This paper estimates equilibrium dollar wages for 15 transition economies. Equilibrium dollar wages are interpreted as full employment wages consistent with a country`s physical and human capital endowment, and estimated by regressing actual dollar wages on productivity and human capital proxies...

This paper gives a scientific evaluation of the market economy which dominates in most of the world countries as non-alternative economic system and describes the present tendencies of transition to new economy. In this paper we especially discuss about the modernization of market economy as a...

This paper is a contribution to the elaboration of a narrative of the international economic disorder that followed the demise of the Bretton Woods regime. It therefore revisits some key episodes of the recent history of the world economy – the Washington Consensus saga and the widening of...

Economists have occasionally noticed the appearance of economists in cartoons produced for public amusement during crises. Yet the message behind such images has been less than fully appreciated. This paper provides evidence of such inattention in the context of the eighteenth century...

John Maynard Keynes became world famous with the publication of The Economic Consequences of the Peace in 1919, a harsh critique of the Versailles peace treaty. As a consequence, Keynes was nominated by German professors in economics for the Nobel Peace Prize three years in a row, 1922, 1923 and...

Articles have been published repeatedly in the pages of "Voprosy ekonomiki" in which attempts have been made to prove that the exchange rate of the ruble was artificially made too high, that a devaluation was not only desirable but essential to stimulate growth in exports and production, and...