The article provides a critical analysis of the main cliches and stereotypes surrounding modern economics. Using the work of the 2024 Nobel laureates D. Acemoglu, S. Johnson, and J. Robinson (AJR) as a case study, it is demonstrated that the modern mainstream economics does not conform to the numerous caricatures still drawn of it by critics. It is argued that the popularity of these economists is due not so much to the originality of their approaches, but rather to their excellent command of rhetorical techniques, which allows them to successfully communicate with different audiences and create compelling narratives for them. The authors highlight three contentious features of AJR’s research style:
(1)    compensating for a lack of theoretical novelty through empirical testing of already known historical “cases”; (2) offering an excessively liberal interpretation of the works of their predecessors; (3) suppressing research results from other scholars that are inconvenient for their interpretations. It is shown that the narrative of empirical rigor in their ideas, skillfully promoted by AJR, is, on the one hand, in tune with the challenges of the time, and on the other hand, deprives the subject area of economics of its distinctiveness, making it hardly distinguishable from other disciplines.

The study of rationality in economics is developing in two directions. On the one hand, under the influence of long-standing criticism, institutional and behavioral factors have been actively integrated into formal models of rational choice, thereby strengthening the mainstream. On the other hand, mainstream rational choice theory is being criticized by alternative theories exploring ecological, inclusive, and enactive rationality. These approaches shift attention from the structure of preferences and the cognitive limitations of individuals to their adaptation to the environment through the use of heuristics, social interactions, and institutions. The current consensus on rationality will change under the influence of developments in cognitive science and the associated research program of extended cognition (4E-cognition). 4E-approaches emphasize the active agency of individuals, the immersion of thinking in the external environment and the dynamism of interactions with it, the critical role of social cognitive systems and cognitive institutions in rational choice.

The global monetary and financial system is undergoing transformation, and new technologies are playing a significant role in this process, contributing to the development of digital currencies. New opportunities offered by these currencies are becoming an important tool for countries to strengthen their positions in the world, as the old relationships are fragmenting and new centers of power are emerging. At the same time, the increased level of geopolitical instability in the world, the excess liquidity in the global economy, the overheated stock markets in the United States, and closer interconnections of financial markets of different countries underscore the need to create alternative points of support. In Russia, monetary and fiscal approaches which are not flexible enough limit the possibilities to fully use domestic mechanisms of development. However, there are untapped mechanisms that could improve the conditions for businesses and contribute to economic growth.

The article presents an institutional approach to the study of corporate culture at the firm level. The study fills a gap arising from the lack of a systematic approach to measuring firm culture that would be comparable with macro-level models and take into account the specific features of the Russian business context. The paper provides a critical analysis of existing evolutionary and discrete methods for measuring corporate culture and describes a methodology for assessing a firm’s cultural code. It sets out the characteristics of the corporate culture model and the results of its testing in two large Russian companies. The article also discusses approaches to incorporating culture at the micro level. The findings demonstrate that the proposed methodology makes it possible to capture variation in cultural profiles both across industries and within firms, confirming the absence of a universal “ideal” type of culture and underscoring the importance of adapting culture to the specifics of a firm’s activities and to the formal institutions operating within the company.

This paper provides empirical confirmation of the hypothesis that households’ debt burden negatively affects their consumption. We used representative data from the longitudinal All-Russian household survey on consumer finance. It is shown that consumer spending is positively determined by the behavioral characteristics of the head of household — control of spending, financial literacy and the ability to adapt to changing conditions. Under-reporting of household income leads to the decrease of consumption inequality among households. In addition, the data confirm the assumption of a “debt overhang” associated with possible credit constraints and precautionary savings motive, due in part to the fact that the sample covers both the COVID period and the period of 2022—2024. Households prefer to reduce consumer spending in order to direct the freed-up income to debt servicing and/or savings to insure against income shocks, which is consistent with Carroll’s buffer-stock theory. The presented econometric models and results are comprehensively assessed on the microdata for Russia for the first time.

The present study analyses the impact of the 2022—2023 external shock on the consumption structure of Russian households, with a focus on the role of subjective assessments of well-being. The consumption structure of Russian households consists of five categories of expenditure: food at home, out-of-home food, alcohol, non-food goods, and services. Data from the 27th—32nd waves of the Russian Longitudinal Monitoring Survey — HSE University were used as the empirical basis. Based on changes in self-assessments of their financial situation, households are divided into three groups: those whose financial situation has improved, those whose financial situation has remained unchanged, and those whose financial situation has deteriorated. For econometric modelling, a modification of the Engel curve is applied, utilizing models with both fixed and random effects, in addition to the Tobit model. The results show that under the impact of the 2022—2023 external shock, all household groups reduced their spending on non-food goods, which we attribute to a decline in imports and the departure of foreign companies. We found an increase in spending on services, especially among households whose situation has deteriorated, which is attributed to the indexation of tariffs for essential services. With regard to the role of subjective assessments of well-being, all household groups differ in their responses to shocks and their adaptation strategies.

The study identifies current issues and presents the areas for improving the federal equalization system in Russia. The effectiveness of equalization transfers determines the possibilities of achieving public policy goals, including national development goals. Long-term trends in interregional differentiation by the level of fiscal capacity of Russian regions have been identified. The low volume of equalizing transfers has been illustrated, taking into account price dynamics and the previous rules for calculating the total volume of transfers. The criteria for the effectiveness of intergovernmental equalization are formulated. The disadvantages of the federal policy have been identified. They are expressed in the violation of each of the four rules: (1) the stability of the methodology; maintaining ranks of the regions; (3) following only objective indicators; (4) priority of equalizing over stimulating. The identified shortcomings not only complicate the equalization, but also make it less transparent and predictable. Therefore, it is too early to speak of an effective federal intergovernmental equalization in Russia. The current policy of equalization is successful in reducing the gap between regions in terms of budget revenues compared to the situation before the equalization. However, further reduction of the gap will require not only an increase in the total amount of transfers, but also a correction of the identified shortcomings while maintaining the advantages achieved. This will improve the effectiveness of intergovernmental regulation and prospects of achieving the goals of public policy.