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[full article and abstract in English] An everlasting debate over the economic policies to be implemented in the face of economic recessionstends to intensify every time such a crisis strikes. Two notably opposite schools have emerged: one thatrepresent those who advocate for quantitative easing and increased government spending, and another thatcalls for austerity measures and disciplined public finance. The available empirical evidence cannot supply adefinite solution to the spending vs. austerity debate if just one answer is to be provided, as there are numeroushistorical experiences when either strategy had worked or failed. The aim of this paper is to examine and assessthe arguments of both schools of economic policies, to highlight the essential drawbacks and limitations ofboth and to identify the specific conditions under which each of the policy type can bring the desired impact.It is argued that both of the policy approaches rely on particular implicit assumptions and, if implementedrecklessly, are liable to fail or create negative side-effects. A discussion of the relative merits and shortcomingsof both types of recipes for curing economic recessions is illustrated by the references to the empirical historicalcases. The main conclusion that stems out of the analysis is that a somewhat "medical approach" should befollowed while attempting "to cure" ailing economies: regardless that the symptoms of a slump might be quitesimilar, one should start with an attempt to diagnose the underlying causes of the economic malady at hand,followed by the assessment of a "patient's" health status, and only then proceed to the selection of an appropriate"cure" and treatment procedure.

An everlasting debate over the economic policies to be implemented in the face of economic recessions tends to intensify every time such a crisis strikes. Two notably opposite schools have emerged: one that represent those who advocate for quantitative easing and increased government spending, and another that calls for austerity measures and disciplined public finance. The available empirical evidence cannot supply a definite solution to the spending vs. austerity debate if just one answer is to be provided, as there are numerous historical experiences when either strategy had worked or failed. The aim of this paper is to examine and assess the arguments of both schools of economic policies, to highlight the essential drawbacks and limitations of both and to identify the specific conditions under which each of the policy type can bring the desired impact. It is argued that both of the policy approaches rely on particular implicit assumptions and, if implemented recklessly, are liable to fail or create negative side-effects. A discussion of the relative merits and shortcomings of both types of recipes for curing economic recessions is illustrated by the references to the empirical historical cases. The main conclusion that stems out of the analysis is that a somewhat "medical approach" should be followed while attempting "to cure" ailing economies: regardless that the symptoms of a slump might be quite similar, one should start with an attempt to diagnose the underlying causes of the economic malady at hand, followed by the assessment of a "patient's" health status, and only then proceed to the selection of an appropriate "cure" and treatment procedure.

An everlasting debate over the economic policies to be implemented in the face of economic recessions tends to intensify every time such a crisis strikes. Two notably opposite schools have emerged: one that represent those who advocate for quantitative easing and increased government spending, and another that calls for austerity measures and disciplined public finance. The available empirical evidence cannot supply a definite solution to the spending vs. austerity debate if just one answer is to be provided, as there are numerous historical experiences when either strategy had worked or failed. The aim of this paper is to examine and assess the arguments of both schools of economic policies, to highlight the essential drawbacks and limitations of both and to identify the specific conditions under which each of the policy type can bring the desired impact. It is argued that both of the policy approaches rely on particular implicit assumptions and, if implemented recklessly, are liable to fail or create negative side-effects. A discussion of the relative merits and shortcomings of both types of recipes for curing economic recessions is illustrated by the references to the empirical historical cases. The main conclusion that stems out of the analysis is that a somewhat "medical approach" should be followed while attempting "to cure" ailing economies: regardless that the symptoms of a slump might be quite similar, one should start with an attempt to diagnose the underlying causes of the economic malady at hand, followed by the assessment of a "patient's" health status, and only then proceed to the selection of an appropriate "cure" and treatment procedure.

An everlasting debate over the economic policies to be implemented in the face of economic recessions tends to intensify every time such a crisis strikes. Two notably opposite schools have emerged: one that represent those who advocate for quantitative easing and increased government spending, and another that calls for austerity measures and disciplined public finance. The available empirical evidence cannot supply a definite solution to the spending vs. austerity debate if just one answer is to be provided, as there are numerous historical experiences when either strategy had worked or failed. The aim of this paper is to examine and assess the arguments of both schools of economic policies, to highlight the essential drawbacks and limitations of both and to identify the specific conditions under which each of the policy type can bring the desired impact. It is argued that both of the policy approaches rely on particular implicit assumptions and, if implemented recklessly, are liable to fail or create negative side-effects. A discussion of the relative merits and shortcomings of both types of recipes for curing economic recessions is illustrated by the references to the empirical historical cases. The main conclusion that stems out of the analysis is that a somewhat "medical approach" should be followed while attempting "to cure" ailing economies: regardless that the symptoms of a slump might be quite similar, one should start with an attempt to diagnose the underlying causes of the economic malady at hand, followed by the assessment of a "patient's" health status, and only then proceed to the selection of an appropriate "cure" and treatment procedure.

An everlasting debate over the economic policies to be implemented in the face of economic recessions tends to intensify every time such a crisis strikes. Two notably opposite schools have emerged: one that represent those who advocate for quantitative easing and increased government spending, and another that calls for austerity measures and disciplined public finance. The available empirical evidence cannot supply a definite solution to the spending vs. austerity debate if just one answer is to be provided, as there are numerous historical experiences when either strategy had worked or failed. The aim of this paper is to examine and assess the arguments of both schools of economic policies, to highlight the essential drawbacks and limitations of both and to identify the specific conditions under which each of the policy type can bring the desired impact. It is argued that both of the policy approaches rely on particular implicit assumptions and, if implemented recklessly, are liable to fail or create negative side-effects. A discussion of the relative merits and shortcomings of both types of recipes for curing economic recessions is illustrated by the references to the empirical historical cases. The main conclusion that stems out of the analysis is that a somewhat "medical approach" should be followed while attempting "to cure" ailing economies: regardless that the symptoms of a slump might be quite similar, one should start with an attempt to diagnose the underlying causes of the economic malady at hand, followed by the assessment of a "patient's" health status, and only then proceed to the selection of an appropriate "cure" and treatment procedure.

The paper attempts to discuss and evaluate the potential of Lithuanian economic thought in the light of an increasing competition in the opening global "intellectual market". Past and present of Lithuanian economic profession, as well as factors that influenced path of its development and determine the present status are extensively analyzed here. The conclusion is that despite many positive developments Lithuanian economics at large is still at the stage that deserves "infant industry" status, and that urgent motivators are imperative to promote its advance to the internationally acceptable academic level.One has to recognize the fact - however painful - that so far Lithuania was a kind of European province as far as the mainstream of the world economics development was concerned. Studies of economics in Lithuania had to be started virtually from scratch in 1920's. Twenty years later the influx of modern economic ideas to Lithuanian academics and practice was brutally stopped by the events of WW2 and the subsequent Soviet occupation. During the whole Soviet period development of the Lithuanian economic thought was severely constrained by the enforced "straightjacket" of Marxism-Leninism. The crumbling down of the Soviet system and regained independence brought welcomed freedom to the economic thought, however this was not followed by the immediate jump in the quality of economic research. Twelwe years later East-West asymmetries in economic profession are still clearly visible. The main reasons for that are: inadequate remuneration of scholars that forces academic economists to look out for an additional job as source of supplementary income, and effectively discourages promising potential researchers from joining academics; lack of quantitative analysis skills by majority and English language skills by the considerable number of Lithuanian economists; poor library facilities and research infrastructure.The progress and future of Lithuanian science in economics heavily depend on the following factors: prevention of the "brain drain" from the local academic institutions to the private and government sector (internal 'brain drain') and abroad (external 'brain drain'); stimulation of "brain influx" via provision of incentives for a young promising graduates to stay in academics; adoption of special "infant industry" status for the economics profession in Lithuania. ; Straipsnyje glaustai apžvelgiama ir kritiškai įvertinama Lietuvos ekonomikos mokslo būklė - praeities, dabarties ir ateities raidos tendencijos - pasaulio ekonominės minties plėtros ir globalizacijos iššūkių "žmogiškajam kapitalui" kontekste. Teigiama, kad ekonomikos mokslo potencialo požiūriu Lietuva vis dar deja, tebėra visiškai nekonkurencinga pasaulinėje mokslo rinkoje, kartu mėginama paaiškinti šią padėtį lėmusius ir tebelemiančius veiksnius. Aptariant padėtį ir ją lėmusius veiksnius svarstoma, kaip būtų galima spręsti Lietuvos ekonomikos mokslą kamuojančias problemas.

The previously introduced idea of a universal "pollution currency" that should be used for "payments" for the right to emit specified types of pollutants into air or water (see previous volume of "Ekonomika") is developed here. It is demonstrated that the universal and transferable emission coupons (UTEC) concept actually integrates the main advantages of emission taxes and marketable pollution permits systems, while avoiding some of their less desired qualities. ; Straipsnio tęsinyje išsamiai aptariami "taršos valiutos" modelio bruožai, pateikiama potencialių jo taikymo problemų ir pastarųjų sprendimo būdų analizė. Suprastintu optimizaciniu modeliu parodoma, kad "bendrieji taršos kuponai" tenkina būtiną optimalaus, lėšas minimizuojančio taršos kontrolės krūvio paskirstymo teršėjams sąlygą: visų taršos šaltinių ribinės kontrolės išlaidos susilygina. Detaliai nagrinėjami galimi numatomo teršalų tarpusavio pakeitimo, naujo valdymo metodo keliama potenciali grėsmė ekologiškai efektyviam taršos paskirstymui per laiką ir erdvėje, siūlomi šios grėsmės sušvelninimo būdai. Parodoma, kad "bendrieji taršos kuponai" pasižymi daugeliu "tradicinei" valiutai būdingų bruožų, o tai atveria plačių finansų politikos arsenalo instrumentų (deponavimo, kreditavimo, emitavimo, keitimo kurso reguliavimo ir pan.) taikymo taršai valdyti galimybių.Argumentuojama, kad "bendrųjų taršos kuponų", t. y. savotiškos "taršos valiutos", modelis sujungia svarbiausius taršos leidimų ir mokesčių už taršą sistemų pranašumus, kartu jam nebūdingi kai kurie esminiai šių taršos valdymo metodų trūkumai.

The idea of a universal "pollution currency" that should be used for "payments" for the right to emit specified types of pollutants into air or water is introduced. It is argued that the universal and transferable emission coupons (UTEC) concept actually integrates the main advantages of emission taxes and marketable pollution permits systems, while avoiding some of their less desired qualities."Numerous opportunities exist to improve environmental protection and natural resource management with incentive-based policy reforms, but they must be assessed on a case-bycase basis" (Project 88/Round II, U.S. Congress). ; Straipsnyje pristatomas ir pagrindžiamas konceptualus ekonomiškai efektyvios aplinkos taršos valdymo sistemos modelis, besiremiantis originalia "taršos valiutos", naudotinas mokėjimams už teisę teršti orą ar vandenį, įvedimo idėja. Lietuvos pavyzdžiu svarstomos modelio praktinio taikymo galimybės.Straipsnio pradžioje pateikiama glausta kritinė dabar Lietuvoje veikiančios gamtonaudos valdymo sistemos apžvalga, atskleidžiami šios sistemos trūkumai ir gvildenamos jų priežastys. Apibūdinamos politinės ir ekonominės jos reformos prielaidos ir sąlygos, konstatuojama palanki terpė orientuotam į ekonomiškai efektyvų taršos problemos sprendimą valdymo modeliui įdiegti.Antroje straipsnio dalyje konkretinami reformos tikslai ir alternatyvių reformos variantų priimtinumo vertinimo kriterijai. Suformuluojamas modifikuotas antrinis (second-best) ekonomiškai optimalaus taršos problemos sprendimo kriterijus: nustatytas bendros išmetamų į aplinką visų rūšių teršalų apimties pasiekimas mažiausiomis išlaidomis. Aptariami alternatyvūs taršos valdymo sistemos reformos būdai, santykiniai jų privalumai ir trūkumai. Pristatoma originali "bendrųjų taršos kuponų" - savotiškos "taršos valiutos" koncepcija."Taršos valiuta" savo esminiais aplinkosaugos valdymo instrumento bruožais yra artima kai kuriose vakarų šalyse (pvz., JAV) naudojamiems perparduodamiems taršos leidimams (marketable polIution pemrits). Arčiau, skirtingai nuo pastarųjų, "bendrieji taršos kuponai" yra universalūs, t. y. tinka visų rūšių teršalų išmetimams pateisinti, be to, jų galiojimas nėra ribotinas nei laiko, nei erdvės atžvilgiu.Straipsnio tęsinys, skirtas išsamiai "taršos valiutos" modelio bruožų, potencialių jo taikymo problemų ir galimų jų sprendimo būdų analizei, kitame mokslo darbų "Ekonomika" numeryje.

If raising of the infamous "iron curtain" just halfopenedthe door for labour emigration from the postcommunistcountries, the full-fledged membership to theEuropean Union threw that door wide open. As a resultmost of these countries experienced significant upsurge oflabour emigration after they entered EU. Mostdemographers and economists of the Eastern Europeancountries tend to conclude that the loss of human capitaldue to international migration is detrimental to donornation's productive capacity and reduces its economicgrowth and wellbeing. The following adverse effects ofemigration are usually cited: depletion of the country'shuman capital assets, resulting in lower productivity; lossof return on investment in education; smaller tax base;larger inequality in the donor country.It is rather obvious that if country looses its skilled,educated and demanded workforce this could retard itsdevelopment. However, "could" does not necessarilymeans "should", and the "net-impact" of migration issubject to the kind and scale of feedback effects. Whileoutward negative consequences of emigration areemphasized in many academic studies and publicdiscussions, the issues of potential positive feedback effectsof it on the donor country are generally ignored.Acknowledging the existence of direct and indirect adverseeffects of workforce emigration, particularly of braindrain, this article nevertheless attempts to challengeconventional assumption of the "unequivocal" calamity ofemigration by pointing out that it can also trigger quite afew offsetting feedback effects that would bring gains forthe sending country. Those hidden benefits of emigrationfor the donor country include, but are not limited to,decrease of unemployment and entailed reduction ofdemand in welfare payments, remittance flows, stimulationof exports and technological advancement, shrinkage ofshadow economy. The authors advocate the cost-benefitapproach to migration, and suggest that in the long-termperspective these positive effects, enhanced by economicmultipliers, ...

The spiritus movens of the research development is scientific excellence. Analysis of the global experience enables to single out several modem institutional channels for accumulation and promotion of excellence, namely centres and networks of excellence, and institutes for advanced studies. These institutional instruments are designed to foster research development via concentration of intellectual and physical resources for the solution of important problems of socio-economic development or for the achievement of significant break·through in the fundamental research.Centre of excellence is an institution uniting competent scientists coming together to assemble a critical mass of intellectual capacity and to address strategic research questions deemed vital to the social and economic development. Network of excellence is a formation integrating the intellectual abilities and research infrastructure of particular centres of excellence - it is therefore an "institution without walls" that is capable of achieving more than the sum of the individual efforts of the centers. Institutes of advanced studies are a unique strain of centres of excellence that provide a unique opportunity for both prominent scientists of a global scale and the perspective young researchers to engage into the advanced and frontier pushing research for a certain period of time away from their everyday routine.Although different in their organization these institutional forms of research are united by the common goal: to increase the complexity and interdisciplinarity of research, to overcome the national and institutional fragmentation of research and to achieve a positive synergetic effect by the means of accumulation of the "critical mass" of excellence. All institutions also carry out the essential function of upbringing a new generation of scientists, and to facilitate the international exchange of ideas and researchers.Even a short glance at the institutional infrastructure of research in Lithuania reveals in it many gaps that impede both the local research development and participation in the international programmes of research integration. The optimization of the current system with orientation towards the surveyed international models is deemed to be necessary for the further progress of science in Lithuania. ; Daugeliui pasaulio šalių būdingą mokslo tyrimų fragmentaciją, dubliavimą, silpnoką sąsają su verslu ir viešuoju sektoriumi, atotrūkį nuo tiesioginių ekonominės ir socialinės raidos poreikių vis dažniau mėginama įveikti diegiant naujas pažangias institucines mokslo organizacijas: kompetencijos centrus, kompetencijos tinklus ir pažangių tyrimų institutus. Straipsnyje nagrinėjami šių inovatyvių mokslo plėtros institucinių instrumentų kūrimo tikslai ir motyvai, esminiai jų bruožai ir konkrečios veikimo formos, apžvelgiama nacionalinė įvairių šalių ir regionų patirtis juos kuriant ir plėtojant. Analizuojami kompetencijos centrų bei tinklų ir pažangių tyrimų institutų panašumai ir skirtumai, pabrėžiamas šių mokslo plėtros instrumentų komplementarumas. Straipsnis baigiamas trumpa kritine Lietuvos mokslo dabartinės būklės apžvalga ir situacijos gerinimo galimybių įvertinimu.

The paper is devoted tot to review of the current situation with the study programs offered by the Faculty of Economics, of Vilnius University: their status quo. their strengths and weaknesses. and their prospective in the future. The "diagnostic" part presented here is to the large extent based on the results of analysis that was recently carried out at the Faculty of Economic. while preparing its study programs for an international assessment and accreditation, whereas speculations about the future prospective of the Faculty is based on its Development Plan.The findings of the analysis reveal that the strong points of the study programs offered by the Faculty of Economics are the following ones: long-standing and reputable traditions of economic studies (the beginning of which can be traced back to the year IB03. when the Department of Political Economy - first of the kind in the world - was established at Vilnius University), experienced academic staff, attractive study programs, an accumulated experience of participation in the international study, research and academic exchange projects. However, the following features can be counted as weaknesses and potential threats to the sustainability of the level achieved: "brain drain" and an ageing of staff, insufficient research efforts. as well as lack of serious incentives for it, rather slow introduction of modem teaching methods to the study process, insufficient development of practical skills (parallel to the theoretical knowledge) of students.The paper ends with the elaborate description and substantiation of plans for the development of the Faculty's intellectual and pedagogical potential, and study infrastructures, in order to ensure sustainability and enhancement of the academic standards at the Faculty of Economics. ; Straipsnio tikslas - apibūdinti Vilniaus universiteto Ekonomikos fakulteto studijų programų struktūrą, jų tarpusavio sąveiką ir funkcionavimo ypatumus, atskleisti jas įgyvendinant kylančias problemas, studijų struktūros tobulinimo ir kokybės gerinimo galimybes, atsižvelgiant į turimą mokslinį ir techninį potencialą, fakulteto raidos planus ir perspektyvas.