Sergey A. Andryushin
Institute of Economics RAS, Moscow, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

TERRA ECONOMICUS, Vol. 23, No 3, 2025/09/27

p. 6-20
DOI: 10.18522/2073-6606-2025-23-3-6-20

Citation: Andryushin S.A. (2025). Fiscal theory of monetary policy: Basic provisions and recommendations. Terra Economicus 23(3), 6–31 (in Russian). DOI: 10.18522/2073-6606-2025-233-6-31

The article considers the basic principles and model tools of monetary theory. I show the reasons for errors and miscalculations in monetary theory and its forecast models in conditions of high inflation. Within the framework of the monetary model, Fisher’s thesis has failed to be refuted – why, in conditions of high inflation and high interest rates, inflation tends to increase rather than decrease? This thesis was confirmed and supported scientifically only within the fiscal model of monetary policies. The paper proposes a number of fiscal theory axioms related to increasing monetary policy effectiveness in conditions of rising inflation. Fiscal policy can resolve this paradox of Fisher in conditions of growing inflation. It can maintain not only price stability but also diversify existing instruments of monetary control. The Central Bank of Russia must adjust its model calculations for the budgetary block of its quarterly forecast model by adding several additional equations related to primary budget surpluses, yield spreads between nominal and real bonds, government debt size, and interest payments on servicing this debt. It should also revise its calculation of expected inflation levels, which should be increased by the imputed rate of inflation. To regulate the level of this imputed inflations, it is necessary for Central Bank reserve rates to remain lower than weighted average bond yields, and for yield spreads to be covered by primary budget surpluses and not depend on market-regulated interest rates.

Vyacheslav V. Volchik
Southern Federal University, Rostov-na-Donu, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

Elena V. Maslyukova
Southern Federal University, Rostov-na-Donu, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

TERRA ECONOMICUS, Vol. 23, No 3, 2025/09/27

p. 21-33
DOI: 10.18522/2073-6606-2025-23-3-21-33

Citation: Volchik V.V., Maslyukova E.V. (2025). Ideology in economics through the lens of academic discourse. Terra Economicus 23(3), 21–33 (in Russian). DOI: 10.18522/2073-6606-2025-23-3-21-33

Acknowledgment: This work was supported by the grant of Russian Science Foundation № 24-18-00665, https:// rscf.ru/en/project/24-18-00665/, “Ideological landscape of Russian economic science” at Southern Federal University.

This article analyzes the ideological underpinnings and narratives pertaining to theoretical preferences that are present in the discourse of Russian economists. Empirical basis of the study consisted of 35 in-depth interviews with the representatives of Russian economic science from eight federal districts of Russia. A synthesis of quantitative and qualitative methods was used to analyze the data. A quantitative factor analysis of interview texts revealed ten key semantic clusters that reflect the main ideological discourse, such as “Governance of the economy”, “Entrepreneurship and market efficiency”, “Ecology and sustainable development”, “Socio-economic ideology”, “Social institutions”, “Ideologization of science”, “Theoretical and methodological foundations of economics”, “Ideology and Science”, “State control”, “Economic diversity”. The qualitative analysis made it possible to interpret these clusters, revealing specific narratives and value attitudes of the respondents, and to deepen the understanding of the context of their formation. The results demonstrate the enduring influence of ideology on the formation of theoretical preferences of scientists, which is often associated with scientific schools, public policy and access to funding. The topics of government regulation, entrepreneurial activity and market efficiency are significant in the discourse of Russian scientists. At the same time, Russian economists recognize the importance of a balance between economic growth and environmental development, emphasizing the importance of social aspects in economic progress. The study showed that modern Russian economists strive to synthesize various theoretical approaches, while maintaining a critical attitude towards any form of ideological dogmatism. Despite the widespread wariness towards ideology as a legacy from the Soviet past, this study confirms that it is an ineradicable part of scientific discourse.

Xu Yeqiang
National Research Tomsk State University, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

Anna V. Lozhnikova
National Research Tomsk State University, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

Dmitriy M. Khloptsov
National Research Tomsk State University, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

TERRA ECONOMICUS, Vol. 23, No 3, 2025/09/27

p. 34-49
DOI: 10.18522/2073-6606-2025-23-3-34-49

Citation: Yeqiang X., Lozhnikova A.V., Khloptsov D.M. (2025). Cooperation without cooperatives? A functional theory of embedded solidarity in non-capitalist China. Terra Economicus 23(3), 34–49 (in Russian). DOI: 10.18522/2073-6606-2025-23-3-34-49

Acknowledgment: The study was supported by the Development Program of Tomsk State University (Priority 2030).

The United Nations (UN) has designated 2025 as the International Year of Cooperatives. Against the backdrop of growing disillusionment with shareholder capitalism and widening global inequality, cooperatives have re-emerged as a promising institutional alternative to private and state ownership, grounded in the principle of “one worker = one vote.” Building on a fundamental economic approach to cooperatives – as a durable rather than transitional element of a non-capitalist economy – articulated by D. I. Mendeleev, A. V. Chayanov, and A. P. Bychkov, we propose an analytical model for assessing the intensity of cooperation along four key economic dimensions: asset ownership, participation in governance, surplus distribution, and collective risk-bearing. In Bychkov’s spirit, the model moves beyond the International Co-operative Alliance’s (ICA) formal-legal criteria for cooperative recognition and advances the idea that expanding cooperative ownership should be a priority of state policy in contexts of historical collectivism. Based on an analysis of five PRC companies, we show that real cooperation is determined primarily by property relations across the entire cycle of reproduction. The cases include Huawei – the world’s largest high-tech non-public firm with an employee stock ownership plan (ESOP); the agricultural machinery producer YTO Group; the digitized rural cooperative Lu Wei; and the publicly listed platform companies Tencent and Xiaomi. The Russian co-authors also draw public attention to the fact that cooperatives embody the economic substance of collective – rather than private – ownership, contrary to their classification as “private” in the current All-Russian Classifier of Forms of Ownership. The article contributes to the global debate on China’s economic model: capitalism with Chinese characteristics or socialism with Chinese characteristics.

Girsh Khanin
Independent researcher, Novosibirsk, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

Igor Dobrovolsky
Independent researcher, Moscow, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

TERRA ECONOMICUS, Vol. 23, No 3, 2025/09/27

p. 81-96
DOI: 10.18522/2073-6606-2025-23-3-81-96

Citation: Khanin G., Dobrovolsky I. (2025). Can American economic statistics be trusted, or A misleading figure of the US. Terra Economicus 23(3), 81–96 (in Russian). DOI: 10.18522/2073-66062025-23-3-81-96

There is a prevailing view among the global scientific community that US economic statistics are very reliable. This perception is reinforced by the inclusion of the United States in the highest tier of statistical rankings for GDP accuracy. To evaluate real GDP dynamics, we employed the most reliable output-based metrics from US statistics. These metrics allowed us to assess production trends in industries often questioned for reliability, such as manufacturing and construction. We initially examined the quality of US data for the period from 1970 to 1987, and then focused on the period from 1990 to 2010. This period was marked by major shifts in the US economy, including several economic crises. These events called into question the reliability of statistics at that time, in particular, when comparing official GDP figures with sharp rise in public debt, and the disproportionately small value added from construction (3–4% of GDP). Calculations of outputs and labor productivity across key sectors revealed a dramatic decline in labor productivity between 1990 and 2017, unprecedented in US economic history, pointing to deep-rooted weaknesses in the economy. Alternative GDP estimates showed minimal growth: 8% during the 1990s and only 4% during the early 2000s compared to the officially reported growth rates of 38% for the 1990s and over 18% for 2000s. These findings suggest a pronounced slowdown in growth during the 2000s despite official reports of strong growth. While our analysis of the period from 1990 to 2010 (unlike the period from 1970 to 1987) indicates problems with the reliability of US economic data, we do not consider these results definitive. For instance, they conflict with trends in class I railroad freight traffic and electricity production. These trends showed, contrary to official figures, a significantly higher growth in the 1990s compared to the 2000s. Thus, the accuracy of US economic data deserves further investigation. Nevertheless, based on our research, we conclude that the US has entered a phase of decline, facing the risk of major economic disruptions and loss of its leadership role in global economic and geopolitical landscape.

Tatiana V. Rastimeshina
National Research University “MIET”, Moscow, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

Anna Yu. Strizhak
Peter the Great St. Petersburg Polytechnic University, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

Olga V. Brizhak
State University of Management, Financial University, Moscow, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

Ruslan K. Polyakov
Kaliningrad State Technical University, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

TERRA ECONOMICUS, Vol. 23, No 3, 2025/09/27

p. 97-113
DOI: 10.18522/2073-6606-2025-23-3-97-113

Citation: Rastimeshina T.V., Strizhak A.Y., Brizhak O.V., Polyakov R.K. (2025). Engineering profession for women: Institutional barriers to entry. Terra Economicus 23(3), 97–113 (in Russian). DOI: 10.18522/2073-6606-2025-23-3-97-113

This article deals with institutional barriers that hinder women’s full integration into the engineering profession in the Russian economy. Our aim is to identify and analyze a set of socio-economic, cultural, and educational barriers, which form gender disparity in the technical field, and develop recommendations to level them in order to enhance women’s contributions to technological development. An interdisciplinary approach was used, combining elements from institutional economic theory, sociology, psychology and law. Empirical data was collected through a questionnaire survey among female students at Russian universities, and factor analysis was employed. The findings revealed significant influences from cultural factors, fashion trends, gender segregation on the labor market, as well as traditional family roles, and educational policies (early specialization, focus on humanities). Religious beliefs, by contrast, have less impact. In conclusion, we state that women’s entry into engineering profession in Russia is impeded by various institutional barriers stemming from social norms and stereotypes. This emphasizes the need for concerted efforts by the state, education institutions, and society at large to address these barriers. The authors call for further research into this area, considering regional differences and examining the career paths of women engineers.

Muhammed Shamwil
Federal University of Kashere, Gombe state, Nigeria; National Research Lobachevsky State University of Nizhny Novgorod Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

Marina Yu. Malkina
National Research Lobachevsky State University of Nizhny Novgorod, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

TERRA ECONOMICUS, Vol. 23, No 3, 2025/09/27

p. 114-130
DOI: 10.18522/2073-6606-2025-23-3-114-130

Citation: Shamwil M., Malkina M.Yu. (2025). Exploring the impact of blue economy, financial development and technological innovation on economic growth: Case of Nigeria. Terra Economicus 23(3), 114–130. DOI: 10.18522/2073-6606-2025-23-3-114-130

Promoting a blue economy focused on «conservation and sustainable use of the oceans, seas and marine resources» represents the 14th goal of the UN Sustainable Development Agenda. This objective holds particular relevance for developing countries like Nigeria where the use of marine resources plays an important role in the progress of the most promising sectors of the economy. The study explores how the blue economy, financial development, and technological innovation influence economic growth in Nigeria, using time series data between 1981 and 2022 and the novel Dynamic Autoregressive Distributed Lag simulations approach. The outcomes of the study demonstrate that economic growth is positively impacted by both aquaculture production and total fisheries production in the long run, whereas, in the short run, the total fisheries production is negatively related to economic growth, and aquaculture has no impact on short-term economic progress. Financial development also supports economic growth favorably in the long run but in the short run the reverse is the case, which is consistent with the structural transformation theory. Furthermore, electricity production from hydroelectric sources and technological innovation makes positive contributions to economic progress both in the short run and in the long run. Our findings suggest that other developing countries could use Nigeria’s experience in establishing a Ministry of Marine and Blue Economy to implement strategy of integrating abundant marine resources into their national economic structure, and the ministry should incorporate advanced technologies into its governance, coordination, and operational processes using data analytics, Internet of Things (IoT), and digital communication tools to improve transparency, efficiency, and responsiveness in policy implementation. These technological tools can facilitate better collaboration among governmental agencies and private sector participants.

Fernando Campos-Medina
University of Chile, Santiago, Chile This email address is being protected from spambots. You need JavaScript enabled to view it.

Elena Korneeva
Financial University, Moscow; Togliatti State University, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

Raisa Krayneva
Financial University, Moscow, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

Larisa Gorina
Institute of Engineering and Environmental Security; Togliatti State University, Russia This email address is being protected from spambots. You need JavaScript enabled to view it.

TERRA ECONOMICUS, Vol. 23, No 3, 2025/09/27

p. 131-144
DOI: 10.18522/2073-6606-2025-23-3-131-144

Citation: Campos-Medina F., Korneeva E., Krayneva R., Gorina L. (2025). Rules of the digital game: How institutions shape ecosystem development. Terra Economicus 23(3), 131–144. DOI: 10.18522/2073-66062025-23-3-131-144

This paper explores institutional factors influencing the development of digital economy ecosystems, emphasizing the roles of regulatory frameworks, governance, and innovation. The paper uses institutional economics as a theoretical foundation and highlights how institutional arrangements shape digital infrastructure investment, digital adoption, and innovation capabilities among enterprises. This empirical research is based on unique data extracted from a sample of online survey questionnaires collected from 250 small and medium-sized enterprises in seven different Russian regions between January and March 2025, as well as an econometric model that uses this data. Our analysis demonstrates that institutional quality significantly influences digital adoption, along with investments in digital infrastructure and innovation outcomes through a proposed empirical framework and the regression modelling. The main outcomes of this work offer the extensive policy implications for enhancing institutional quality to foster sustainable digital economy ecosystems. As future research directions, we propose particularly longitudinal studies to assess the dynamic interactions over time. Our findings might be of a special importance for the relevant stakeholders and policymakers as well as for the entrepreneurs who are keen on participating and creating robust and sustainable digital economy ecosystems.