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Vol 18, No 4 (2024)
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ECONOMY OF THE XXI CENTURY

6-17 289
Abstract

   Purpose of the article is to study the impact of artificial intelligence (AI) on the transformation of business models in the digital economy.

   Object of the study are companies implementing AI to automate processes and improve efficiency.

   Subject of the study is the changes in key elements of business models: the creation, delivery, and monetization of value.

   Methodology includes the analysis of practical cases, the calculation of return on investment (ROI), and the assessment of reductions in operating costs.

   Scientific novelty lies in the development of an approach to fully automating AI-based business processes, and identifying related challenges, such as problems with trust in AI systems, and ethical aspects of its use.

   Practical significance of this work is to demonstrate the need for reviewing existing business models, and investing in AI infrastructure, to increase the competitiveness of companies in the digital economy.

ECONOMIC POLICY

18-28 239
Abstract

   The article analyzes the targets and tasks set by the President of the Russian Federation in May 2024 within the framework of the national goal “Environmental well-being”. It has been established that these targets and tasks fully meet the need to solve the prevailing environmental problems fixed in strategic documents of a conceptual, doctrinal and strategic nature. The fact of the planned extension of measures to radically reduce harmful emissions into the atmosphere to all cities with high and very high levels of air pollution has been recognized as extremely positive. The provisions requiring clarification and detail in the development of specialized federal projects are noted. It is proposed to pay attention to the increase in the planned indicators of reforestation, taking into account the observed increase in the number and volume of forest fires in a changing climate. It is also considered advisable to supplement environmental protection projects with measures to restore degraded land in accordance with the provisions of the Environmental Safety Strategy of the Russian Federation.

29-42 279
Abstract

   Under the conditions of sanctions restrictions, there has been a change in the ESG involvement and ESG transparency of Russian companies. At the same time, the nature of such changes, as well as the impact of sanctions, ownership structure and industry affiliation, remains insufficiently studied. The article examines the level of ESG transparency of Russian business before and after the start of a special military operation in 2022, considering the ownership structure and industry affiliation of companies. The study sample includes ESG transparency estimates for 75 Russian public companies for the period from 2021 to 2023. According to the results of the study, it was revealed that after the start of the special military operation, there was a decrease in the level of information transparency in all three ESG aspects, especially in terms of social information and corporate governance information. In addition, it was found that the change in the level of ESG transparency varies depending on the ownership structure and industry affiliation. The results obtained can be used by investors, creditors and other stakeholder groups when making decisions about cooperation with certain companies, taking into account the specifics related to the capital structure and business profile.

ECONOMIC THEORY

43-53 171
Abstract

   The article explores the process of creating a large cooperative housing complex in a district of New York. It highlights the unique circumstances that made the cooperative City project possible in the United States. The article also examines the efforts of European countries to foster urban residents’ involvement in urban development. It provides examples of innovative solutions implemented by the population of various European cities. The article delves into the Russian experience of utilizing public initiatives to enhance urban development and improve the quality of life. It emphasizes that the promotion of cooperation in urban life is supported by both governmental authorities and individual citizens and local communities. The article highlights a new phase in this process — changes in urban planning, with the transition from general to master plans becoming part of federal policy.

54-68 194
Abstract

   Relevance: The article analyzes the relationship between the development of domestic mechanical engineering and relevant scientific schools within the framework of the concept of sustainable development. The functioning of domestic mechanical engineering is considered in the context of international associations.

   The following methods were applied in the study: a systems approach, functional, comparative economic, and statistical analyses, as well as the authors’ methodological developments.

   The scientific novelty of the article lies in the implementation of the
authors’ approach to studying mechanical engineering as an interaction between scientific schools and economic and environmental factors.

   The results and conclusions of the study may be useful for decision-making within the existing economic model of the Russian Federation when forecasting, developing, and adjusting strategic programs for industry development.

EXPERT REPORT

69-80 227
Abstract

   The article examines the trends in the development of the Russian economy in the period 2020 — April 2024. For this purpose, the Business Activity Index of the Institute of Economics of the Russian Academy of Sciences (IE RAS Index) is used, the construction of which is based on monthly statistical data on basic areas of the economy. The results obtained are compared with the Index of output of goods and services by basic types of economic activity of Rosstat (Rosstat Index). Authors analyze the impact of business activity on economic growth in 2020–2021 during the coronavirus pandemic, as
well as in 2022–2024 during the special military operation in Donbas and Ukraine (SVO). It is noted that the structural restructuring that began in Russia under these conditions has become the main factor in accelerating strategic development. Business activity also had a strong impact on this process. As a result, the authors conclude that the IE RAS Index provides a more accurate estimate of gross domestic product than the Rosstat Index. This is an additional justification for its advantages, which should ensure its wider application both in the analysis of trends in the economic development of the state, and in the forecasting and analytical work of the Ministry of Economic Development of Russia and Rosstat.

81-90 176
Abstract

   The relevance of the research topic. The effective contract system is a crucial tool for developing the university’s human capital. An effective contract is a contract that includes a clear system of indicators, the achievement of which will serve as the basis for calculating incentive payments to employees, thereby driving the growth and development of the university’s activities. Moreover, it can reduce the transaction costs that arise when coordinating the interests of stakeholders and improve the efficiency of work processes within the organization.

   The method of the research is based on the scientific works of domestic and international scholars and practitioners in the fields of institutional and market economics, economic theory, and contract theory.

   The scientific novelty of the work lies in the author’s proposed definition of transaction costs in the context of higher education, and the attempt to justify the use of an effective contract system to minimize them.

  Research findings: The author provides a theoretical overview of the definitions of the concept of transaction costs, considering the types and characteristics of such costs in relation to higher education.

   Practical significance: The article may be beneficial for university administrators in making managerial decisions, as well as for researchers and economists working with transaction costs. The research aims to develop theoretical frameworks in the field of regulating social and labor relations in higher education.

WORLD ECONOMY

91-100 220
Abstract

   Subject. Research and development in science and technology, as well as the development of the innovation sector, are top priorities for the country’s socio-economic well-being and security.

   Purpose. The competitive strategy is based on the analysis of the market for modern technologies and the identification of key areas for the development of competition. The goal is to ensure the country’s future economic competitiveness and the national security of Russia and other developed countries.

   Methodology. The study of priority scientific areas within the context of national scientific and technical policies in developed countries. It also explores the key characteristics of the information technology market and the unique features of its development and operation. Furthermore, the research
evaluates the financing of research and development activities. It analyzes the costs associated with these activities and their impact on economic growth.

   Results. The rationale for financing research and development in priority areas lies in the targeted strategic development of the economy. This development should be innovative, involving the creation of a high-tech complex and the effective use of the results of intellectual activity. The focus is on ensuring the security and competitiveness of the country in science, technology, and socio-economic well-being. The most important condition for the efficient use of public funds is the effective management of relevant programs and projects.

101-111 198
Abstract

   The relevance of the study is due to the need to study the features of low-carbon development of the world economy, to understand the mechanisms and tools of decarbonization, including the formation of a comprehensive policy providing for a wide range of measures to transition to a green economy with minimizing negative consequences.

   The subject of the study is the EU quota trading system as an economic instrument for regulating greenhouse gas emissions.

   The purpose of the work is to analyze the stages of development of the European quota trading system, identify the existing advantages and disadvantages of this system.

   As a result of the conducted research, the existing problems of the European quota trading system are identified; measures to improve the functioning of this system are described; the boundary carbon correction mechanism (as part of the development of the system) is investigated, including its impact on exporters to the EU.

112-120 272
Abstract

   This article focuses on the development of international tourism in Russia and China during and after the pandemic.

   The study aims to identify trends and specific features of the post-pandemic recovery process of international tourism in the context of Russian-Chinese bilateral cooperation.

   Expanding tourist exchanges with China, one of Russia’s key tourism partners that implemented strict pandemic restrictions, is directly aligned with Russia’s economic interests in developing bilateral cooperation. The authors examine the impact of the pandemic on China’s tourism industry, considering the phased introduction of COVID-19 restrictions from 2020 to 2023. The article also addresses its effect on inbound tourism in Russia, highlights the unique features of the global tourism industry’s revival, and outlines the factors, directions, and geography of resumed tourist flows between Russia and China within the current stage of their interaction. Special attention is given to measures taken in cities and regions of the Russian Far East to enhance the country’s tourism appeal.

REAL SECTOR

121-132 229
Abstract

   The relevance of this research topic lies in the crucial role of the metallurgical industry for the Russian economy as a whole. This industry is heavily relied upon by key sectors such as industry, the fuel and energy complex, and construction, which together account for more than half of GDP.

   The purpose of this article is to analyse the development of the Iranian metallurgical industry, which has been under the long-term impact of sanctions restrictions, in the context of its applicability to the Russian industry. Methods: The study was conducted by analysing official data from the World Steel Association, the Federal Customs Service, and other relevant sources. We used theoretical analysis and systematized information on the impact of sanctions on economic indicators.

   Scientific novelty: Based on the analysis of the long-term Iranian experience in countering sanctions restrictions and the efforts made by Russian metallurgical companies to operate their enterprises in similar conditions, the author suggests directions for the development of this sector of the economy.

   The results of the study: The article analyses the experience of Iran’s long-term development under the conditions of sanctions restrictions. We have identified and analysed the tools for levelling these restrictions. The author also analyses the measures of support for the metallurgical industry in Russia provided by the Government of the Russian Federation and the Ministry of Industry and Trade. These measures allow this sector of the economy to develop steadily in an unstable geopolitical situation. A comparative analysis of the counteraction to sanctions restrictions applied earlier for many years in the metallurgical industry of Iran and currently applied in Russia is presented.

   Practical significance: The results and conclusions of this article can be useful for both the scientific community and the heads of enterprises in the metallurgical industry in Russia in formulating medium- and long-term development plans.



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ISSN 2220-6469 (Print)
ISSN 2220-7872 (Online)