Phelps’ Lessons for Russia and for the World Economy (2006 Nobel Prize in Economics)

2007 ◽  
pp. 55-65 ◽  
Author(s):  
O. Zamulin
Keyword(s):  
Economic Theory ◽  
Monetary Policy ◽  
Nobel Prize ◽  
World Economy ◽  
Phillips Curve ◽  
Developed Countries ◽  
Nobel Prize Winner ◽  
New Keynesian ◽  
The World ◽  
The Developed Countries

The author describes the contribution to economic theory made by E. Phelps, the 2006 Nobel prize winner in economics. Phelps is one of those scientists, who studied the reasons, why the attempt to use Phillips curve for the purposes of monetary policy in the 1970s failed. He also became one of the founders of the New Keynesian theory of the Phillips curve. This theory helps to better understand the principles of monetary policy in the developed countries as well as in today’s Russia.

scholarly journals El predominio de la agenda neoliberal en el mundo contemporáneo: hegemonía y consecuencias = The predominance of the neoliberal agenda in the contemporary world: hegemony and consequences

2017 ◽  
pp. 21
Author(s):  
Carmen Pineda Nebot ◽  
Francisco Fonseca
Keyword(s):  
World Economy ◽  
Self Regulation ◽  
Developed Countries ◽  
Economic Sustainability ◽  
Contemporary World ◽  
Palabras Clave ◽  
The World ◽  
The Developed Countries ◽  
Regulatory Model ◽  
Sobre Todo

RESUMEN: Hace treinta años la economía mundial, sobre todo en los países desarrollados, sufría, como ocurre ahora, una fuerte crisis económica. De aquella situación surgió un nuevo modelo de regulación de las economías capitalistas al que se llamó neoliberalismo. Desde entonces, con mayor o menor fuerza, ha estado presente en todos los países, aprovechando las condiciones de estos para repetir constantemente los mismos principios: la reducción del Estado, las ventajas del mercado, la autorregulación de éste, etc. Aunque sus premisas parezcan simples o sencillas el neoliberalismo es un proyecto complejo y cambiante, cuya sustentabilidad política y económica se reinventa constantemente y cuya gobernanza y espacialidad es necesario observar y  analizar si se quiere avanzar en alternativas viables. El neoliberalismo no vive apartado de proyectos alternativos sino que se mezcla con las alternativas, tiene una forma de gobernanza que muta, que cambia. Con este artículo pretendemos conocer algo más sobre las semejanzas y diferencias que esta ideología presenta según los países.ABSTRACT: Thirty years ago the world economy, especially the developed countries, suffered, as it is the case now, a severe economic crisis. That situation arose a new regulatory model of capitalist economies is called neo-liberalism. Since then, with more or less force, has been present in all countries, taking advantage of these conditions to constantly repeat the same principles: the reduction of the State, the advantages of the market and self-regulation of this, etc. Although its premises seem simple or simple neo-liberalism is a complex and changing project whose political and economic sustainability constantly reinvents itself and whose governance and spatiality is necessary to observe and analyze whether you want to advance in viable alternatives. Neo-liberalism does not live away from alternative projects but is mixed with the alternatives, has a form of governance that mutates, which changes. With this communication we seek to know something more about the similarities and differences that this ideology presents of the countries. PALABRAS CLAVE: liberalismo, keynesianismo, neoliberalismo, ultraliberalismo.KEYWORDS: liberalism, keynesianism, neoliberalism, ultraliberalism.

The Great Moderation and Israel’s Disinflation

2018 ◽  
Author(s):  
Assaf Razin
Keyword(s):  
Exchange Rates ◽  
Phillips Curve ◽  
Developed Countries ◽  
Domestic Economy ◽  
Great Moderation ◽  
Public Expectations ◽  
Inflation Rates ◽  
The World ◽  
The Developed Countries ◽  
Domestic Inflation

Big drivers of domestic inflation, as they formulated in the Phillips Curve, are: (1) The price of imports and the exchange rate; (2) capacity pressures and labor market tightness in the domestic economy; (3) Public expectations about future inflation, future exchange rates, and future foreign prices; and (4) The amount of trading world slack. The level of foreign wages are also important for countries open to labor mobility. The 1990s globalization wave, which Israel was a part of through the integration of its financial sector into the world economy, and the massive immigration, helped Israel’s inflation to converge to the developed countries inflation rates.

The Effect of 2008 Financial Crisis on the Distribution of Economic Power

2020 ◽  
Vol 57 (2) ◽  
pp. 87-110
Author(s):  
Manmohan Agarwal ◽  
Amrita Brahmo
Keyword(s):  
Developing Countries ◽  
Emerging Economies ◽  
World Economy ◽  
Developed Countries ◽  
Economic Power ◽  
2008 Financial Crisis ◽  
The World ◽  
Considerable Debate ◽  
The Usa ◽  
The Developed Countries

There has been considerable debate over whether the USA is losing its stronghold over the world economy and its power declining, giving way to new leadership from the emerging economies (EEs) like China. This article uses the notion of power based on the resources available to a state. It uses a number of measures to measure the resources available to a state and so assess economic power. It finds that there has been a slight decline in the importance of the developed countries and an increase in that of the developing countries (DCs). However, there is a slight decline in the power of the USA. The increase in the importance of developing countries is mainly on account of China. But the changes do not mean that developing countries can get the changes they desire. There is more of a stalemate.

scholarly journals Development and Position of Africa in Science and Technology Today

2019 ◽  
Vol 2 (2) ◽  
pp. 60-68
Author(s):  
Adedokun J. Olusegun ◽  
Akinsanmi Fatima ◽  
Fasasi Abiodun Wakeel
Keyword(s):  
World Economy ◽  
Science And Technology ◽  
Developed Countries ◽  
West African ◽  
African Countries ◽  
Poor Countries ◽  
Economic Progress ◽  
The World ◽  
The Usa ◽  
The Developed Countries

Science and technology capabilities are fundamental for social and economic progress in African countries and they are crucial components aimed at fostering growth and development of every nation as they create impact on the various sectors of governments. Maintaining and Strengthening the contributions of science and technology become more important for Africa in addressing traditional development issues and successful application of science and technology entails establishing effective institutional framework and linkages so that the various science and technology institutions and the productive sectors work in a system that is focused on achieving developmental goals without undue duplication and completion. Unfortunately, many developing countries especially the poor countries in West Africa do not have human resources, physical and economic infrastructures and access to capital to take full advantage of the science and technology expertise and achievements of the developed countries like the USA, China, and Korea etc. Conclusively, it is imperative for Africa especially West African countries to embrace science and technology as a vital tool for accelerating their socio-economic development as science and technology enhances its international competitiveness and more importantly its position in the world economy.  

scholarly journals MODERN ANTI-CRISIS STRATEGIES OF DEVELOPED COUNTRIES

2020 ◽  
Author(s):  
Kateryna Sydorenko ◽  
◽  
Alla Vashchenko ◽  
Keyword(s):  
World Economy ◽  
Social Protection ◽  
Banking System ◽  
Developed Countries ◽  
Policy Support ◽  
Synthesis Methods ◽  
The World ◽  
Analysis And Synthesis ◽  
The Developed Countries ◽  
Crisis Strategies

The article is devoted to the study of the specifics of world crises, the study of modern anti-crisis strategies of developed countries and the substantiation of tools and mechanisms for overcoming crisis phenomena in the world economy. The object of research is the process of development and implementation of anti-crisis strategies in the leading countries of the world. The mechanisms of overcoming crisis phenomena in the developed countries of the world are the subject of the study. The article considers the essence of crisis phenomena in the world economy, critically examines the specifics of world economic crises, and studies the main types of crisis strategies of countries. The analysis of the peculiarities of application of modern methods and tools of strategic anti-crisis regulation, as well as the study of anti-crisis strategies and anti-crisis management programs of the EU and USA allowed proposing and substantiating priority areas of anti-crisis strategies of developed countries at the present stage. It is established that the main fields of application of anti-crisis policy of governments include monetary policy, support for the real sector of the economy, the banking system, fiscal policy and also social policy measures (social protection and reduction of unemployment). The article substantiates that each country develops its own optimal set of anti-crisis tools and mechanisms for their application, differ in scale, priorities, focus and ranking. The methodological bases of the study are both general and special methods of scientific knowledge: descriptive-analytical, analysis and synthesis, methods of quantitative and qualitative comparisons. Monographic research and periodical publications of domestic and foreign economists, materials and analytical reports of international organizations, international consulting companies and analytical centers are the information basis of the article. The results of the work can be used in further research and practical development in the planning and implementation of anti-crisis strategies of countries, including for Ukraine.

scholarly journals Integration Processes of the Republic of Azerbaijan to the World Economy

2020 ◽  
Author(s):  
Ramin İsmayilov
Keyword(s):  
Economic Development ◽  
World Economy ◽  
Developed Countries ◽  
Economic Relations ◽  
Economic Practice ◽  
World Markets ◽  
The World ◽  
The Republic ◽  
The Developed Countries

The article deals with the economic development characteristics of the Republic of Azerbaijan, the natural resources and production of Azerbaijan. After the independence, the policy of the new market economy followed by the Azerbaijani state and government and plans of how the developed countries will integrate their economic practice will be examined. With the new investments in the country and the introduction of the products to be produced in the world markets, the steps and plans to strengthen the economic relations with the world will be discussed. The role of Azerbaijan in the world economy, its foreign-economic relations with other states and continents were analyzed extensively. Proposals have been made to further develop and upgrade existing economic relations.

WTO SUCCESSOR TO GATT

1997 ◽  
Vol 14 (2) ◽  
pp. 172-187
Author(s):  
Arif Sultan
Keyword(s):  
North Africa ◽  
European Economic Community ◽  
Developed Countries ◽  
Economic Community ◽  
Land Area ◽  
The North ◽  
Muslim Countries ◽  
The Pacific ◽  
The World ◽  
The Developed Countries

Within a short span of time a number of economic blocs have emergedon the world horizon. In this race, all countriedeveloped, developingand underdeveloped-are included. Members of the North America FreeTrade Agreement (NAITA) and the European Economic Community(EEC) are primarily of the developed countries, while the EconomicCooperation Organization (ECO) and the Association of South EastAsian Nations (ASEAN) are of the developing and underdevelopedAsian countries.The developed countries are scrambling to create hegemonies throughthe General Agreement on Tariff and Trade (GATT). In these circumstances,economic cooperation among Muslim countries should be onthe top of their agenda.Muslim countries today constitute about one-third of the membershipof the United Nations. There are around 56 independentMuslim states with a population of around 800 million coveringabout 20 percent of the land area of the world. Stretchingbetween Atlantic and the Pacific Oceans, the Muslim Worldstraddles from North Africa to Indonesia, in two major Islamicblocs, they are concentrated in the heart of Africa to Indonesia,in two major blocs, they are concentrated in the heart of Africaand Asia and a smaller group in South and Southeast Asia.'GATT is a multilateral agreement on tariffs and trade establishing thecode of rules, regulations, and modalities regulating and operating internationaltrade. It also serves as a forum for discussions and negotiations ...

A Decade of the World Trade Organization and the Trade Performance of Muslim Countries

2010 ◽  
Vol 27 (4) ◽  
pp. 23-44
Author(s):  
Ruzita Mohd. Amin
Keyword(s):  
Developing Countries ◽  
World Trade Organization ◽  
World Trade ◽  
Developed Countries ◽  
Playing Field ◽  
Muslim Countries ◽  
The World ◽  
The Developed Countries ◽  
Merchandise Trade ◽  
Wto Agreements

The World Trade Organization (WTO), established on 1 January 1995 as a successor to the General Agreement on Tariffs and Trade (GATT), has played an important role in promoting global free trade. The implementation of its agreements, however, has not been smooth and easy. In fact this has been particularly difficult for developing countries, since they are expected to be on a level playing field with the developed countries. After more than a decade of existence, it is worth looking at the WTO’s impact on developing countries, particularly Muslim countries. This paper focuses mainly on the performance of merchandise trade of Muslim countries after they joined the WTO. I first analyze their participation in world merchandise trade and highlight their trade characteristics in general. This is then followed by a short discussion on the implications of WTO agreements on Muslim countries and some recommendations on how to face this challenge.

Features of economic development of entrepreneurship in suburban areas of the region

2020 ◽  
pp. 22-25
Author(s):  
Viktoriya Bondarenko
Keyword(s):  
Economic Theory ◽  
Economic Development ◽  
National Economy ◽  
Geographic Area ◽  
Developed Countries ◽  
World Market ◽  
Production Costs ◽  
Goods And Services ◽  
Suburban Areas ◽  
The World

The level of economic development of entrepreneurship in any country in the world is crucial in increasing the competitiveness of the national economy in the world market of goods and services. The activities of economic entities are the driving force for the sustainable development of regions and their suburban areas, and they also impact the welfare of population. The article dwells on the analysis of scientific approaches to the regulation of economic development of enterprises in suburban areas of the region. The article analyzes the scientific approaches to the regulation of economic development of enterprises in suburban areas of the region. According to the well-known classics of the fundamental economic theory of entrepreneurship development (A. Smith, D. Ricardo, V. Laungard, A. Loria) the peculiarities of economic development of entrepreneurship in suburban territories of the region are determined by the possibility of distribution of surplus production, minimum production costs per unit of production, availability of labor resources. In modern economic theory (M. Weber, A. Pre, S.M. Kimelberg, E. Williams, C. Vlachou, O. Iakovidou, J. van Dijk, P. Pellenbarg) the development of entrepreneurship in suburban areas of the region can be determined by institutional, innovation, technological, social, ecological and other features of the economy at the regional, state or world levels. The complex and comprehensive generalization of the features of economic development of entrepreneurship in suburban areas is proposed. There are (1) the type of decision taken by an enterprise to carry out business activities in the relevant suburban area of the region, and (2) the influence of internal and external factors on economic activity. The article argues that large enterprises are guided by more objective decision-making reasons, attaching the most importance to the physical and innovative environment. Medium and small enterprises are mainly focused on getting benefits for the entrepreneur in the short-term time period and location in the nearest geographic area. The attention was paid to the tools of ensuring economic development of entrepreneurship in suburban areas of the region, taking into account institutional changes in the national economy and the experience of developed countries of the world.

POVERTY TRAPS AND INFERIOR GOODS IN A DYNAMIC HECKSCHER–OHLIN MODEL

2012 ◽  
Vol 17 (6) ◽  
pp. 1227-1251 ◽  
Author(s):  
Eric W. Bond ◽  
Kazumichi Iwasa ◽  
Kazuo Nishimura
Keyword(s):  
Economic Theory ◽  
Steady State ◽  
World Economy ◽  
Steady States ◽  
The Other ◽  
Poverty Traps ◽  
Poverty Trap ◽  
Multiple Steady States ◽  
The World ◽  
State Capital

We extend the dynamic Heckscher–Ohlin model in Bond et al. [Economic Theory(48, 171–204, 2011)] and show that if the labor-intensive good is inferior, then there may exist multiple steady states in autarky and poverty traps can arise. Poverty traps for the world economy, in the form of Pareto-dominated steady states, are also shown to exist. We show that the opening of trade can have the effect of pulling the initially poorer country out of a poverty trap, with both countries having steady state capital stocks exceeding the autarky level. However, trade can also pull an initially richer country into a poverty trap. These possibilities are a sharp contrast with dynamic Heckscher–Ohlin models with normality in consumption, where the country with the larger (smaller) capital stock than the other will reach a steady state where the level of welfare is higher (lower) than in the autarkic steady state.

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