" - The "homo economicus" model,- the most famous of the models under consideration. According to this theoretical construction the individual behaves in such a way as to maximize utility 1 within the framework of certain restrictions, the main of which is its monetary income. Developed 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 Chap. 5, 6.). The economic system in which such a person operates acts as a simple set of economic entities, and the undistorted 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. In this structure, the state is assigned the role of a "night watchman" that ensures the internal and external security of citizens and creates a legal field for the free exchange of benefits.
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, that is, the desire of the individual
1 In economic theory, the term utility is synonymous with such concepts as satisfaction, welfare, happiness, etc. Utility from the point of view of an economist does not mean the common understanding of this word, like "useful for health." We will come across this term more than once in the pages of the tutorial.
Chapter 1
to get the maximum result at minimum cost in conditions of limited utilization of opportunities and resources. 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. When 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 of choice of 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 make certain forecasts regarding certain consequences, for example, of state economic policy, only when it is assumed that a person will behave economically rationally.
“If people in society did not value rationality, but gave preference to whims, chances and useless actions, economic theory would almost lose its predictive power; ... its predictive power is higher in those areas of public life where decisions are made more deliberately. " 2
In this case, it is customary to distinguish complete, limited and organic rationality economic behavior. The American economist Oliver Williamson proposes to classify these types 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 largest gap between the results achieved and the costs incurred (maximum benefit with minimum cost). The "economic man" described above corresponds precisely to the premise of complete rationality, or, as economists put it, to a strict form of rationality. The hypothesis of complete rationality as we are
1 North D. Institutions, Institutional Change and Economic Performance. M., 1997. P. 37
: Heine P. Economic way of thinking. M., 1991.S. 444.
1 Williamson O. Economic institutions of capitalism. SPb. Lenizdat. 1996.S. 93.
Man in the world of economy 21
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, limited rationality, that is, the semi-strong form of rationality, (the concept was developed by the American economist, Nobel laureate in economics Herbert Simon) reflects the impossibility of using the entirety of available information in making economic decisions due to the difficulties in collecting and analyzing it, as well as the limited cognitive abilities of a person. A person is not a calculating machine, not a computer capable of processing all the information he has. Limited rationality means that a persondeliberately strives to achieve the best option, but does not have all the completeness of information. In other words, although humans 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 (that is, the difference between the total benefits and the total costs of the decision) is smaller.
In conditions of limited rationality, a person no longer maximizes utility (income, wealth, pleasure), but only searches for the first level of satisfaction available to him. Here by myself search procedure a satisfactory outcome is the focus of research on 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 of those products whose share in total consumer spending is small (for example, the new Dosya laundry detergent, a new brand of toothpaste, etc. .). It would seem that this contradicts the behavior of the "economic man": to buy more goods when their price decreases. But we are talking about bounded rationality. The everyday experience that consumers act on tells them that cheaper FMCGs are also of lower quality. The situation described 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 full knowledge of new goods 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 spend time and effort to find out all the features of the consumer qualities of new goods with lower prices.
When organic "rationality, i.e., its weak form (the most
Chapter I
More prominent representatives of this concept - American economists A. Alchian, R. Nelson, S. Winter, Austrian economist F. Hayek) pays special attention to the observance of formal and informal rules of behavior followed by a person. The rationality of the choice can be limited either by legal prohibitions ("do not walk on the lawns!"), Or by traditions - it is not accepted to throw cigarette butts out of a car at a stop at a traffic light 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, evolved by the institutions of human society. Hayek, already quoted 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 pain of possible punishment or public condemnation, act rationally even when they do not seek to consciously rationalize their behavior. 2
So, the above-described model of an “economic man” in its classical version assumes a rational thinker, ie, an egoist who maximizes his benefits and minimizes costs, who is free to choose the goals set and how to achieve them and who has all the completeness of information. "Economic man" is a "rational maximizer". In other words, this model uses the premise of complete rationality, which made it an object of criticism from a number of scientists. G. Simon ironically remarked: “... his rationality (ie, the traditional“ homo economicus ”- author's note) extends so far that it extends to the bedroom: as Harry Becker believes,“ he will read at night in bed only if the value of his reading (from his point of view) exceeds the value of his wife's lack of sleep. " 3
The analysis of the economic behavior of a person is also hampered by the non-economic component in the motivation of his activities (altruism, religious attitudes, etc.), that is, a component whose specific weight increases with the development of human society. The improvement of the “homo economicus” model assumed taking into account the incomplete information of economic agents, as well as the restrictions imposed on their behavior by legal and moral norms. Human Modeling - 1 Hayek F. Pernicious Arrogance, p. 53.
2 See more about organic rationality: O. Wilmson. Economic institutions of capitalism. SPb. Lenizdat. 1996.S. 96.
1 Simon G. Rationality as a process and a product of thinking. THESIS. M., 1993, vol. 1, no. 3. P. 17, G. Becker - American economist, Nobel Prize laureate in economics, which will be discussed at the end of this chapter.
Man in the world of economy 23
Ka in the second half of the twentieth century increasingly relied on the assumption of limited and organic rationality.
Second direction is inherent in the Keynesian school, institutionalism, historical school. Human models developed in this direction seem to be more complex and are based on the hypothesis of bounded rationality already known to us. One of the most famous representatives of neoinstitutionalism, the American economist Douglas North wrote that “human behavior is much more complex than that described by economists in their models based on the function of individual utility. In many cases, one should speak 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. The achievement of the set goals is also difficult in the model under consideration. The reasons here are the same incompleteness of information of business entities, imperfection of their intellect (by which we mean 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, forebodings, 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, to maintain which in a state of equilibrium requires state intervention in economic relations.
Third direction is represented by a fundamentally new type of the “economic man” model, reflecting modern realities. It is characterized by a change in the motivation of activity in comparison with the model of a "rational maximizer": an increase in the importance of not so much material as spiritual needs of the individual (satisfaction from the labor process itself, its social significance, complexity and
1 North D. Institutions, Institutional Change and Economic Performance. M., 1997.S. 37.
Chapter I
Etc.). The new model is distinguished by the diversity and dynamism of needs, the main of which is the need for freedom of expression, establishing connections with other people, freedom of spiritual self-determination, free choice of the type of culture and socio-political views. This model of a socially individual person assumes a society based on democratic and pluralistic principles with developed intergroup connections and blurred, non-rigid boundaries between social communities.
A specific model such as "Soviet economic man" rooted in the Stalinist totalitarian-repressive regime and reflecting the main features of human economic behavior (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 economic behavior of the individual, determined by the desire for personal well-being. Labor for the state is accompanied by severe restrictions and equalization of state distribution of its results. Therefore, aspirations to minimize labor costs dominate here, dependent sentiments prevail, theft of state property is not uncommon, the expectation of a modest but firm guaranteed remuneration prevails not for the results of work, but for the very presence at the workplace. The employee's intellectual abilities are used by him in a specific way, mainly in order to protect himself from control by numerous officials, bosses, to bypass their instructions, to deceive, add notes, etc. A fertile ground for opportunistic behavior is created. 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 Chapter 9 for more details). The American economist Oliver Williamson defines opportunism as "the pursuit of self-interest with the use of deceit, including deliberate efforts to mislead, deceive, withhold information and other actions that interfere with the realization of the interests of the organization." 1 It is noteworthy that opportunism in the 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. It is appropriate here to quote the statement of a prominent representative
Wilmson O. Economic institutions of capitalism. SPb. Lenizdat. 1996.S. 689.
Man in the world of economy
Body of psychoanalysis, 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, a 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 distribution and consumption of goods. The rule, not the exception, in the command economy was the manifestation of group egoism, opposing the interests of individual collectives to the state, which was a natural reaction to the total nationalization of the economy.
Ineffective labor for the state was opposed by “labor for oneself” both in legal (individual labor activity, work in cooperatives, in garden plots, etc.) and in illegal spheres (shadow economy). There was a rationalization of labor and other costs in order to maximize the income received. In the spheres of self-employment, the ability to take risks, an active desire to search for new information, establish business contacts, and differentiate production activities appeared.
The bifurcation of the target function of the "Soviet economic man" not only reduced the overall efficiency of the economy, but also caused devastating moral costs. Imitation labor activity has replaced real labor efforts. It is no coincidence that in the era of the command economy, a saying was widespread, reflecting the relationship between the individual and the state: “You pretend that you are paying us, but we pretend that we are working!”. Until now, many countries with economies in transition, including Russia, are experiencing enormous difficulties associated with the entrenched habit of people to non-market behavior. Non-market behavior- this is the behavior of business entities, formed by the institutions of the administrative-command system: adherence to paternalism on the part of the state, economic dishonesty, inertia, fear and rejection of personal responsibility, etc.
Interestingly, the very duality of goals of "homo soveticus" was generated by the ineradicable human traits presented in the "homo economicus" model. Indeed, even within the framework of a totalitarian regime, a person tried to minimize his costs and maximize benefits, and this is nothing more than 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.
26
Chapter I
Maximize your benefits. The universality of this principle allowed scientists to apply it not only within the framework of economic theory, but also try to explain the motives of human actions in other, non-economic spheres of life. An outstanding contribution to this kind of research has been made by the contemporary American economist Gary Becker, the Nobel laureate in economics. 1 He gave an original explanation for such situations as making decisions about the number of 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 human models in economic theory. Generally abstract, these models reflect in a generalized form the main parameters inherent in the “human factor” in the economic process. Knowledge of them allows not only to realistically assess the role of man in the economy at various stages of civilization development, 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. In subsequent chapters, the analysis of the role of man as the center of the economic system of modern society and the mechanism for making individual and social (collective) decisions will be continued.
Basic concepts:
Labor motivation labor motivation
"Economic man" "homo economicus",
Economic man Rational economic
Rational choice behavior
(rational choice)
Perfect rationality
Bounded rationality
Organic rationality
Opportunism
(opportunistic behavior) opportunism
Economic imperialism economic imperialism
1 Becker G. Economic Analysis and Human Behavior-THESIS, M., 1993. T. 1. Issue. 1.S. 24-40.
27
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