Mesolevel and Hierarchical Structure of the Economy

• Main Author: Vladimir I. Maevsky
• Format: Article
• Language: English
• Published: Ltd. "Humanities Perspectives" 2018-09-01
• Series: Журнал институциональных исследований
• Subjects: mesolevel of economy; mesoeconomics; hierarchical structure; organization; transmission mechanism
• Online Access: http://hjournal.ru/files/JIS_10_3/JIS_10.3_2.pdf

The thesis is grounded that any market economy, on the one hand, has a system of horizontal links between economic agents and is capable of self-organization. On the other hand, contrary to the opinion of the liberal economists, is endowed with signs of a hierarchically organized system, i.e. a system consisting of several levels, where each level is governed by a higher level. In the case of a hierarchical organization, macro-level entities are not statistical aggregates of the GDP type, but quite specific macroeconomic organizations such as the Central Bank, The Federal Tax Service, the Ministry of Economic Development, etc. Since macroeconomic organizations, as a rule, do not directly influence the behavior of micro-level entities, one can assert that the existence of the meso-economic organizations (banks, securities markets, insurance companies, etc.) is an objective given to be studied by meso-economic theory. In this context, the problem of the modeling the transmission mechanism of monetary policy is topical: within the framework of a hierarchically organized economy, this mechanism must also be hierarchically organized. At present, the Bank of Russia has a set of transmission mechanism models that consider the hierarchy principle.