Neoclassical School Research Articles

Synthesis in Alexander Matveyev’s Creative Work

Alexander Matveyev (1878-1960) was an outstanding Russian Soviet sculptor and talented teacher who formed the neoclassical school of Russian sculpture. The amazing integrity and consistency of the master’s creative searches led him to the creation of the clearest and most precise plastic system, distinguished by the striking stylistic unity of the artistic language, internal content, and emotional structure of his images. At the same time, the sculptor’s plastic system was initially devoid of any compromise - it very quickly acquired the features of a qualitatively new phenomenon. While preserving the achievements of impressionism in developing the problem of interaction between sculpture and the light and air environment, Matveyev constantly paid great attention to direct work with material. Alexander Matveyev’s creative work is typologically exceptionally diverse. In monumental and decorative plastic art, the master made a name for himself when designing the Golden Fleece Salon exhibition back in 1902. He also gained experience in the genre of portrait bust, two-figure composition, and relief of various types. Internally, his creative method was determined by the figurative and poetic structure that is so characteristic of Matveyev's works and, in general, of the masters of his circle. It was these characteristics of the sculptor's talent that allowed him to say a fundamentally new word in the sphere of synthesis of sculpture and the enclosing landscape - both urban and natural, both in the sphere of symbolic composition and in the genre of tombstones. The tombstone of his friend and mentor, Viktor Borisov-Musatov, the outstanding painter of the early 20th century, was a true masterpiece of this genre and truly innovative in its figurative structure. His ensemble of New Kuchuk-Koy became an especially outstanding achievement in park sculpture new spatial design. In these compositions, the sculptor practically developed a fundamentally new language of park sculpture and achieved an amazing unity of his creations with the surrounding natural and architectural landscape. The monumental group October and the project of the monument to the soldiers of the Far Eastern Army in Dauriya demonstrate the process of evolution of the master’s own style along the line of developing an increasingly laconic design and moving away from attaching details to a general form and symbolic expressiveness of sculptures. At the same time, Alexander Matveyev’s legacy consists of a huge number of sketches of unrealised monuments to V. Lenin, M. Gorky, M. Lermontov, A. Chekhov, and others.

The Effect of Negative Interest Rate Policy on Investment in Euro Area (2014-2019)

This study investigates the effect of negative interest rates on investment spending in the Euro- zone over the period 2014-2019 using panel data approach. The literature on this relation is relatively thin which pinpoints the contribution of this study. Both qualitative analysis and quantitative analysis are adopted. On the econometric side, Kao cointegration test and Fully Modified OLS technique are carried out. Both the descriptive and empirical findings indicate that interest rate after adopting the Negative Interest Rate Policy has a negative effect on the investment level. This finding is consistent with the neoclassical school of thought.

НЕЭКВИВАЛЕНТНЫЙ ОБМЕН КАК ФАКТОР ВОЗДЕЙСТВИЯ НА ЭКОНОМИЧЕСКОЕ РАЗВИТИЕ РОССИИ

The article is devoted to the problem of unequal exchange in the global economy. A comparative analysis of different theoretical approaches has been carried out, both those denying the existence of this phenomenon (the development of the tradition of the neoclassical school) and the theories of international trade and division of labor based on it (the development of the tradition of Marxist political economy). The article presents different methods for assessing the equivalence of exchange in international trade. The author provides calculations of the labor exchange coefficient for the Russian economy with its main trading partners. Based on them, a conclusion was made about Russia’s semi-peripheral position in the international division of labor

ИНТЕЛЛЕКТУАЛЬНЫЙ КАПИТАЛ И ИННОВАЦИИ: ОСОБЕННОСТИ ЭКОНОМИЧЕСКОЙ ВЗАИМОСВЯЗИ И УПРАВЛЕНИЯ

The article is devoted to the study of the conceptual and methodological foundations and conceptual and categorical analysis of the definition of “intellectual capital”, as well as the economic evolution of its formation and development. The scientific heritage of scientists representing classical and neoclassical schools of economics is critically rethought, and a comparative characteristic of theoretical and practical results, developments and recommendations on the formation and management of innovative activities and intellectual capital of enterprises is performed. In the course of the study, the causal relationship between intellectual capital and innovation was revealed and the high importance of the function of managing innovation processes in modern high-tech economic entities of the knowledge-intensive industrial complex was determined.

An Empirical Retrospect of the Causal Effect of Government Education Spending on Growth in a Neoclassical Growth Model

There has been consensus on the notion that education results in economic prosperity and growth in many countries. This has resulted in a strong focus on education policy, with large investments and a lot of public debates concerning the subject. Various schools of thought have made differing suggestions about how government spending impacts economic growth over the years. The Keynesian view is that there is a positive relationship between government spending and economic growth, where the causal effect runs from government spending to economic growth. Conversely, the Neo-classical school asserts that the relationship between the two variables is negative. The topic, therefore, remains a debatable issue. The present study, therefore, tests the causal effect of education expenditure on economic growth in South Africa for the period 1994 to 2021, with the aid of the autoregressive distributed lag approach. Consistent with Keynesian theory, the study results confirm the positive impact of government spending on economic growth. A Granger causal relationship exists between government education expenditure and economic growth, indicating that over time, education expenditure positively impacts economic growth through human capital. This implies that investing (spending) in education is critical in promoting economic growth, especially in the long term.

RARENESS IN THE INTELLECTUAL ORIGINS OF WALRAS’S THEORY OF VALUE

Historians of economic thought have carried out detailed studies of classical and marginalist approaches to value based on production cost and utility, respectively, not to mention about the fusion of both interpretations by the neoclassical school. This is not the case with rareness value, a theory commonly attributed to Léon Walras, although Aristotle surely had rareness in mind when he first attempted to explain chrematistics. This article focuses on how our understanding of rareness has evolved from the earliest economic formulations to those of Auguste and Léon Walras, contesting Murray Rothbard’s thesis that there is only one way in which the transmission of the utility theory of value can be tracked from scholasticism to the Austrian school. On the contrary, the concept of rareness continued to figure in some theories of value of the French Enlightenment, especially those that emerged within Calvinist circles, and was recovered in times of reaction against the dominant classicism.

The Effect of Government Expenditure on Sectoral Performance In Malawi

The relationship between government expenditure and economic growth has always been debated among scholars. While the Keynesian school of thought postulates a positive causal relationship, the Neo-classical school argues that the relationship is negative. A rather neutral view is associated with the Ricardian school, which postulates that the relationship is non-existent. Recently, the Malawi Government launched its long-term development plan for the country, the Malawi 2063. As has been the tradition with all the other policies that Malawi has been implementing, the agriculture, education, and health sectors have been highly prioritized in terms of public resource allocations. However, the performance response of these sectors to the increased government expenditure has not been established. Using data from 2002 to 2020, we employed the Fully Modified Ordinary Least Squares (FMOLS) technique to estimate this effect. We find a significantly positive relationship between government expenditure and the growth rates of the three sectors. Holding all other factors constant, a K1 billion increase in the Government’s total expenditure to each of the three sectors heads to a 0.24 percentage point increase in sectoral growth. Moreover, this effect is markedly higher for development expenditure (0.34 percentage points) than for recurrent expenditure (O.26 percentage points). The results point to the need for the government to continue allocating more resources to the three sectors, especially for capital investment rather than consumption expenditure. There is also a need to control inflation and encourage measures that curb corruption as the two retard the growth of the three sectors. Keywords: Government expenditure, sectoral performance, fully modified OLS DOI: 10.7176/JESD/14-4-07 Publication date: February 28 th 2023

The Effects of a Dominant Informal Sector on Monetary Policy Transmission: A Theoretical Model Simulation

This paper presents a theoretical model that draws from the neoclassical school of thought to examine the impact of a dominant informal sector on monetary policy transmission in developing economies. The model accounts for the interactions between the for

Ius Constituendum Criminal Law Sanction System with Double Track System Principle in the National RKUHP

Introduction: As the ius constituendum of criminal law, the RKUHP introduces the concept of a double track system in its criminal system. The purpose of this double track system concept is to regulate 2 (two) types of sanctions, namely penal sanction (straf/punishment) and treatment sanction (maatregel/treatment).Purposes of the Research: First, the ratio legis criminal law sanctions system with the principle of a double track system and factual policies in the National RKUHP. Second, the ideal model of the criminal law sanction system has the principle of a double track system in the National RKUHP.Methods of the Research: The research method used in this research is normative legal research. Conduct a study of the Criminal Code and the National RKUHP as well as an analysis of the theory of punishment, especially on penal sanction and treatment sanction.Results of the Research: The results of this study reveal that philosophically the emergence of the double track system concept is influenced by the development of the flow in criminal law, namely from the classical to the modern school, and the neo-classical school. Then the sentencing policy in the National RKUHP is not yet fully based on the principle of a double track system. So that we need an appropriate conception and in accordance with the basic idea of the actual double track system concept, one of which is by integrating additional forms of penal sanction into treatment sanction.

O Itinerário Epistemológico de Herbert Simon aos Limites da Racionalidade

Abstract This article investigates Herbert A. Simon’s epistemological itinerary with regard to the limits of rationality presented in his book Administrative Behavior , published in 1947. The investigation, grounded in materialism, explores his epistemological itinerary based on two categories of analysis: the key sources used to establish the limits of rationality and the way in which the author proceeded to investigate this object. The investigation revealed that the development of the limits of rationality gained ground in the early decades of the twentieth century and that numerous texts, which reflected a particular trend at the time, served as a conduit for Simon. Simon’s assimilation of this development took place within the boundaries of empiricism, continuing the critique of the unrealism of the maximizing agent in the neoclassical school. In procedural terms of research on the limits of rationality, Simon made specific observations and, based upon them, logical inferences regarding the consequences of the limits of rationality for certain organizational aspects.

The Role of the State in Formation of the Socially Oriented Market Economy

Nowadays, the representatives of both neo-Keynesian and neo-classical schools have a feeling of dissatisfaction regarding the solution of the problem of market regulation. In addition, in the conditions of strengthening international interdependence of national economies, there is a need for an agreed international anti-crisis regulation, that should strengthen the impact on market development. In this regard, the issue of the role of the state in the market economy still causes lively debate among economists. The degree of state participation in the management of the economy is one of the most urgent and unsolved problems in economic theory. The relevance of the abovementioned problem for the country is strengthened by the need to establish a socially oriented market economy (social market economy). Keywords: social market economy; the role of the state in the market economy; Socially oriented market economy model.

Paradigm Shift in Finance: The Transformation of the Theory from Perfect to Imperfect Capital Markets Using the Example of Company Valuation

In the capital market and financing theory, we are currently observing major upheavals. For decades, the neoclassical paradigm has dominated in science and practice. Triggered by economic and political crises, transformations, the COVID-19 pandemic, and political instabilities, a paradigm shift is currently occurring in finance. This paradigm shift leads to models and theories that can explain imperfections in capital markets and provide decision support for managers. The aim of this article is to analyse the paradigm shift and to demonstrate it using an example of business valuation theory. We draw on the insights of the philosopher Thomas Samuel Kuhn. He vividly explains the paradigm shift in science in his major work “The Structure of Scientific Revolutions”. A paradigm shift in science always encounters resistance. The reasons for this include the strong neoclassical school in finance and the dependence on research funds. Funders expect the use of established methods and the simplicity and dissemination of the models that have prevailed so far. On the other hand, the neoclassical models are unsuitable to explain the transformation processes on financial markets. This fact has been empirically proven. We show a variety of arguments that speak clearly about this paradigm shift. Their importance clearly outweighs the reasons to continue subscribing to the old paradigm. Accordingly, new theories and models have been developed to better explain the changes in the markets. With the simulation-based business valuation, an approach has been developed that considers different degrees of market imperfections. The simulation-based valuation can also depict the special case of the neoclassical paradigm, so that all market constellations can be covered.

Time, uncertainty and knowledge: the foundations and the modernity of Carl Menger’s contribution

This contribution is dedicated to the originality and the modernity of Carl Menger’s contribution today. The focus here is not, however, on defining this originality relative to economists of the past, that is either the so-called “founders” of the “Neo-classical School” (such as Léon Walras or Vilfredo Pareto), or Menger’s followers (such as Friedrich von Wieser or Friedrich Hayek). Instead, this contribution focuses the originality and the modernity of Menger’s work in relation to the various forms of contemporary economics with a view to investigate the remaining and persistent relevance of Menger’s approach for modern economics. Specifically, this paper focuses on three main concepts that express the modernity and originality of Menger’s works: time, uncertainty and knowledge. It finally stresses the relation between Menger and modern complexity economics.

Konkurence a monopol v předkeynesovské neoklasice a koncepce J. Robinsonové a E. Chamberlina

The article describes when and in what form the term “monopoly” appeared in theory. First, attention is paid to A. Smith’s classical political economy and the neoclassical binary model of competition and monopoly presented by A. Marshall. Robinson’s model of imperfect competition and Chamberlin’s model of monopolistic competition of 1933 were turning points in economic theory. The article not only highlights the elements that were adopted from Marshall and Pigou of the Cambridge Neoclassical School and are common to both theories, but also emphasizes the aspects in which the approaches of Robinson and Chamberlin differ and highlights their contribution to economic theory and competition law.

Kritički osvrt na uspon neoliberalnog koncepta u ekonomskoj politici

In the 1980s, the neoliberal concept was imposed as an economic-political doctrine based on the claim that the free market efficiently allocated resources and ensured world prosperity and peace. The aim of this paper is to try to provide one of the possible interpretations of neoliberal economy on the basis of the analysis of the development of economic thought. The foundations of liberal economy are defined by classical political economy, and the contribution was made by the neoclassical school of economics, but also other directions in the development of economic thought. Although proponents of the neoliberal economy have advocated liberalization and privatization to improve the general well-being of society, the global economic crisis and the COVID-19 crisis have shown the misconceptions and contradictions of neoliberal results that are not only ineffective in times of crisis but also contribute to global inequality.

ЭВОЛЮЦИЯ РЫНОЧНОЙ СИСТЕМЫ В УСЛОВИЯХ ПОСТИНДУСТРИАЛЬНОЙ ЭКОНОМИКИ

The article discusses the processes that led to the understanding that the market is not a static phenomenon, but changes due to various trends. Over several centuries, the market system has undergone significant changes. The concept of the market itself has undergone a certain evolution. At first, the understanding of the market as a fixed place or a certain territory where trading took place dominated. Subsequently, there was an abstraction from territorial characteristics, and, starting with representatives of the neoclassical school of economic theory, the market began to be defined as a mechanism for balancing supply and demand. In this case, it is a sphere dominated by competition between independent agents and free pricing. Accordingly, the market has turned from an empirical object into an analytical model. Over time, its application has spread not only to economic relations, but also to society as a whole.

THE ROLE OF THE STATE IN FORMING THE INNOVATIVE ECONOMICS: THE CASE OF GEORGIA

The modern paradigm of economic development shows that an important factor affecting the economic development is not only natural resources, but also innovative approaches that stimulate the competitiveness of the country. Forming the innovative economics in the direction of education, trade, investment and financial decentralization requires the selection of effective tools of innovative economics formation, which creates fertile foundation for the introduction of innovations in these areas. And this is achieved by optimal coordination of different combinations of state regulation instruments. Relevance of the topic: Determining the importance of the role of state in forming the innovative economics and developing the concept of national innovation system is connected with the scientists-economists of the neoclassical school of the 90s of the last century. However, apart from theoretical assessments, no complex research has been conducted in this direction. Scientific novelty of the research: The article outlines the main directions of forming the innovative economics based on the identification and analysis of the factors affecting the innovative economics. The need for the involvement of state institutions in the process of forming an innovative economy is also substantiated in this article.

Konsep Rasionalitas Islami dan Implikasinya terhadap Pengembangan Studi Ekonomi Islam

The study of Islamic rationality is the starting point for the theorizing of Islamic economics. Based on this concept, this article aims to elaborate rationality based on the concepts of classical Islamic thinkers, such as al-Gazali, Ibn Khaldun, Ibn Miskawaih and al-Mawardi. Through a search of their writings, the author intends to reconstruct the original concept of rationality from Islam. Then with the approach used by economic critics, the concept of rationality was expanded. The results of this study indicate that the rigidity of the concept of rationality in the Neoclassical school is undeniable. The behavior of actors in the economy is not only repetitive actions that can be quantified but must be extended as part of the social system. Especially in the concept of Islamic rationality, economic behavior is also closely related to the position of humans as servants of Allah so that they have a spiritual dimension.

“Reminisces of a Dead World”: Neoclassical Impulses in Stockhausen’s Gesang der Jünglinge

In the years following World War II, integral serialist composers declared their intent to defy all previous musical conventions and eradicate all “rem-inisces of a dead world” from their music. Karlheinz Stockhausen was no exception, asserting his desire “to avoid everything which is familiar, generally known or reminiscent of music already composed.” However, Stockhausen’s Gesang der Jünglinge, de-spite its reputation for technical innovation, bears a strong connection to prior musical traditions. In this regard, Stockhausen resembled the neoclassical school of composers that sought to accommodate antiquated musical materials within a modern con-text.To demonstrate these similarities, I apply to Gesang a model of neoclassicism developed by Martha M. Hyde, a scholar on twentieth-century mu-sic. Hyde identifies two modes by which a neoclassi-cal piece “accommodates antiquity”: metamorphic anachronism and allegory. I argue both are present in Gesang. First, Stockhausen adopts elements of the sacred vocal tradition—including a child’s voice and antiphonal writing—and morphs them into something modern. Second, Stockhausen uses the Biblical story on which Gesang is based as an alle-gory for his own conflicted relationship with the mu-sical past. This analysis reframes Gesang’s signifi-cance and connects Stockhausen’s work to seem-ingly unrelated trends in twentieth-century musical thought.

MONETARY CIRCULATION AND BANKS IN THE INTERPRETATION OF THE MAIN ECONOMIC SCHOOLS

The topicality of the research lies in the fact that the long-term evolution of financial markets, reinforced by global transformations, has led to the development of convergent processes in banking activities in the presence of significant paradigmatic differences between the major banking systems of the world. The existing peculiarities in the mechanisms and methods of regulation of the banking sector within individual countries have caused drastic changes in views on the nature of the bank and its activities. The traditional view of banks as institutions of financial intermediation, providing the exchange of monetary assets between the owners of savings and borrowers, does not provide for the creation of new money. Instead, proponents of the alternative viewpoint emphasize that in today's world banks finance borrowers mainly through the mechanism of money emission. Both points of view are present to varying degrees in various theoretical and conceptual approaches to understanding the essence of the bank as an institution of financial intermediation. The current economic realities require a detailed study of national banking systems, which largely developed historically, and methodological aspects of their evolution in the context of global transformations. The research subject. In the process of evolution of theoretical and conceptual approaches to the definition of the essence of money, banks, the banking system, the prevailing point of view on this issue has not yet taken a definite form. Nevertheless, the recognition of the effectiveness of banks as a factor of economic growth brings together the positions of competing schools of economic theory. Banks become a factor in the investment process even in the theoretical models of the neoclassical school, which traditionally denies the dependence of economic growth on the money supply. Endogenous growth models recognize the role of banks primarily as a factor in accumulating capital and increasing savings, as well as a mediator between owners of savings and borrowers. Although the Keynesian school of thought initially gave little weight to the functioning of the banking system, neo-Keynesian models have attempted to explain the importance of confidence in the banking system and the need for sound regulatory constraints. The above-mentioned has urged us to carry out this research. The methodological framework of the research is based on an analysis of research on the global debate about the nature of banks in the economy and the architecture of monetary policy. A wide range of theoretical and empirical research methods were used: systematic analysis, synthesis and generalization to formulate conclusions. The aim of the research is to generalize and systematize the evolution of perspectives on money in the interpretations of today’s main economic schools. Conclusion. The findings consist of a conceptualization views' evolution on money, the banking sector in a more open economy to capital flows, and our firm belief that the banking system and the related process of money issuance affect income levels cyclically and over the long term.