Value principles of the equilibrium economic development in the new global challenges

29
2
Article(UKR)(.pdf)

The paper reveals that the formation of the information society at the turn of the century with a focus on a network economy marked the beginning of the economic relations and laws system global modification. This modification is due primarily to the latest technological changes and innovations in information and communication. However, in its profound nature, it has a value character and is associated with the need for a thorough understanding of the new socio-economic picture of the world. The traditional interpretation of this situation does not meet public expectations about progressive, creative development possibilities. Public dissatisfaction with globalisation is growing. Phenomena of socio-economic instability (turbulence) and uncertainty undermine the civilisational foundations of the social economy, create several global challenges and threats. It is shown that an adequate guideline for successful management is to ensure balanced social development through the development of a holistic institutional architecture, which operates under the laws of effective economic equilibrium. Economic theory is designed to substantiate the laws of operation and the principles of building the institutional architecture of management. At the same time, modern economics remains traditional, while the correct answer to the global social demand must be given by relativistic economics, which can form the socio-economic foundations of the phenomenon of relativity. It is determined that the concept of the institute as a transformed form of economic value (economic good, the only one in the triple definition of marginal utility, value, and price) is an adequate basis for building relativistic economics, methodological source of creative knowledge and formation of the latest holistic picture of the world. It is noted that the tools of value economic analysis (in particular, the model of general economic equilibrium) were formed in the depths of classical political economy, but today it needs to be updated. It is established that the methodological restoration of economics as a valuable source of a positive relativistic understanding of the latest world picture is an essential agenda for further creative research to determine the principles of building an economy of trust forerunner of the institutional architecture. The basis of such an economy is a public sector model focusing on the market of public goods, which harmonises the system of public interests, processes of self-organisation and organisation in the economy, thus contributing to the formation of effective mechanisms for stabilising social development.

  1. Heyets, V.M. (2020). The phenomenon of instability is a challenge to economic development. Kyiv: Akademperiodyka [in Ukrainian]

  2. The Global Risks Report 2021. 16th Edition. (2021). Geneva: World Economic Forum. URL: https://www3.weforum.org/docs/WEF_The_Global_Risks_Report_2021.pdf

  3. Grytsenko, A.A. (Ed.). (2008). Institutional architecture and trends of economic transformations. Kharkov: Fort [in Russian]

  4. Moroshkina, M.V. (2009). Theories of economic development and new theories of regional growth. In Innovation development: Materials of the I Youth economic forum, November 13-14, 2008, Petrozavodsk (pp. 36-40). Petrozavodsk: Karelian Research Centre, Russian Academy of Sciences. URL: http://resources.krc.karelia.ru/krc/doc/publ2009/Innov_razv_036-40.pdf [in Russian]

  5. Savelev, E., Yurii, S. (2010, January 29). Ordnung, or the new world economic order. ZN.UA. URL: https://zn.ua/EDUCATION/ordnung,_ili_novyy_mirovoy_ekonomicheskiy_poryadok.html [in Russian]

  6. Modern western sociology. Dictionary. (1990). Moscow: Publishing house of political literature [in Russian]

  7. Artomova, T.I. (2006). Cost and price: logical-historical process of formation. Kiev: Osnova [in Russian]

  8. Artomova, T.I. (2011). Methodological anatomy of the global financial and economic crisis. Ekon. teor.Economic Theory, 2, 16-33 [in Ukrainian]

  9. Sapir, J. (2005). Economics of information: the new paradigm and its limits. Voprosy Ekonomiki, 10, 4-24 [in Russian]

  10. Kelly, K. (1999, October). New rules for the new economy: 10 radical strategies for a connected world. New York: Penguin Books. URL: https://kk.org/mt-files/books-mt/KevinKelly-NewRules-withads.pdf

  11. Semenov, A. (1998). New rules for the new economy. Digest of Kevin Kelly’s article from the magazine “Wired”. Znanie – Sila, 4, 20-29 [in Russian]

  12. Stone, M., Woodcock, N., Machynger, L. (2003). Consumer-oriented marketing. Moscow: Fair [in Russian]

  13. Gamble, P., Tapp, А., Anthony, М., Stone, M. (2007). Marketing revolution. Moscow: Balance Business Books [in Russian]

  14. El-Erian, M.A. (2010, October 10). Navigating the new normal in industrial countries per Jacobsson foundation lecture. International Monetary Fund. URL: https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp101010

  15. Bragina, E. (2012). New normal. Mirovoe i natsionalnoe khozyaistvoWorld and National Economy, 4 (23), 1-4. URL: https://mirec.mgimo.ru/2012/2012-04/novaa-normalnost

  16. Nordström, K.A., Ridderstråle, J. (2003). Funky Business. Saint Petersburg: Stockholm School of Economics in Saint Petersburg [in Russian]

  17. Bard, A., Soderqvist, J. (2004). Netocracy: the new power elite and life after capitalism. Saint Petersburg: Stockholm School of Economics in Saint Petersburg [in Russian]

  18. Makarov, A. (2017). Hoolinomics. Hooligan economy. Moscow: AST [in Russian]

  19. Myasnikova, L. (2006). Paradigm shift. A new global project. Mirovaya ekonomika i mezhdunarodnye otnosheniyaWorld Eсonomy and International Relations, 6, 5-11 [in Russian]

  20. Stepanovich, V.A. (Ed.). (2017). Philosophy and methodology of science (concepts, categories, problems, schools, directions): terminological dictionary-reference book. Moscow, Berlin: Direct-Media. URL: https://terme.ru/termin/ierarhija.htmlа [in Russian]

  21. Artomova, T.I. (2019). European values: a liberal doctrine through the methodology of political economy. Ekon. teor.Economic Theory, 4, 5-28 [in Ukrainian]

  22. Omelchuk, N. (2021, February 22). Compared with Ukraine: a review of minimum wages in Europe. PaySpace Magazine. URL: https://psm7.com/uk/money/sravnivaem-s-ukrainoj-obzor-minimalnyx-zarplat-v-evrope.html [in Ukrainian]

  23. Tymoshchuk, M. (2020, August 10). The main goal of Ukraine. What distinguishes rich countries from poor ones. NV.UA. URL: https://biz.nv.ua/experts/proizvoditelnost-truda-i-bednost-ukrainy-kak-stat-bogatoy-stranoy-novosti-ukrainy-50105103.html [in Ukrainian]

  24. Osaulenko, O.H. (Ed.). (2011). Statistical Yearbook of Ukraine 2010. Kyiv: State Statistics Service of Ukraine [in Ukrainian]

  25. Kirian, T., Shapoval, M. (2006). Urgent problems of social policy and ways to solve them. Ukraina: aspekty pratsi, 6, 3-6 [in Ukrainian]

  26. Zanuda, A. (2012, February 10). Property inequality in Ukraine: worse than in the “Wild West”. BBC Ukraina. URL: https://www.bbc.com/ukrainian/ukraine_in_russian/2012/02/120210_ru_inequality_usa_uk_ukraine_yg [in Russian]

  27. Grytsenko, A.A. (1997). The structure of the market transformation of the inversion type. Ekonomika Ukrainy Economy of Ukraine, 1, 4-10 [in Ukrainian]

  28. Grinberg, R., Rubinshtein, A. (1998). “Social rent” in the context of the theory of rational behavior of the state. Rossiiskii ekonomichneskii zhurnal – Russian Economic Journal, 3, 58-66 [in Russian]

  29. Klinova, M. (2018). Public enterprises and the privatization in the innovative policy of France. Mirovaya ekonomika i mezhdunarodnye otnosheniyaWorld Eсonomy and International Relations, 10, 37-45 [in Russian]

  30. Sinitsina, I., Chudakova, N. (2019). Will Poland help the nationalization of the economy? Mir PeremenThe World of Transformations, 1, 11-25 [in Russian]

  31. Artomova, T.I. (2018). The problem of the medium class restitution in the context of global transformation of the social structure. Ukr. socìum – Ukrainian Society, 4 (67), 113-126 [in Ukrainian]

  32. Artomova, T.I. (2016). Relations of social reproduction in Ukraine in the context of transformation of the models of state management. Ekon. teor.Economic Theory, 3, 5-17 [in Ukrainian]

  33. Vainshtein, G. (2002). From new technologies to the “new economy”. Mirovaya ekonomika i mezhdunarodnye otnosheniyaWorld Eсonomy and International Relations, 10, 22-29 [in Russian]

  34. Prigozhyn, I., Stengers, I. (1986). Order out of chaos. A new dialogue of man with Nature. Moscow: Progress [in Russian]

Full text