Home  Journals  Economic Analysis: Theory and Practice  32(383) - 2014 August

Identification of economic risks as a prerequisite for effective management

Available online: 28 August 2014

Subject Heading: Risk management

JEL Classification: 

Pages: 14-20

Efficiency in the management of open mixed economy includes both the public and private sectors, based on a diversity of ownership, legal forms, on the need to achieve the synthesis of its State regulation with market self-regulation. It is objectively and subjectively linked to the level and quality of the elimination of uncertainty (risks) of its functioning and development, in view of the time factor, in particular historical circumstances, in conditions of acute contradictions of globalization, increased competition for resources. The analysis of the economic literature, regulatory instruments, economic risk management practices shows that in the theory of economic risks there are still many unexplored loopholes and such components which get often analyzed from the most controversial methodological positions, leading to annoying inaccuracies, a certain loss of senses. Some important segments even remain outside the scope of not only theory but also educational literature. The authors draw particular attention to the fact that the economic risks are genetically typical of actors of the economy at all levels: individuals, families, organizations (commercial, non-commercial, domestic, foreign, mixed form of ownership), states, unions of states, the Union of humanity as a whole. Often, they are of a comprehensive, multicausal character which makes it difficult both to identify and to manage them. The latter is connected with the need and importance of accounting of not only transformation, but the transaction costs as well, what is virtually impossible to do in Russia now, since so far there is neither theory nor practice of their accounting. The authors propose to supplement the existing classification of economic risks and to add such risks as legitimate (non-legitimate), allocation, dynamic, structural, institutional, criminal, victim ones, etc. The authors offer new tracking key indicators (the theory of reflection), associated with the indigenous socio-economic interests of various economic agents. The authors also draw one's attention to the relevance of such blocks of the economic risks theory as genesis, implementation under perfect and imperfect competition, the analysis of the specific industries, clusters, complexes, economies of scale, economic benefits lifecycle, organizations, network effects, forms of ownership and management.

Keywords: economic risks, hazards identification, risk, novels, perfect, imperfect competition, mixed economy, globalization

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