A theory of non-monetary analysis is applied to Russian economy. Russia was shown to have a vanguard substructure in its economy which was destined to misuse because of the lagging of technical progress. In the future Russia will have an added potential for taking advantage of technical...

We take a decision-theoretic view on the question of how to use instrumental variables and method of moments. Since prior beliefs play an inevitably strong role when instruments are possibly "weak", or when the number of instruments is large relative to the number of observations, it is...