Vinogradova A.V.Lobachevsky State University of Nizhny Novgorod - National Research University, Nizhny Novgorod, Russian Federation avv21@yandex.ru
Importance The subject of the research is the rental income generated by the Russian oil and gas complex. Objectives The article aims to study the development of a new method for the natural rent specification exemplified by the Russian oil and gas complex on the basis of improving the existing approaches. Methods Graphical and mathematical modeling, system and functional analyses, the basic tools and techniques of neo-Keynesian and institutional direction of economic thought served as a methodological basis of the research. The relevance of the study is confirmed by the strongly pronounced orientation of the modern Russian economy to the exploration of mineral, raw and other natural resources. The article provides a comparative analysis of the natural resource rent specification methods, which were proposed by various scientists. I propose a new method of calculating the rental income based on defining economically substantiated factors of incomes and excluding the X-inefficiency impact on the Russian oil and gas complex expenditures. Using this method, I implement retrospective calculations of rental income in the Russian oil and gas complex. The paper provides a comparative analysis of profit and profitability indicators in oil production, oil refining and petro-chemistry sectors. I propose institutional recommendations aimed at overcoming the X-inefficiency in the oil and gas industry, and developing the Russian natural potential, at innovative development of the industry as a way to control the country's rental potential. Results The performed analysis enables to show the importance of the oil and gas complex in modern Russia, to identify its possibilities to stabilize the economy, to increase budgeting revenues, to improve the well-being of citizens, as well as to encourage producers to use rationally the limited resources. Conclusions and Relevance I also underline that the main points of the study can be used in teaching economic disciplines.
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