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Russia's Virtual Economy
Clifford Gaddy's and Barry Ickes' thesis-- that Russia's economy is based on illusion or pretense about nearly every important economic yardstick, including prices, sales, wages and budgets-- has forced broad recognition of the inadequacies of the intended market reform policies in Russia and provided a coherent framework for understanding how and why so much of Russia's economy has resisted reform.
Russia's Addiction
Russia's dependence on its oil and gas wealth is much deeper than generally recognized. Since their privatization in the 1990s, a small number of oligarchs have taken control of the economy, and the fates of millions of Russians. Vladimir Putin's system of personal protection has been successful in keeping peace among these oligarchs and Russia's industrial heartland--but can it continue? In Russia's Addiction, Clifford Gaddy and Barry Ickes argue that the country's addiction to oil and gas are a comparable to a physiological compulsion--the country understands that it is destroying itself by continuing down this road, but is unable to stop. They investigate the country's dependence on oil, and how Putin manages to run his corrupt system, focusing on keeping oligarchs happy and expecting their full support in return. And they ask the important question: What will happen to this system when Putin is gone?
A Model of Russia's "virtual Economy"
The Russian Economy has evolved into a hybrid form, a partially monetized quasi-market system that has been called the virtual economy. In the virtual economy, barter and non-monetary transactions play a key role in transferring value from productive activities to the loss-making sectors of the economy. We show how this transfer takes place, and how it can be consistent with the incentives of economic agents. We analyze a simple partial-equilibrium model of the virtual economy, and show how it might prove an obstacle to industrial restructuring and hence marketizing transition. Published in: Review of Economic Design vol 6, issue 2 (2001) pp. 185-214, ISSN 1434-4742.
The Myth of Monopoly
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Bear Traps on Russia's Road to Modernization
Bear Traps examines Russia’s longer term economic growth prospects. It argues that Russia’s growth challenges are conventionally misdiagnosed and examines the reasons why: a spatial misallocation that imposes excess costs on production and investment; distortions to human capital; an excessively high relative price of investment that serves as a tax on physical capital accumulation; and an economic mechanism that inhibits adjustments that would correct the misallocation. Bear Traps explains why Soviet legacies still constrain economic growth and outlines a feasible policy path that could remove these obstacles. The most popular proposals for Russian economic reform today — diversificat...
