Vladimir Osipov – doctor in Economics, Professor of  Lomonosov Moscow State University, Market Economy Institute of Russian Academy of Sciences, State scientific institution All-Russian institute of potato farming by A.G. Lorh, (Russia, Moscow), RSCI SPIN-code: 9357-6409; ORCID 0000-0003-3109-4786; SCOPUS 55974586900; Researcher ID A-8098-2013, e-mail: vs.ossipov @gmail.com

Abstract. The article presents the results of the institutional analysis of the state of the agrarian market under the conditions of the import substitution policy. It is shown that the lack of structural policies in the agricultural production sector leads to overproduction crises. As proposals, the ideas of the Pigouvian and Coasian directions of institutional agrarian reform are proposed, within which it is recognized that it is necessary either to provide producers of agricultural products with information about the state of the market, or to formulate a system of indicative planning for the structure and production volumes. While public authorities are not ready to introduce indicative planning, until actors appear able to provide market agents with information about the state of the market, a crisis of overproduction by individual crops will be a normal response to decision-making under uncertainty.

Keywords:  Pigouvian and Coasian directions of institutional reform, food inflation, overproduction crisis.

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