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original papers : A model of Russia's "virtual economy"

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  • Richard E. Ericson
  • Barry W. Ickes

Abstract

The Russian Economy has evolved into a hybrid form, a partially monetized quasi-market system that has been called the virtual economy. In the virtual economy, barter and non-monetary transactions play a key role in transferring value from productive activities to the loss-making sectors of the economy. We show how this transfer takes place, and how it can be consistent with the incentives of economic agents. We analyze a simple partial-equilibrium model of the virtual economy, and show how it might prove an obstacle to industrial restructuring and hence marketizing transition.

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  • Richard E. Ericson & Barry W. Ickes, 2001. "original papers : A model of Russia's "virtual economy"," Review of Economic Design, Springer;Society for Economic Design, vol. 6(2), pages 185-214.
    • Handle: RePEc:spr:reecde:v:6:y:2001:i:2:p:185-214
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    Cited by:

    1. Boettke Peter J. & Butkevich Bridget I., 2001. "Entry and Entrepreneurship: The Case of Post-Communist Russia," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 11(1), pages 1-26, March.
    2. Virgil Henry Storr & Bridget Colon, 2015. "Subalternity and entrepreneurship: tales of marginalized but enterprising characters, oppressive settings and haunting plots," Chapters, in: Laura E. Grube & Virgil Henry Storr (ed.), Culture and Economic Action, chapter 15, pages 337-354, Edward Elgar Publishing.

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