TERRA ECONOMICUS, Vol. 24, No 1

p. 6-21
DOI: 10.18522/2073-6606-2026-24-1-6-21

Citation: Tolkachev S.A. (2026). Conceptual maneuvers of post-neoliberal economic policy or Why “professors” are no longer needed by “entrepreneurs”. Terra Economicus 24(1), 6–21 (in Russian). DOI: 10.18522/2073-6606-2026-24-1-6-21

Acknowledgment: The article was supported by the state assignment of the Financial University. The author thanks the students of the Financial University A.A. Smirnov and A.O. Sudakova for their assistance in collecting materials for the article.

The article examines the reasons for the diminished role of contemporary Western economic theory, specifically the neoclassical mainstream, in providing expert, analytical and predictive support for the practice of economic policy. Over the past three presidential administrations in the United States, policymaking has increasingly been delegated to so-called “political entrepreneurs” rather than relying on academic scholars, or “professors”, as characterized by Paul Krugman. A notable example of the failure of “professors’” recommendations is the approval of China’s accession to the World Trade Organization (WTO). The article highlights the issue of academic monopolism within the mainstream economic community, particularly among American economists, as a contributing factor to the disconnection between theoretical research and real-world policy implementation. This monopolism is evidenced by the dominance of certain publications in leading academic journals and the concentration of Nobel Prizes within a narrow circle of scholars. I also address the ideological function of economic theory, arguing that any economic framework inevitably reflects the ideological perspectives, values, and interests of politicians. The neoclassical mainstream’s denial of this inherent ideological dimension is criticized as an anti-scientific stance. The theoretical underpinnings of Stephen Miran, who served as the Chairman of the Council of Economic Advisers under President Biden’s second administration, are contrasted with those of the majority of “professors”. The article suggests that Trump 2.0’s perceived radicalism and austerity and antiscience nature, as seen from the perspective of US academics, aligns with the economic interests and ideologies of an emerging elite in America, the “digital industrialists”. It is anticipated that the vision of these digitalists for the economic order will shape a new economic theory in the foreseeable future.

TERRA ECONOMICUS, Vol. 24, No 1

p. 22-36
DOI: 10.18522/2073-6606-2026-24-1-22-36

Citation: Rozhdestvenskaya I.A., Tambovtsev V.L. (2026). Implementation of regional economic policy: An institutional approach. Terra Economicus 24(1), 22–36 (in Russian). DOI: 10.18522/20736606-2026-24-1-22-36

Regional economic policy captures the future of a country’s regions as desired by central government in the most generalized form. This creates a certain level of ambiguity in its formulation, which can lead to different interpretations of future paths of development among different levels of the public authorities, both state and municipal. Analyzing the process of regional policy implementation from the perspective of possible cognitive discrepancies caused by organizational structures and public administration rules shapes an organizational and institutional approach to studying this process. This article discusses existing interpretations of regional policies, as well as the stages of policy implementation. We also propose approaches to resolving ambiguities through the application of multiple streams framework developed in political process theory. At the same time, this article emphasizes the importance of incorporating the concept of opportunistic behavior from new institutional economics. Taking these concepts into consideration provides opportunities to develop recommendations for improving regional economic policies.

TERRA ECONOMICUS, Vol. 24, No 1

p. 37-52
DOI: 10.18522/2073-6606-2026-24-1-37-52

Citation: Vernikov A., Kurysheva A. (2026). A scholar at the service of a banker? Household financialization rhetoric in academic publications. Terra Economicus 24(1), 37–52 (in Russian). DOI: 10.18522/2073-6606-2026-24-1-37-52

We examine how Russian economists in their articles assess the financialization of households through consumer lending. The sample consisted of 106 academic texts published between 1998 and 2024 in journals included in the Russian Science Citation Index database. We aimed to identify their connotations with respect to consumer lending through sociological discourse analysis. The findings show that the research papers by Russian academic economists are far from being ideologically neutral. Most of these articles contain the elements which we interpret as a part of typical discourse apologizing the practice of lending to households, namely, developing and promoting the ideas of credit expansion of banks in the household sector. In this regard, economists are rather on the side of the lenders, the owners of financial capital, than on the side of the borrowers. The thrust of most economic texts differs from the rhetoric of other social scientists, who emphasize the negative social consequences of the household financializaton. The article contributes to the literature at the intersection of development economics, institutional economics and consumer economics. In practical terms, our findings relate to socio-economic policies to tackle with the problem of economic imbalances and disproportions caused by ongoing financialization and deindustrialization.

TERRA ECONOMICUS, Vol. 24, No 1

p. 53-70
DOI: 10.18522/2073-6606-2026-24-1-53-70

Citation: Vishnevsky V.P., Gurnak A.V. (2026). Tax incentives for technological sovereignty in the context of geo-economic fragmentation. Terra Economicus 24(1), 53–70 (in Russian). DOI: 10.18522/2073-6606-2026-24-1-53-70

The transition from globalization to geo-economic fragmentation seen as a politically driven process of dividing the global economy into competing blocks of countries and regions, emphasizes the issue of national technological sovereignty and creates opportunities and challenges. This article focuses on how tax policy instruments can be used to enhance the positive effects and mitigate the negative consequences of geo-economic fragmentation in the context of technology sovereignty. We explore the rationale for using tax instruments to address technology lifecycle challenges, foster growth poles and support the development of technology ecosystems. Then, we discuss policy directions for tax incentives to support technological development and strengthen Russia’s technological sovereignty. Three main directions for tax incentives include: (1) structural shifts in tax incentives for technology development, with an emphasis on the medium and later stages (growth, diffusion, and maturity) of the life cycle of critical technologies, as well as tax support for the timely and controlled market exit of obsolete and unsuccessful technologies; (2) the creation of a more favorable institutional environment for the functioning of technological development ecosystems through the recognition of innovators’ right to risk and the deterrence of rent-seeking behavior (including the institutionalization of excess profit taxation); (3) the design, calibration, and adjustment of new tax instruments to enhance supply chain security, ensure data sovereignty, protect confidentiality, and promote interstate technological alliances with friendly countries within the framework of regulatory sandboxes in special economic zones. This approach to state regulation of technological development implies tax policy oriented toward performance indicators and ensuring national technological sovereignty, neither toward immediate economic returns nor short-term budgetary efficiency targets.

TERRA ECONOMICUS, Vol. 24, No 1

p. 71-82
DOI: 10.18522/2073-6606-2026-24-1-71-82

Citation: Semenov E.V. (2026). The lost experience of forecasting and strategic planning of science and technology development. Terra Economicus 24(1), 71–82 (in Russian). DOI: 10.18522/20736606-2026-24-1-71-82

Studying the case of the Comprehensive Program of Scientific and Technical Progress (CP STP), the author examines the experience of scientific and technological forecasting and strategic planning of the 1970s and 1980s. The article highlights the practical utility of the CP STP for contemporary Russia. The features, advantages and disadvantages of the CP STP are indicated. The CP STP is an experience of independent strategic forecasting and planning of S&T development of a sovereign country. Such planning is based on a scientific understanding of the progressive development of national science and taking into account global trends and the real needs of the country. The CP STP is an experience of profound and science-grounded work performed by thousands of researchers in hundreds of organizations. The CP STP is a carefully calibrated and well-resourced project of technological modernization of the country, its transition from one technological condition to another. The CP STP is a mechanism of a real demand for science and of involving national S&T resources in the technological modernization of the country. At the same time, the CP STP is a rigid embedding of scientific and technological forecasting in directive administrative management, estrangement from society by means of the “For Official Use Only” (FOUO) designation at all stages – from preparation to application.

TERRA ECONOMICUS, Vol. 24, No 1

p. 83-98
DOI: 10.18522/2073-6606-2026-24-1-83-98

Citation: Fomin D.A. (2026). The history of secrecy in the context of wars: The case of the Soviet Union. Terra Economicus 24(1), 83–98 (in Russian). DOI: 10.18522/2073-6606-2026-24-1-83-98

Acknowledgment: The study is performed within the research and development plan stated by the Institute of Economics and Industrial Engineering of the Siberian Branch RAS. Project 126020516495-3, “Methodology and techniques for developing and substantiating priorities for investment, monetary and fiscal policies for the structural transformation of the Russian economy in new geopolitical conditions”.

The lack of studies on Soviet Union’s information policies, along with the absence of relevant comparative analyses across other countries, have given rise to numerous myths. Secrecy practices in the USSR were frequently misrepresented as a feature of totalitarianism and authoritarianism while disregarding the hostile external conditions in which the USSR existed for a significant portion of its history. Considering the all-encompassing nature of modern wars and the need to mobilize all the resources of the state, society, and economy, the Soviet Union, on the one hand, made colossal efforts to study the country’s military-industrial potential and the possibilities for its effective use. On the other hand, USSR designed a system of secrecy to prevent external evaluation of Soviet military-industrial capabilities and create a sense of uncertainty among hostile nations. The most open and information-intensive period in Soviet history was from the end of the Civil War to the mid1930s. In contrast, the most secretive period was the prewar era, spanning from the late 1930s to the end of the 1950s. Due to the development of nuclear weapons and delivery systems, the USSR escaped from prolonged military mobilization. However, the realities of the Cold War prevented the USSR from returning to its early level of state publicity until its collapse. Secrecy and informational opacity are standard practice in world history during prewar and wartime periods, aimed at protecting the state regardless of its ideology, political system, or governance structure. Denial of this fact, and, consequently, the neglect of Soviet legacy, has led to errors in state information and statistical policies during the preparation and execution of the special military operation in Ukraine.

TERRA ECONOMICUS, Vol. 24, No 1

p. 99-114
DOI: 10.18522/2073-6606-2026-24-1-99-114

Citation: Crowley-Vigneau A., Baykov A., Zhang T. (2026). Taking down a mammoth: Cooperation strategies of great and middle powers in challenging the hegemon. Terra Economicus 24(1), 99–114. DOI: 10.18522/2073-6606-2026-24-1-99-114

The paper investigates, through the analysis of original expert interviews, the conditions under which a group of great powers has emerged in the international system to challenge the hegemonic leader. The findings reveal that the current transition to a multipolar world order is fashioned by challengers which use the values, once promoted by the West, of equality, non-discrimination, self-determination, as well as the institutions originally designed to uphold them, to call out US conduct on the global stage and advance a new multipolar international decision-making model. The US appears as a mammoth, a representative of a past world order governed by coercion, that has lost its credibility as an international peace broker. Beyond cooperating between themselves to dislodge the hegemon, great powers are benefiting from the support of a group of rising middle powers who wish to see China and Russia take on the role of social stabilizer, global spokesperson, and economic leader.

TERRA ECONOMICUS, Vol. 24, No 1

p. 115-132
DOI: 10.18522/2073-6606-2026-24-1-115-132

Citation: Dzuba S. (2026). Analysis of macroeconomic indicators using cohesive data: Evidence from Japan. Terra Economicus 24(1), 115–132 (in Russian). DOI: 10.18522/2073-6606-2026-24-1-115-132

I analyze Japan’s macroeconomic indicators using the concept of cohesion. The results suggest that Japan’s real GDP is significantly lower than official statistics reports. Empirical evidence is provided by open-source macroeconomic data, input-output tables and energy balances. Due to the application of the concept of cohesion, these data are organized as a kind of “blockchain”. This enables cross-checking of data, the diagnosis of errors, the proposal of corrections, and, ultimately, enhances the confidence of the results. The findings confirmed that retroactive revisions of Japanese official statistics had taken place. I propose more accurate estimates of GDP, which are significantly lower compared to the official ones. I also show that the decline in GDP energy intensity observed in the official Japanese statistics is almost entirely explained by misrepresentation of inflation, rather than by increased energy efficiency.

TERRA ECONOMICUS, Vol. 24, No 1

p. 133-153
DOI: 10.18522/2073-6606-2026-24-1-133-153

Citation: Kalentarova J.D., Rozmainsky I.V., Solovyova A. (2026). Procyclicality of the private sectordebt in the United Kingdom. Terra Economicus 24(1), 133–153 (in Russian). DOI: 10.18522/2073-6606-2026-24-1-133-153

Paper analyzes the procyclicality of debt of the UK private economic agents, including non-financial andfinancial corporations, as well as households – for the period from 1987 to 2023. A theoretical explanation ofthis phenomenon can be found both in the conception of a financial accelerator and the financial instabilityhypothesis. To substantiate empirically the existence of the procyclicality of debt, we analyze data on six debtratios, GDP and the key interest rate, while using cointegration methods. The main result of the analysis is toconfirm the hypothesis of a positive relationship between GDP dynamics and debt levels, which indicates thesynchronicity of debt cycles and business cycles. At the same time, the debt ratios demonstrated a differentintensity of reaction to macroeconomic shocks. Financial corporations, due to their dependence on short-termrefinancing, have shown higher volatility compared to the non-financial sector. The phases of economic recoveryare accompanied by an active increase in borrowing, whereas during recessions, credit contraction exacerbatesrecessionary tendencies. The high rate of correction to equilibrium revealed in error correction models indicatesthe adaptability of the system. The significance of the study for Russia is that it allows us to formulate criteriafor analyzing the procyclicality of debt for the Russian economy and to justify a suitable set of monetary policymeasures for financial stabilization if such a procyclicality occurs. The article aims to fill a research gap, since bothin Russian-language and English-language literature debt procyclicality is a rare topic for empirical research.