It is shown that the evolution of modern developed societies results into reduction of the role of centralized governance as well as economic and political competition, whereas the role of collaboration mechanisms is growing. This process is supported by cultural changes: increasing trust,...

I discuss goals of institutional experimentation as well as obstacles for its realization. The special attention is given to regional experiments. Institutional experiment reduces transformation costs, in particular, by diminishing probability of formation of erroneous reforms trap. The analyses...

The problem of finding a Pareto point which would satisfy additional conditions in the form of equalities is stated. A theorem on existence of a solution is proved. Examples are given.

We describe the negotiated-price mechanism, introduced in the USSR in 1985, to increase flexibility of retail prices. We discuss a possibility to improve interactions between manufacturing and retailing through negotiated prices, and demonstrate a methodology to estimate them, using consumer...

An abstract model of an industrial process provides conditions which make it possible to increase the net outputs and lead to a significant simplification of the proof and an extension of numerous results which follow from Braverman’s model with nonequilibrated prices. The actual possibility...

This paper responds to the criticism of the Zubair Diminishing Balance model for Islamic home financing that Ahmad Kameel Meera published in the ISRA Journal. The response argues that most of the comments of Meera are frivolous and misplaced. It reiterates that the ZDBM is much different from...

It is a typical case in the practice of reforms, when a reformer, who seeks to introduce an institution with desired properties, discovers that its immediate implementation is impossible because of resource, technological, cultural, political or institutional constraints. In this case, one has...

The worldwide colossal failures of financial institutions in the wake of the 2007–2010 financial turmoil the yesteryear advocates of liberalization and privatization converted almost overnight into vocal supporters of raising the safety walls around the interests of various stakeholders,...

This paper deals with familiar facts in monetary economics from an unfamiliar angle. It argues that it is not factual to regard the legal tender money and bank credit as of different genus: they work in tandem to the same ends in an economy, conventional or Islamic. Also, it does not matter what...

It is shown that, at the stage of catching-up development, regional economic development agencies (REDA) might become the most important elements of the growth control system. Basic tasks of REDA are considered including their role as 1) organizers of interaction among government, business...