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Moscow University Economics Bulletin

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No 1 (2025)
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ECONOMIC THEORY

3–18 206
Abstract

Numerous empirical studies have demonstrated the influence of cultural factors on economic growth, innovation, human capital, and more. A synthesis of the results from these empirical studies allows for the identification of five cultural codes that have economic significance (the laws of economic efficiency, competitive specialization, diversity, transformation, and the impact of trust). The operation of the last of these laws is associated with alternative opportunities for economic growth, as research by Algan and Cahuc (Algan, Cahuc, 2010) indicated the potential for a 69% increase in GDP per capita in Russia, provided that the level of generalized trust is increased by 2.5 times. According to the author, the reason for persistently low trust is the presence of two cultural cores in Russian economic culture, characterized by individualism in megacities, the Urals, Siberia, and the Far East, and collectivism in other regions of the country. This, on one hand, provides alternative opportunities for different types of modernization (Western and East Asian types). On the other hand, it creates a problem of insufficient trust. The solution to the problem of insufficient trust, according to the field studies presented in the report, is related to the formation of institutions that are hindered by such a sociocultural characteristic of Russia as extremely high uncertainty avoidance. The consequence of this is short planning horizons in Russia, which do not allow for the creation of institutions, especially inclusive-type institutions aimed at attracting investment and human capital. The solution to this problem, in the author’s opinion, is related to the transition to a «3D culture,» meaning first achieving a long-term perspective through the development of a «culture of failure», then achieving a higher level of trust among the majority of people, which should yield significant economic effects, and finally addressing the issue of willingness to negotiate, transforming compromise from a negative connotation to a positive one, which represents the most complex task due to the presence of different cultural cores. The article further illustrates the implementation of the principles of 3D culture at the macro level in the strategy for developing financial culture until 2030 and at the micro level in the analysis of corporate culture in various companies

19-39 99
Abstract

This article criticizes the macroeconomic indicators traditionally used to assess social and individual welfare and aims to identify indicators that can more fully and reliably measure not only objective but also subjective well-being. It was found that the impact of GDP on social welfare is controversial. This research demonstrates the weak points of monetary macroeconomic indicators that measure material well-being but do not provide information about the quality of people’s life or how individuals assess their well-being and quality of life. The inability of current indicators to fully reflect and assess ongoing economic and social changes is revealed in this paper. While human needs are increasing, levels of well-being and life satisfaction depend on nonmonetary factors, such as free time and greater opportunities for personal development. The methodology of the study is based on the economic theory of happiness. The conceptual approaches to the definitions of subjective well-being, happiness, and life satisfaction as well as possibilities of using subjective assessments of welfare are summarized in this article. A complex quality-of-life satisfaction index is proposed, including seven categories reflecting the objective aspects of the quality of life (material well-being, health, social connections, education, safe environment, work-life balance, ecology), and subjective assessments of life satisfaction. The index is estimated as the geometric mean of eight normalized variables. Estimates of the index for Russia based on official statistics and the RLMS-HSE for 2015–2022. Its dynamic showed an increase in the well-being of the population from 2015 to 2021 and a decrease in 2022

INTERDISCIPLINARY STUDIES

40-59 116
Abstract

The United Nations Sustainable Development Goals (SDGs) constitute a framework of guidelines including social, environmental, and economic aspects of development on a global scale. Their effective implementation at the national level requires adaptation in accordance with national development strategies and priorities. There is a lack of research addressing the prioritization of specific SDGs for Russia under the current circumstances. This article focuses on assessing the degree of alignment between Russia`s National Development Goals (NDGs), revised in the spring of 2024, and the UN Sustainable Development Goals, as well as on developing a system of key national sustainability indicators. The research methods include comparative analysis, statistical analysis, a classification method based on ranking, economic and legal analysis. The results indicate that although the level of correspondence between the NDGs and SDGs is increasing, just over half of the 169 SDGs align with Russia’s NDGs. This is due to the fact that some globally oriented SDG targets are either not adapted to the national level or not considered as Russian priorities. A detailed analysis shows that within the “core” of the overlapping SDGs and NDGs, the economic aspect of development tends to prevail over environmental and social aspects. Among the specific gaps between the SDGs and NDGs are the lack of attention to energy efficiency and the development of renewable energy in Russia. The proposed set of 14 key sustainability indicators will allow us to move on to the scenario modeling of the joint implementation of the SDGs and NDGs. Additionally, an extra “cross-cutting” indicator—energy intensity of gross domestic product — is proposed. This indicator reflects important aspects of sustainable development and can contribute to achieving several NDGs simultaneously

60–81 57
Abstract

The article examines the potential of quantitative narrative analysis for assessing subjective well-being and its application in developing and implementing social policies. To achieve this goal, the study explores the concept of subjective well-being, the sociological methods used to measure it, and the reliability of respondents’ answers in reflecting their beliefs and emotional states. The advantages and limitations of traditional sociological surveys are compared with methods based on user-generated content from social networks.

The study outlines the key stages of quantitative narrative analysis, including the collection of textual data from domestic social networks, thematic processing, and statistical interpretation. Particular emphasis is placed on the correlation between indicators derived from narratives and the results of traditional surveys. These indicators address dimensions such as life satisfaction, social activity, and emotional stability.

The findings reveal that narrative-based data demonstrates high validity and comparability with classical sociological methods. Moreover, quantitative narrative analysis significantly reduces research costs while maintaining accuracy and informativeness, making it a promising tool for regular monitoring of subjective well-being.

The article concludes that the further development of quantitative narrative analysis is justified as an effective instrument for studying public sentiment and informing evidence- based social policies. These findings enhance the application of big data in sociological research and provide deeper insights into the factors influencing well-being.

MANAGEMENT ISSUES

82-106 57
Abstract

In the transformation processes that have been taking place in the economic system over the past four centuries, initially in Europe and then on a global scale, the sequential and cyclical nature is clearly visible, manifested most clearly in the periodic development of the so-called industrial revolutions. The essence of these four revolutions generated in many ways by scientific and technological progress are fundamental changes in the system of industrial relations. An important place in these transformations is occupied by changes in the system of management relations, along with technological changes, they largely determine the success or failure of business entities in the market to pass the stage of revolutionary transformations of the economic system. Obviously, it is the new circumstances that set the requirements that the business management system have to meet. The following questions arise: what role the “genetics” of the management system plays in the process of its adaptation to new conditions; to what extent the initial historically formed model of business organization management influences on its adaptive capabilities; to what extent the initially formed management patterns are a brake on the path to the transformational development of management

In the paper, on the methodological basis of historical materialism and dialectical logic, the aim is to consider the trajectory and logic of the transformational process of development of management relations in the context of the deployment of industrial revolutions, that is the dialectics of their development are displayed in historical retrospect

The paper provides a systematic consideration of the origin and evolution of management as a separate type of management activity in connection with the development of the socio-economic system as a result of industrial revolutions. The article shows how the generic initial characteristics of management determined its specific features and how they influenced its transformational changes under the cardinal changes in the scientific and technological, social and economic spheres. At the stage of the third industrial revolution management was transformed to such an extent which led to the essential degeneration and the loss of its original identity. This marked the end of the life cycle of management as a special type of managerial activity.

107-128 44
Abstract

The growing demand for innovations and regular business updates caused by the rapid development of technology and digitalization of all spheres of human activity requires companies to develop the ability to adapt to changes and to develop innovations. However, the limited resources of the company, the lack of knowledge and the complexity of modern technologies for independent development and implementation also require the ability to develop inter-organizational innovations, manage inter-organizational projects and minimize the risks associated with attracting external partners. One of the key stages in the life cycle of interorganizational relations that can influence their outcome is the choice of partners who could ensure the achievement of the necessary result. Earlier, research attempts were made to identify criteria for selecting partners for the development of inter-organizational innovations, however, the proposed criteria were focused primarily on the compliance of potential partners with the goals of the focal company, while the internal interest of potential partners in such relationships was not taken into account. In this study, the authors strive to overcome this omission and identify indicators characterizing the interest of potential partners in participating in inter-organizational relations. In this study, a model is developed for the dependence of a company’s interest in the development of interorganizational innovations on the company’s focus on cooperation and is tested on data from a survey of 165 specialists and top managers of Russian companies. As a result of the study, the relationship between the focus of companies on cooperation and interest in the development of interorganizational innovations is confirmed, and a partial mediation of this relationship is revealed by the attitude towards interorganizational innovations.

129-150 60
Abstract

In modern Russian conditions, the importance of improving the quality of corporate governance and information transparency of corporations is increasing. The influence of ownership structure, namely the presence of state participation in equity, on the disclosure of non-financial (ESG) information by Russian companies remains insufficiently studied. The study tests the hypothesis that state-owned companies and companies with state participation are worse at disclosing ESG indicators than private companies. The article also explores the influence of the characteristics of the board of directors (the number of board members, the proportion of independent directors, the proportion of female directors, as well as the presence of a sustainability committee) on the level of ESG transparency of Russian companies with state participation. Resource theory and agent theory are used as the theoretical basis of the research. Descriptive analysis and panel data regression analysis are used as the main research method. The study sample includes financial and non-financial data on 34 listed Russian companies between 2012 and 2021. As a result of the study, it was proved that companies with state participation are characterized by a lower level of ESG transparency than companies without state participation. In addition, it was found that in companies with state participation, an important determinant of ESG transparency is the presence of a sustainability committee, while the quantitative composition, independence and diversity of the board of directors do not affect the degree of ESG transparency of such companies. The study allows us to conclude that in order to significantly improve the degree of ESG transparency and, consequently, the quality of corporate governance in public companies with state participation, it may be recommended to establish a sustainability committee of the company’s board of directors. The results obtained can be applied by state property management bodies, investors and other interested parties

151-182 59
Abstract

The article is devoted to the efficiency assessment of the main support mechanism for renewable energy sources (RES) development in Russia – the competitive selection of projects followed by the entering of capacity supply agreements (CSA) by investors – in terms of reducing the cost of such projects. The relevance of the study is because the configuration of this mechanism (including organization in the form of an auction, setting the limits on the selection volumes and specific capital costs, based on which investors compete) aims at limiting the costs of RES development in Russia. To achieve this goal based on the analysis of the European Union experience the author developed the methodology for efficiency assessment of competitive selection of RES projects for the first stage of the program (2013-2020, CSA RES 1.0). Accounting for the specifics of competitive selection of RES projects in Russia, to assess the efficiency of this mechanism we checked the dependence of the average discount to the planned capital costs on the competition intensity at the selections and the fulfillment of the plan for the capacity selection. The following results obtained. Firstly, an econometric estimation of the impact of the competition intensity in the selection of RES projects on the average discount to the planned capital costs confirmed that more intense competition in the selection of wind and solar power plant projects led to lower specific capital costs for projects. Secondly, the comparison of the average discount following the results of selections where the selection plan not fulfilled with the average discount flowing the results of selections where the selection plan fulfilled also indicates that higher specific capital costs for projects set at selections with insufficiently intense competition.

WORLD ECONOMY STUDIES

183-206 52
Abstract

The presented scientific work is relevant because it contains new information about ways to reduce the competitiveness of the United States economy, slow down the growth rate of consumer inflation in Russia, and the expansion of the monetary policy of the Central Bank of the Russian Federation. The purpose of this research is to find a method for creating favorable economic conditions in Russia with a relatively slow growth rate of the consumer price index in accordance with the goal of the Central Bank of the Russian Federation. Hypotheses: high oil prices on the world energy resources market affect the increase in consumer inflation in the United States; a large money supply in the United States increases consumer prices in the country; the expansion of money supply in the United States accelerates the growth rate of consumer prices in Russia; high world oil prices contribute to a decrease in the consumer price index in Russia against the background of a reduction in the money supply in the United States and an increase in the money supply in Russia. The following methods are involved in the study: search for statistical data on indicators (Brent crude oil prices; M2 monetary aggregate in the USA; core personal consumption expenditure price index in the USA; M2 monetary aggregate in Russia; consumer price index in Russia); testing of time series of the above indicators for stationarity using the augmented Dickey-Fuller test, KPSS test; construction of economic and mathematical models based on the correlation-regression relationship with the forecast functions of the core personal consumption expenditure price index in the United States and the consumer price index in Russia. A scientific study has shown that high world oil prices increase the core personal consumption expenditure price index in the United States, which forces the US Federal Reserve System to reduce the money supply. Tight monetary policy in the United States slows down the growth rate of the consumer price index in Russia and allows expanding the money supply in our country. The theoretical and practical significance of the research is to create a mechanism for the expansion of the monetary policy of the Central Bank of the Russian Federation on the basis of the identified relationships.

SUSTAINABLE ISSUES

207-230 65
Abstract

Complex and non-linear political, economic and social processes are shaping changes in the solution of present and future problems of mankind. During the turbulence period, it has become more difficult for many countries to meet sustainable development goals (SDGs). They have had to revise or even abandon environmental, social and corporate responsibility requirements in the short term, taking into account the current realities and feasibility. But, despite the worsening socio-economic situation, global risks and solutions aimed at reducing the long-term damage from their implementation still remain an important component of the strategies of most countries of the world. The aim of the study is to systematize and prioritize the goals of sustainable development, taking into account current world trends, and to define criteria for achieving these goals and the time frame for the implementation these goals
One of the key tools in achieving the SDGs is to strengthen social, corporate and environmental standards for the state and society. Direct and indirect restrictions are introduced at the legislative level, which stimulate the introduction of changes and innovations in business activities. This encourages responsible consumption and care for the environment. The economic effects of socially oriented or, conversely, asocial practices are manifested through market and social mechanisms of influence. This drives stock prices of companies, which are influenced by changes in demand and redistribution in power structures.
The principles of sustainable development are most actively implemented in the developed world, but the effect of it is widespread. It is important to identify and track in a timely manner where the ESG-transformation trends have changed.

231-256 54
Abstract

The article is devoted to the substantiation of the methodological approach to solving the problem of regional asymmetry in the context of the theory of sustainable regional development. The object of this research is the process of regional asymmetry. The subject of this research is the interaction and interrelations of mutually interested relations between the scientific community and practitioners regarding the solution of the problem of regional asymmetry and their reflection in the technology of sustainable regional development as a derived from the corresponding theory. The hypothesis of the study is the assumption that critical differences in the values of economic and social indicators of regional activity can be eliminated by combining the efforts of theorists and practitioners in the framework of joint work on the improvement and implementation of the technology of sustainable regional development, the formation of which is the final stage of the development and provisions of the theory of sustainable regional development. The main idea of the study is to substantiate such a system technology of sustainable regional development, the results of which contribute to increasing the potential of the regions and their progress. The purpose of the study is to form the technology of sustainable regional development as an integral part of the relevant theory, the application of which contributes to the creation of the necessary prerequisites for eliminating the causes of regional asymmetry. In the work, based on the application of the method of system identification of the objects under study, the methodology for the formation of the structural organization of the technology of sustainable regional development is substantiated, including the argumentation of its structural elements – the official ideology of the country, state regional management, state management of regional development, state management of the functioning of regions, state management of changes in the regions, the synergy of which creates the required conditions for increasing the potential of the regions and their progress. Such an approach to sustainable regional development will improve the level of coordination between the federal center and the regions, expand their opportunities to positively influence the dynamics of regional development and will contribute to the equalization of indicators of economic and social development on the basis of state management of regional development, their functioning and changes.

257-288 55
Abstract

One of the challenges for the sustainable development of the tourism and recreational sector in the regions is the need to balance economic interests with sociocultural needs. It is important to strive for the production and further sale of tourism services and tourism products, the main goal of which will be to increase income for business entities, as well as to implement measures to preserve historical and cultural heritage in the regions. An important criterion for local systems of the tourism and recreational sphere is taking into account the large number of tourist flows, determined not only by geographical features, but also by the specific demand of tourists of various categories. The development of innovative approaches to the tourism product, the introduction of new technologies and taking into account global trends in the field of tourism can contribute to the development of the region’s competitiveness in the tourism services market. Studying the prospects for the development of the tourism sector in the Volga Federal District allows us to identify the potential for creating new tourist routes, developing infrastructure, improving the quality of services and attracting investments. It is important to take into account the interests of all stakeholders - both the local population and tourists, in order to ensure the sustainable development of this industry. Based on research conducted using data on the formation and further improvement of local systems in the regions of the Volga Federal District, indicators with the help of which sustainable development of regions is carried out were identified and considered, the analysis of the methodology used in the study has been conducted, regions with a high level of development of local systems and regions with weak development of local systems in tourism were identified, the methods used in the research have been identified. The introduction of modern approaches and technologies, including digitalization, will help optimize processes in the tourism sector and reduce the negative impact on the environment. For successful sustainable development of tourism in the Volga Federal District, it is necessary to conduct additional research, evaluate current practices and develop specific strategies taking into account the specifics of the region.

BRANCH AND REGIONAL ECONOMY

289-303 43
Abstract

The article is devoted to the development of a model for the development of regional tourism potential through clustering within the framework of a program-project approach (using the example of the Vladimir region). The methodological basis of the work is an analysis of the main performance indicators of tourism firms and collective accommodation facilities from 2015 to 2022, as well as current scientific publications. The article provides an assessment of the general condition and dynamics of development of the tourism market in the Vladimir region. The assessment was carried out based on data on the number of tourists (citizens of the Russian Federation and foreign citizens) accommodated in collective accommodation facilities (including by purpose of travel), the number of Russian tourists sent by travel companies on tours and the number of foreign tourists accepted by travel firms. It has been established that regional measures to support the tourism industry are increasing annually, which has a positive effect on the expansion of tourism infrastructure and tourist flow in general. The currently underestimated municipalities of the Vladimir region and formats have been identified, and a pool of problems has been formed that hinder the development of the tourism potential of the Vladimir region. Modern approaches to solving a pool of problems are revealed. A model for the development of regional tourism potential through clustering within the framework of a program-project approach has been developed (using the example of the Vladimir region). This model makes it possible to take into account the spatial aspects of tourism development at the level of specific municipalities of the Vladimir region, at the same time, all projects combined into a common portfolio of projects will ensure the balanced development of all municipalities without focusing on the “leading” territories in terms of tourist attendance. The results of the work contribute to the development of new regional solutions within the framework of the development and implementation of regional tourism policy.

304-331 54
Abstract

The determination of the main directions and priorities of the region's spatial development is largely determined by the resources and capabilities of its municipalities. In this regard, there is a need to evaluate local territories (municipalities) potential development. The aim of the work is to work out a methodical approach of the local territories' potential development evaluation in the context of the region's spatial development.  The subject of the research is: factors, means and methods of municipalities potential development evaluation. The review of scientific publications, devoted to the evaluation of the territories potential development is presented in the article and the necessity of own approach elaboration is substantiated. The author's methodology of evaluating the municipal development potential in the context of the region's spatial development, which takes into account the factors of "first and second nature" development, has been proposed. The article presents the logic of forming a system of indicators for the evaluation of natural and resource, human, transport and financial potentials as structural elements of the territory development potential. The methodology for the evaluation of Kamchatka Krai municipalities potential development in the context of region's spatial development has been tested. Based on the obtained evaluation, using the tools of cluster analysis, municipalities grouping and territorial zoning of the region were carried out. The proposed approach to the municipal potential development evaluation can be used as a management tool to improve the effectiveness of public policy in planning the region's spatial development.

332-358 67
Abstract

The article examines the basic approaches to customer orientation at the medical device market. Based on the analysis of domestic and foreign scientific sources, the most common definitions of the term “customer orientation” are considered. General logical and empirical research methods were used. The approaches to understanding customer orientation from the perspective of the main subjects of the medical products market: pharmacy organizations, medical institutions, manufacturers and distributors are analyzed and generalized. The specifics of customer orientation in the MedTech market is revealed based on a socio-ethical approach. The main components of the customer orientation of medical device market stakeholders are identified: target audience definition; regular monitoring of customer preferences and opinion; understanding and satisfying customer needs; building long-term and individual relationships with customers; availability of customer-oriented and professional staff; quality service; customer-oriented product; availability of standards and rules of work; assessment of the level of customer orientation. It has been established that currently there is no stable definition of the term “customer orientation”, in the scientific and business environment equivalent terms are often used: customer-centricity, customer orientation, customer-oriented approach, customer relationship management (CRM), customer satisfaction. An analysis of publications on the subject showed that customer orientation in the medical device market is also identified with such key concepts as patient care, high ethical standards, and corporate social responsibility. The results of this study are a tool for solving problems related to customer orientation in the scientific environment, and are of practical importance in the development and implementation of a customer-oriented approach in organizations of the medical device market. A model of customer orientation for the medical device market is proposed.



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ISSN 0130-0105 (Print)