Consequences of Social Transformation for Economic Theory: Proceedings of the 2022 Euro-Asian Symposium on Economic Theory (EASET), Ekaterinburg, Russia

Description

This book presents selected papers of the Euro-Asian Symposium on Economic Theory, held by the Institute of Economics of the Ural Branch of the Russian Academy of Sciences (Ekaterinburg, Russia) on June 29-30, 2022. The conference aims to promote research and develop effective solutions to urgent challenges in economic theory in the context of stability and uncertainty. The main theme of the 2022 Conference is the "Viability of Economic Theories". The chaos of the modern world forces us to rethink many theoretical positions. Researchers are trying to overcome the contradictions between theory and empiricism through new models, mechanisms and approaches. The challenges of recent social change have led to an adjustment in the perception, interpretation, and use of many concepts, necessitating an updating of these terms. The problems and contradictions identified in the studies will help to reconcile theoretical approaches with practice. The volume covers topics such as sustainable development issues, economic shocks in the history of economic thought, modern economic concepts of identity, theory of organizations under uncertainty, review of economic theories with the "Corona crisis," models of consumer behavior, business cycles, theory of investment, issues of economic growth and market equilibrium, impact of social factors on the sustainability of the economy, etc. Moveover, the volume presents new solutions for the synthesis of mainstream and political economy ideas. These topics will be of great interest to academics, researchers and practitioners. Contents About the Editors Editorial: Consequences of Social Transformation for Economic Theory A Survey on Business Cycles: History, Theory and Empirical Findings 1 Introduction 2 Background and Literature Business Cycles Historical Overview Some Basic Nonlinear Business Cycle Model Dynamic Stochastic General Equilibrium (DSGE) Vector and Autoregressions Models 3 Recurrence Quantification Analysis (RQA) Recurrence Plot (RP) Recurrence Quantification Epoch (RQE) RQE Correlation Index (RQCI) 4 An Original Set-Up of a Kaldor-Kalecki Model Forewords Graphs: Simulations and Strange Attractor Numerical Analysis RP on Both Simulated and Real-World Data 5 Conclusion and Future Research References Implementation of the Evolutionary-Genetic Methodology in the Mechanisms of Synthesis of Economic Theory 1 Introduction 2 Literature Review 3 Material and Methods 4 Results 5 Conclusion Appendix References Synthesis of Mainstream and Political Economy as an Emerge from the Economic Theory Crisis 1 Introduction 2 Literature Review 3 Materials and Methods 4 Discussion 5 Conclusion References Dynamic Interaction Between Human Capital Accumulation and Economic Growth 1 Introduction 2 Human Capital Investment 3 Human Capital Accumulation and Modern Technologies 4 Equilibrium Dynamics Productivity Growth 5 Conclusion References Economic Resilience Determinants Under Shocks of Different Origins 1 Introduction 2 Theoretical Framework 3 Data and Methods 4 Results and Discussion 5 Conclusion References The Significance of Higher Education Adaptation Reforms for Russia’s Economic Growth 1 Introduction 2 Literature Review Relationship Between Education and Economic Growth General Review on the Higher Education Trends Higher Education Issues Around the World 3 Methods 4 Results Students’ Motivation to Combine Work and Study Employers Stimulating Changes in Higher Education Governmental Approach to Reforming Higher Education 5 Discussion 6 Conclusion References Impact of the Duration of Compulsory Education on Economic Growth and Welfare 1 Introduction 2 Compulsory Education, Economic Growth, and Welfare 3 Education Policy for Developing Countries 4 Compulsory Education and Government Policy 5 Education and Accumulation of Human Capital 6 Conclusion References Efficiency of Institutions and Economic Agents from Transaction Costs Perspective 1 Introduction 2 Transaction Costs: The Essence and Peculiarities 3 Transaction Costs and Institutions 4 Transaction Costs and Economic Agents 5 Rethinking the Approach to Evaluating Transaction Costs 6 Conclusion References Changing Growth Patterns of the Spanish Economy Attributable to the Consulting Sector in Context of Uncertainty 1 Introduction 2 Materials and Methods 3 Results and Discussion 4 Conclusion References Institutional Aspect of Assessing the Impact of Property Rights Protection on Economic Security 1 Introduction 2 Literature Review 3 Materials and Methods 4 Results 5 Discussion and Conclusion References Problems of a Comprehensive Assessment of the Socially Significant Investment Projects Amid a Pandemic 1 Introduction 2 Literature Review 3 Proposed Methods for Evaluating Investment Projects for Tourism Development 4 Results of Testing the Proposed Methods Using the Case of the “RusTropic” Investment Project 5 Conclusion References Consumer Equilibrium Conditions in the Cardinal Versus Ordinal Approaches: Any Difference? 1 Introduction 2 Marshall: Total Utility, Marginal Utility, and the Equimarginal Utility Principle 3 Hicks: Consumer Equilibrium in the Ordinal Approach 4 Consumer Equilibrium: Cardinal Versus Ordinal Approach 5 Conclusion Appendix 1 Appendix 2 References The Role of Social Networks in Shaping up the Consumer Behavior of Young People 1 Introduction 2 Social Networks and Customer Behavior 3 Business Organizations and Their Use of Social Networks 4 Interactive Nature of Social Networks 5 Conclusion References The Impact of Internet Content Regulation Policies on the Promotion of Targeted Consumer Behavior 1 Introduction 2 Consumer Responses to Marketing Communications 3 Consumers’ Social Media Engagement Behavior 4 Consumer Engagement Varies Across Social Media 5 Conclusion References The Influence of the Consumer Society on the Education System 1 Introduction 2 Financial Education and Its Impacts on Students’ Consumer Choices 3 Financial Literacy, Household Decision and Consumption 4 Consumption Decisions and Utility Maximization 5 Consumers and Consumerism Knowledge 6 Conclusion References The Role of Education-Based Migration in the Country’s Economic Development 1 Introduction 2 Economic Theory and Migration 3 Student Migration and Country’s Intellectual Potential 4 International Student Mobility: A Case of Erasmus 5 Skill-Based Migrants and Canadian Immigration Policy 6 Conclusion References Effects of Longevity on Changes in Returns to Education, Human Capital, and Economic Growth 1 Introduction 2 Health Status and Income 3 Improving Longevity and Reducing Mortality 4 General Equilibrium Model of Health Capital 5 Conclusion References The Role of Open Innovation in Governmental Sustainability 1 Introduction Historical Context of Open Innovation into the Information Age Thematic Context of Open Innovation Development as Part of the Information Age Definition and Functional Characteristics of Innovation in Governmental and Business Environments 2 Materials and Methods 3 Results Evolutionary Characteristics from Traditional Governance Towards Open Innovation Governance Prevailing Mechanisms and Collaboration Types Developed at Open Innovation in Governance 4 Discussion 5 Conclusion References