Information and the Change in the Paradigm in Economics [13/01/2004]
Stiglitz, J.
The research for which George Akerlof, Mike Spence, and I are being recognized is part of a larger research program which, today, embraces hundred, perhaps thousands, of researchers around the world. In this lecture, I want to set the particular work, which was sited within this broader agenda, and that agenda within the broader perspective of the history of economic thought. I hope to show that Information Economics represents a fundamental change in the prevailing paradigm within economics. Problems of information are central to understanding not only market economics but also political economy, and in the last section of this lecture, I explore some of the implications of information imperfections for political processes.
The New Comparative Economics [12/01/2004]
Djankov, S., Glaeser, E., La Porta, R., Lopez-de-Silanes, F., Shleifer, A.
In recent years, comparative economics experienced a revival, with a new focus on comparing capitalist economies. The theme of the new research is that institutions exert a profound influence on economic development. We argue that, to understand capitalist institutions, one needs to understand the basic tradeoff between the costs of disorder and those of dictatorship. We then apply this logic to study the structure of efficient institutions, the consequences of colonial transplantation, and the politics of institutional choice.
Belarusian Economy at a Crossroads [11/01/2004]
Haiduk, K., Herr, H., Lintovskaya, T., Parchevskaya, S., Priewe, J., Tsiku, R.
This paper is a summary of a comprehensive study of the Belarusian economy conducted by the analytical group of the International Labor Organization Project in Belarus. The main focus of the study is the macroeconomic stability in a much broader sense, as a more active macro policy is proposed. It is maintained that high degree of dollarization makes the Belarusian economy embroiled in a high inflation and unsustainable growth pattern. Chronic diseases can only be combated by implementing a credible reform strategy, aimed at dedollarization, abolishment of unnecessary government intervention at the micro level, and establishment of two nominal anchors: exchange rate anchor and wage anchor.
Problems and Perspectives of Small and Medium Enterprises Development in Belarus [10/01/2004]
Rakova, E.
Small and medium enterprises (SME) development plays the key role in structural reforms of the economy in transition countries. Thus, its development is strongly supported by different means of government economic policy. This article briefly reviews the main quantitative and qualitative characteristics of SME development in Belarus. The author focuses on the obstacles of SME development as well as on the main internal and external factors of SME national competitiveness’ increase. The main directions of improving SME development are worked out at the basis of the conducted survey.
Production Function: Construction and Analysis for the Agrarian Sector of Belarus [09/01/2004]
Filiptsov, A.
The paper constructs and analyses a production function that determines a relationship between the amounts of basic production factors – labor, land, and capital – and agricultural output according to the empirical data on the agrarian sector of the Republic of Belarus. The marginal and average products of factors for the period of 1994-2000 are determined on the basis of this production function. The paper concludes with factors’ efficiency considerations.
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