Subject. The given article examines a new direction in the theory of the firm: the knowledge-based approach. The authors proceed with their analysis of the controversial phenomenon of ‘knowledge encapsulation’. Methods. The research analyses the basic forms of knowledge encapsulation within the firm (including instructions, directives, business routines, ‘fool-proofing’ methods, modular product architecture, and outsourcing). In particular, for the first time ‘fool-proofing’ is regarded from an economic (rather than technical) viewpoint, as a tool, which enables employment of extremely lowskilled agents in the production process, thus reducing expenses. Objective. To justify the reasons for the high efficiency of using encapsulated knowledge within the firm, and simultaneously consider the interconnected risks, which are of particular significance in the case of the use of Artificial Intelligence (AI). Scientific implication. A comparative classification  of the costs is conducted to investigate the creation of the main elements of complete vs. encapsulated knowledge. The article has revealed, the most costly components of knowledge in its encapsulated form (incl. comprehensive training, R&D costs, etc.) are either skipped or become cheaper for a similar outcome, however, the primary risk leads to the fusion of AI with encapsulated knowledge. As a conclusion, the weak link in the ‘AI — human’ chain is the human being. If the latter operates without understanding the underlying meaning (a result of encapsulation), using only the AI prompts, the human professional deskills. Incidentally, this process is: a) profitable for the firm; b) not discussed by economists, despite having been empirically identified by biologists (the reverse Flynn effect). The authors suggest, that the solution is not to refuse using AI, but to supplement it with measures to counteract such ‘deskilling’ or ‘dumbing down’ of homo sapiens. 

The relevance of the article: the direction of transformation processes in the international monetary system gives grounds to assume that real assets will be able to play a rather noticeable role in ensuring the stability of the entire system in its future version. The purpose of the study is to identify signs that one of the mechanisms for maintaining the stability of the new version of the international monetary system, which retains its dollar-centric nature, may be the use of financial instruments secured by real assets. This primarily concerns gold and, probably, other mineral resources. In order to identify future trends, the article specifically examines the circumstances when the international monetary system was really on the verge of, if not collapse, then at least an immediate loss of its stability. Since Russia faces the task of forming a truly sovereign national financial and monetary system, this aspect becomes an absolute necessity. In this context, the succession of steps to create a non-emission (reserve) contour of the national financial system and financial instruments for its circulation is considered. 

The relevance. Monitoring of economic security has recently become increasingly important due to the emergence of new challenges and threats associated with the complication of the geopolitical situation. One of the methodological aspects of monitoring is the selection of a system of indicators and justification of their threshold values. The purpose of the article is to develop a methodology for threshold values of economic security. The subject of the study includes an analysis of existing approaches to defining the concept of threshold values and justifying their values for various monitoring models, as well as barriers that arise in the process of such justification, and finding ways to overcome them. novelty of the study: a new method is proposed that uses a three-threshold model of monitoring economic security, and the growth rates of various socio-economic indicators as indicators. The first threshold is the threshold of system survival, the second threshold is associated with a possible violation of the stability of the system. The third threshold determines the target value of the indicator. The theoretical and practical significance of the study lies in the creation of a reliable tool for positioning economic security indicators, which can be effectively used, among other things, for analysing and forecasting economic crises. 

The research objective of the article is to examine the institutional and technological constraints on the development of medium-sized businesses in Russia. The author introduces the concept of the “medium business trap” and analyses its relationship with digitalisation, monetary policy, and cultural context. The study analyses the factors supporting the persistence of this trap and assesses the potential for overcoming it by means of modern technologies, primarily, such as digital solutions, automation, and institutional reforms. Particular attention is paid to the cultural and historical factors, that shaped entrepreneurs’ economic behaviour, as well as to systemic constraints associated with money supply and labour productivity. Scientific significance of the article involves strategies for overcoming this trap based on institutional reforms and modern technologies, including blockchain, platform solutions, and automation. 

Relevance. The article presents the results of a study of the criteria and factors contributing to the success and failure of Russian fintech start-ups, as well as their important role in the development of the economy and the financial sector. The aim of the study was to identify and assess the impact of stakeholders’ coordinated activities on the success of Russian start-up projects. methods used by the authors involved empirical analytic methods, case studies, focus groups, surveys, in-depth interviews, and qualitative comparative analysis. Research results include an assessment of the state and prospects of financial technology development and the formation of a fintech ecosystem, as well as the problems of financing technological innovations in Russia. The authors have studied barriers to the growth of the Russian venture capital market and ways to overcome them. The article also presents the findings of 32 in-depth interviews with experts and entrepreneurs in the domestic fintech market, as well as a survey of owners and managers of 44 start-ups in the early or seed stage of business development. As a follow up of a thorough research, a list of 30 factors for startup success was compiled and seven configurations identified for potential estimation of either success or failure for the projects. The practical implication of the work lies in its potential use for participants in the startup ecosystem to increase the chances of success in the early stages of fintech projects. 

Relevance. In today’s increasingly complex socio-economic landscape, the strategic planning of regions in the Russian Federation requires re-evaluation of traditional approaches to developing a system of indicators. The objective of the article is to adapt the Balanced Scorecard concept to create a balanced system of indicators that ensures the consistency and adaptability of regional strategy in the context of digital transformation. Methods. The study is based on a systems and interdisciplinary approach, which combines theoretical analysis, correlation of strategic models, and elements of applied design. Scientific significance. The article presents the structure and principles to create a model, which combines program-targeted and project-based approaches into a single hierarchical architecture for assessing the implementation of regional development strategies. The authors substantiated its effectiveness and practical implication for management flexibility and improved transparency. Special emphasis is focused on incorporating digital monitoring and visualization tools. 

The relevance of the topic is determined by the growing role of intellectual capital as a key factor in the sustainable development of territorial socio-economic systems under the circumstances of digitalization and increasing interconnection of socio-economic processes. The purpose of this article is to develop a modified hierarchical model of intellectual capital reflecting the complex cause-effect relationships between its components and socio-economic indicators. Methods of the research include bibliographic analysis, systematization of indicators from regulatory documents, and synthesis of cognitive models. Scientific novelty lies in the integration of cognitive activity types into the structure of intellectual capital, including creative and innovative activity as a link between self-development and innovation. The results of the study indicate that intellectual capital should be viewed not as an isolated resource, but as a dynamic system capable of shaping development trajectories of territorial socio-economic systems. Practical significance: the findings can be used in decision-making processes related to regional development and in assessing the effectiveness of program tools. The model is universally applicable for economic analysis at both meso- and macroeconomic levels. Prospects for further research involve applied testing of the model in specific regions and refinement of the indicator set for different types of territorial socio-economic systems.

The object of the research is the living standard of population. The purpose of the article is to identify approaches to improve the purchasing power of employees as a key indicator of the living standard of the population and the quality of employment. The objectives include: (1) analysing the level and dynamics of purchasing power of employees based on wages (average and defined by the living standards); (2) determining the extent of employment that does not ensure the economic stability of households, as well as the average and higher living standard; (3) elaborating recommendations for improving the efficiency of state and internal corporate policies to increase employees’ purchasing power based on wages. Scientific novelty lies in a comprehensive analysis of the employees’ purchasing power as a systemic indicator of the quality of employment, in view of their differentiation by qualification groups and the presence of dependent burden. In addition, the authors provide solution to the problem of assessing the standard of living of households using the purchasing power indicator of the population. 

Relevance. Medical and wellness tourism plays a significant role in contemporary economics by shaping regional markets, attracting substantial financial resources, and fostering innovative developments in national healthcare systems. The purpose of the study is to reveal the mechanisms underlying the operation of medical tourism, and formulates practical recommendations for market participants. Research methods. The author uses a combination of theoretical-analytic and  empirical approaches: review of scientific literature and systematic analysis of publications and statistical materials; conceptual data modeling (ERD); use of Python programming tools for hypothesis testing, detecting trends and qualitative evaluation of prospective development of the industry. Scientific novelty. The paper presents new definitions and detailed comparison of various stages of development of medical tourism, highlighting contemporary risk factors and approaches to the integration of technologies that shape the circumstances for increasing the competitiveness of countries in the medical tourism market. Main results. Stages of transformation and dynamics of medical tourism’s development were established including cross-cultural dimensions and digitalizing of medical tourism. Practical Value. The article provides recommendations for shaping efficient strategy of medical tourism, optimizing of legislation, improving marketing strategies, etc. The findings can be useful for government bodies, leaders of medical institutions, and professionals in the field of medical tourism. 

The goal of the study is to assess the potential of AI tools in industrial software development. It is based on the analysis of the results of applied research of the main areas of AI application and the potential capabilities of AI in Europe in 2023-2025 were analyzed, and expert forecasts were compared with the actual state of affairs in the IT industry in mid-2025. As a research hypothesis the study suggests, that AI tools and their application techniques have reached the state of technological maturity to function as full-fledged tools for automating the work of virtually every member of a software development team. The objective includes determining the possibilities of practical application of AI tools in software development by mid-2025, taking into account a holistic analysis of the prospects of the industry’s development. Scientific novelty of the research represents comparison of previous forecasts by industry experts with the current state of affairs in the European IT industry. Furthermore, the research provides specific recommendations for implementing AI tools in the process of software development.