In many cases of competition law enforcement counterfeit goods are not included within the product-market boundaries on an equal basis with the original product. However, existing literature highlights that illegal copies should be included in market boundaries, since from the consumer's viewpoint counterfeit is a substitute of an original good. In this article, we determine the conditions under which counterfeit products should be included either in market shares of original producers or when counterfeit manufacturers should be recognized as right holder competitors. We conclude that in case of strong network effects counterfeit product should be included in the market share of the right holder. On the contrary, when network effects are weak, pirates or counterfeit manufacturers should be considered as competitors of original product producers.

Based on the hypothesis of uneven distribution of violence potential among economic agents, the paper describes a model of power redistribution as the purposeful manipulation of rules and/ or enforcement mechanisms. The author determines the methodological foundations, premises and theoretical framework for the study of institutional interventions as forms of involuntary exchange. The state of violent equilibrium is described: further use of potential power for the interventionist leads to a decrease in legitimacy and increased control costs; the resistance of the object of intervention to the established institutional order causes an increase in the costs of noncompliance. We propose practical applications and perspective directions for further studies of power redistribution in the political and economic process.

Modern economic science studies the behavior of an individual making choice in conditions of limited resources, and seeking to satisfy his own interests as a result of this choice. Economics is a social science as it studies the behavior of an individual which involves the interests of other people and communities. Economics is close to natural sciences as it considers the behavior of an individual in a material world of limited resources. Besides, a human being may be considered as a material system in which there are certain biological processes influencing its behavior. The question of how fully can economics use methodological assumptions of natural sciences, is sharply debatable. The author's position is that the cooperation between economics and natural sciences has both objective grounds and objective problems. In any case, economics is not a natural science, and the natural sciences shouldn't have a priority in this dialogue. It is only a new stage in self-reflection of different sciences. The importance of this research is defined by the need of studying the scientific status of economics and the prospects of its development in terms of the subject and methodology.

Intellectual activity of students requires a special approach towards the system of organization and management of this process. Drawing on the institutional approach, the paper shows the interdependence between the values and norms of the institution and the basic values of students in terms of enhancing their intellectual activity and the formation of human capital of students, as well as the maintenance and development of the intellective potential of the institution. The authors first explore the peculiar forms of presenting in the educational process the basic values of students and university facilitating the efficiency and diligence of students, then present the key values crucial for further functioning and development of students' education system. The article identifies the factors that determine the education system functionality. Among such factors are teaching methodology, the system of periodic and current evaluation of students work, the organization of the learning process, the forms of motivation. The findings demonstrate the influence of students basic values on their intellectual activity, the role of these values in educational and scientific activity of students, the growing impact of the values of higher education institutions on their intellectual activity and intellective capital through the system of students motivation.

In this article, the authors review and analyze the features of functioning and development of a new financial market segment - the cryptocurrency market or electronic cash (specific digital assets). At present, the cryptocurrency segment (and digital financial assets at large) cannot be recognized as a formal institution, since there is no legal framework in this area, and informal interaction regarding the creation and circulation of cryptocurrencies is not an established social and financial-economic phenomenon. The analytic comparison using discount methods allows to a certain extent to evaluate the effectiveness and feasibility of e-cash issuance from the viewpoint of physical persons. The authors identify the main directions in institutionalizing the cryptocurrency segment of the financial sector of the national economy and substantiate the need for legal recognition of cryptocurrencies in the status of digital goods, which in turn involves the need to improve the Russian Federation legal framework.

Recently, the concept of countercyclical regulation in the financial sector has become key for the implementation of macroprudential policies in many countries, while a countercyclical buffer capital of banks is becoming a primary tool of regulation. The purpose of this research is to study the appropriateness and specifics of the countercyclical capital buffer application in Russia’s banking sector based on the analysis of credit aggregates’ dynamics for 2004-2016 and for the mid-term. Drawing on the filtration method, the study shows that the most effective indicator of excessive lending in the Russian economy is credit-to-GDP, the gap dynamics of which testifies a possible activation of capital buffer in 2007 and 2013. At the same time, the size of the buffer appeared to be insignificant, with a short activation period, which suggests the replacement of the buffer with alternative regulative tools. The minimum capital adequacy, taking into account the buffer, is not critical for the banking sector. However, some of the largest banks appeared to be vulnerable to increased capital requirements. The results of this study are of great value both for the implementation of macroprudential policy, and for strategic management of banks capital adequacy.

This article substantiates the selection of a new object in accounting - the cost of Internet technology. The author presents new methods for accounting the costs of Internet technologies and provides the interpretation of the concept of «virtual assets». The author considers it necessary to introduce separate accounts for accounting the costs of Internet technologies. We believe that this approach will allow to see the total amount of the costs of Internet technologies, which is important for purposes of planning, monitoring and analysis, as well as to resolve contentious issues arising in accounting the costs of Internet technologies, which will significantly facilitate the work of accountants. In the absence of theoretical developments in accounting the costs of Internet technologies we make the first attempts to classify the costs of Internet technologies. We propose grouping the costs according to the following criteria: their purpose; frequency of occurrence (one-time and ongoing); gains in the time period (current, deferred costs and capital). The author concludes with a recommended register for accounting the costs of Internet technologies.

The paper examines leadership as a key component of contemporary management. It reviews the changes in leadership paradigm at the beginning of the third millennium. To determine the correspondence between the recent theory and practice of leadership the article provides a comparative analysis of the existing views among scholars and business experts, and summarizes the best business practices of national and foreign companies. Although there is a certain correlation in theoretical and practical viewpoints describing the key leadership features in the 21st century, and successful business cases demonstrating the new ethical principles of leadership, still it is too early to come to the conclusion about total correspondence between theory and common business practice. To date the new leadership paradigm is at its infancy stage. Unless novel ideas and principles become a part of public consciousness, situations that contradict the recent leadership theory and its best practices are bound to emerge. There are several circumstances limiting the development of the ethical and responsible leadership approach

The article presents a review of an international scientific conference organized by the MSU Faculty of Economics together with academic council «Center for Social Sciences» on October 24-25, 2017. The conference was devoted to the centenary of the Great Russian Revolution. The conference participants presented their views on historical and economic aspects, as well as social basis of the Great Russian Revolution. The article reveals its influence on subsequent economic, social and political developments in Russia and the world, and its connection with the present.