This study is dedicated to the author’s final scientific work and is published in the journal in memory of the renowned scientist. Aim. This study aims to substantiate the influence of the market system on the formation of “economic workers” as principally new participants of social reproduction. Tasks. This study examines different approaches of academic economists to the interpretation of the “homo economicus” concept in the economic science and provides basic recommendations for the building of a civilized state structure in the Russian Federation within the framework of the concept under examination. Results. This study proposes the author’s view of A. Smith’s characterization of market participants as “homo economicus” who can organize and successfully manage their own production under the new market conditions not only for the sake of maintaining their own existence and providing for their families, but also in order to increase national wealth and well-being by the “invisible hand of the market” (through taxes, job positions, economic development, etc.). “Homo economicus” is viewed as a political and economic phenomenon of a fully functioning market system of management, particularly against the backdrop of market reforms in the countries of the former Soviet Union. This study expands on the dialectics of the way the notion of “homo economicus” evolved through the works of K. Marx, A. Marshall, J. M. Keynes, V. I. Lenin, J. Schumpeter. Specific measures for increasing the role and importance of economic education and economic knowledge for the purpose of sustainable development of social production, improving national well-being and boosting the confidence in the authorities.

This study examines the main directions in the innovative development of the Russian healthcare institutions and proposes ways to improve them. Aim. This study substantiates the need for an innovative system of multidisciplinary medical institutions. Tasks. This study identifies the main problems of the innovative development of healthcare in Russia; determines innovative approaches to the achievement of sustainable development of healthcare institutions under modern conditions; and proposes means to improve the innovative activity of medical institutions based on a system approach that would contribute to the development of high-tech medical care. Methods. This study uses general methods of scientific cognition to examine the main directions of the Russian policy of innovative healthcare development and the dynamics of the development of high-tech medical care and its practical application in various aspects. Furthermore, it determines the trends peculiar to the current condition and development of healthcare institutions. Results. This study reviews main directions of innovative healthcare development in Russia. Furthermore, it indicates the effect of innovative activity on the provision of high-tech medical care. In addition, it presents deterrents to the development of innovative activity in healthcare institutions. According to the authors, the application of a system approach is the key direction in the innovative development of healthcare institutions. This study substantiates the need for an innovative system of multidisciplinary medical institutions. Moreover, it provides a definition for the innovative system of healthcare institutions and presents its constituent subsystems. Conclusion. The formation of an innovative system of healthcare institutions in Russia is crucial to improve the quality of medical services in the country. It requires a combination of research, education, and practice; cooperation with academic medical organizations and business structures; and development of public-private partnership in healthcare.

This study focuses on determining the trends and prospects of tourism industry development in the context of a dynamic transition towards domestic tourism, includingrural tourism. Aim. This study aims to examine the domestic tourism complex as a multisectoral functional subsystem of regional economy and determine its basic functions and interconnections. Tasks. This study identifies key factors and conditions for the development of domestic tourism in Russia and the Republic of Belarus and analyzes the resource potential of rural tourism development in the Smolensk region. Methods. The theoretical and methodological basis of this study includes general scientific research methods (comparison, analysis and synthesis, analogy), works of the leading Russian and foreign scientists, materials and recommendations from scientific conferences, symposia, and seminars. Results. Integral estimation of the recreational areas and resource potential of domestic tourism is performed; key factors for domestic tourism development in Russia and the Republic of Belarus are identified with regard to the solution of crucial socio-economic problems; recreation and tourism potential of the Smolensk region is analyzed with the formation of a matrix for a SWOT analysis of the region’s recreation and tourism sector; ways of improving the efficiency of domestic tourism are substantiated, including statutory regulation, organizational measures, infrastructure development, and formation of a professional management and marketing system in this field. Conclusion. Rural tourism is currently on the rise, engaging more and more employees and customers in its activities. The forms of rural tourism as well as approaches to its development differ across various countries and regions. The domestic tourism industry in the Russian Federation and the Republic of Belarus is underdeveloped due to unresolved issues.

The post-industrial and neo-industrial innovation strategies require additional institutions. Future-oriented key institutions facilitating the formation of an institutional innovative environment adequate to the post-industrial economy must be established according to the strategies for socio-economic development of the Russian macroregions (federal districts). There is a certain potential for the implementation of a breakthrough and neo-industrial innovative strategy partly in both scientific and innovative results, yet it is not enough for a substantial shift in the innovative development. Aim. This study aims to substantiate institutional development for a successful transition to post-industrial economy. Tasks. This study determines major problems preventing accelerated economic development; identifies key institutions according to the principles of scientific innovation process organization in the strategies of federal districts. Results. Key institutions of innovative development are identified, including key institutions and institutional environments for the organization of a scientific innovation process. It is substantiated that the implementation of innovative strategies in Russia and its macroregions requires special institutions.

In early September 2016, the 2nd Eastern Economic Forum was held on Russky Island. It generated great interest in spite of the sanctions imposed on Russia and an anti-Russian campaign waged by the foreign media. The Forum was attended by major business leaders from 56 different countries. The results of the Forum were equally impressive: in two days, over 214 agreements were signed, totaling RUB 1.85 billion. This proves that not only Russia, but the East Asian countries as well turned to their far eastern regions. Aim. This study aims to analyze the results of the Eastern Economic Forum. Tasks. This study examines new investments projects and agreements signed at the Forum and the importance of new structures - priority development areas (PDA) and the Commercial Port of Vladivostok, which was granted the status of a “free port” in 2016. Results. The analysis proves the contribution of public and private companies to the technology-driven reindustrialization of the Russian Far East as a result of economic relations with highly developed Japan and the Republic of Korea. It is established that the Eastern Economic Forum improves the political image of the Russian Federation as well as its economic capabilities.

This study focuses on examining the trends in enterprise development in the context of deeper integration of the global economic system. Aim. This study aims to determine the parameters and trends of entrepreneurial development under current geopolitical conditions based on the traditional management research methods. Tasks. Monitoring of economic indicators and their dynamic pattern in the context of changing internal and external environment allows regional authorities to develop and implement a business support program in order to resolve socio-economic problems and give the Russian economic model a competitive edge in the long term. At this stage, it is vital to clearly define the proportions of public enterprises and private companies in terms of their potential capabilities of producing revenue for regional budgets. Methods. This study uses general methods of scientific cognition to examine trends associated with the current state and development of enterprises under the modern conditions of integration in various aspects. Results. Under modern condition, Russia needs to develop tools for enterprise support at a regional level as they create a competitive environment in the real sector, providing a solution to the socio-economic problems of the region. The selection of priority directions in the regional model of economic growth makes it possible to distribute investment flows across the most promising segments in terms of producing revenue for the regional budget. Conclusion The production process associated with the entrepreneurial activity must constantly consider the existing and potential risks. Therefore, the management system should keep track of the emerging risk situations and limitations that affect the entrepreneur’s profit. The modern geopolitical conditions make it necessary to create conditions for the support and development of entrepreneurial activity in the real sector of the Russian economy.

Aim. This study aims to substantiate the correlation between the financial management at a small enterprise and the development of small and medium business in general. Tasks. This study identifies the main problems in the development of small enterprises under modern conditions and analyzes their effect on the system of financial management at an enterprise. Results. According to the unchanged statistics, throughout the years the number of small enterprises in both Russia and developed countries (United States, members of the European Union) has been above 90% of the total number of organizations, while medium enterprises account for just 2%. This proves that state support measures aimed at combating external factors in order to enhance and develop small and medium business are far from effective. Therefore, it can be concluded that external factors are nor decisive for the development of small enterprises, and the problem itself is internal. It is associated with the personality of the entrepreneurs, their entrepreneurial talent or lack thereof, and their capability of comprehending and processing information flows of the enterprise. Failure to timely detect and solve the informational challenge prevents an entrepreneur from having enough time required for effective management of the enterprise and its finances. On the other hand, financial management at a small enterprise can be inefficient largely due to the lack of corresponding financial education among entrepreneurs, while most educational resources that are supposed to fill this gap in knowledge are focused primarily on solving the problems of large business. This complicates the perception of information during training courses and often makes the obtained knowledge completely inapplicable to small enterprises. It seems that a positive vector in the development of small enterprises (both in Russia and abroad) and the increased efficiency of financial management at small enterprises can be achieved by solving the two aforementioned problems, i.e. by overcoming the “informational challenge” and by changing the methods of teaching financial disciplines that would provide the required professional knowledge in the field of financial management to entrepreneurs.

Aim. This study aims to determine the characteristic features of cluster formation and development through the example of the pharmaceutical industry. Tasks. 1) To determine the nature of the concepts “cluster” and “pharmaceutical cluster”; 2) to identify the components of the structure of a pharmaceutical cluster; 3) to analyze the role of the government in the formation of a pharmaceutical cluster, substantiating its development with the examples of world practices. Methods are based on the analysis of scientific and analytical publications on the subject, which makes it possible to solve the above tasks and eventually achieve the set goal. Conclusion. Evidence-based policy of cluster support is an effective tool for enhancing the competitiveness of the industry on the global scale, increasing innovative potential and economic growth rate in the regions, and ensuring sustainability and economic independence in the context of import substitution and globalization.

The authors examine the problems of the analytic hierarchy process based on the generalized experience of application of this technique. Aim. This study determines the pros and cons of the analytic hierarchy process (AHP). Tasks. This study determines the cause of the incorrectness inherent to the AHP and develops guidelines to address these issues. Particular attention is paid to the Saati scale, which is fundamental to the technique, and the problem of a “perfect” expert. Methods. This study uses logical analysis, statistical evaluation methods, and theory of ordered sets. Results. This study indicates that the ratio scale is not invariant and that the conformity relation that uses the notion of the “perfect” expert cannot be applied as a criterion for the evaluation of expert work. Conclusions. The technique is a set of procedures, most of which need to be revised. Proposals on the improvement of the technique are formulated.

This study examines the aspects of the functioning of the loan market at the current stage and analyzes its structure, features, and segments. Aim. This study determines the features of loan market functioning that can be exploited in the business activities of the private economy. Tasks. This study analyzes the need for the national private economy to attract resources to the loan market, segments the loan market in accordance with the current trends in the development of the credit market and securities market, determines the correlation between the segments of the loan market, and summarizes the features of its functioning. Methods. This study uses general methods of scientific cognition to analyze the structure of the loan market in various aspects and identify the features in the development of the loan market, which has fundamental, technical, and technological peculiarities for the private economy in terms of fund raising. Results. This study provides a structure of the loan market based on the segments of different markets, analyzes the correlation between the segments, and determines the features of the functioning of the modern loan market that provide a rationale for the decisions taken by the private economy during the implementation of fundraising strategies for developing a business and increasing its worth. Conclusion. The analysis of the loan market reveals the most effective ways of fundraising for the private economy for maintaining the balance between the demand and supply for the priority development of the Russian economy.

This study is aimed at examining the foreign economic activity of Russian metallurgical companies amid poorly predictable changes in the external environment that make it necessary to identify and keep track of major risks that affect the results of the business activity of enterprises. Aim. This study aims to propose the author’s approach to identifying and assessing the risks of a metallurgical company using a system prediction model. Tasks. This study identifies internal and external risks that have a direct or indirect influence on foreign economic activity; determines key supporting factors for foreign economic activity indicators; and pinpoint the most sensitive foreign economic activity indicators during the implementation of adverse scenarios of external environment transformation. Methods. Major single and multiple external and internal risks within the framework of the most likely adverse scenarios over the next seven years are identified using weighted directed graphs based on a multi-factor calculations cycle of a prediction model. The results of the modeling allow identifying the most dangerous risks threatening the foreign economic activity of a metallurgical company, which include: macroeconomic, political, industrial economic risks and risks of sanctions imposed on Russia. Summary of the modeling results allow factors supporting factors for foreign economic activity indicators during the implementation of adverse scenarios of external environment transformation. Conclusion. The obtained results allow managers to preempt the implications of the realization of major risks and develop managerial solutions that would reduce negative implications.