TRANSFORMATION OF THE INSTITUTIONAL ENVIRONMENT OF INNOVATIVE DEVELOPMENT OF THE PUBLIC ECONOMY
DOI:
https://doi.org/10.37332/2309-1533.2023.4.8Keywords:
modernization, innovative development, social economy, transformation, institutional regulation, institute, institution.Abstract
Tymoshchuk V.V. TRANSFORMATION OF THE INSTITUTIONAL ENVIRONMENT OF INNOVATIVE DEVELOPMENT OF THE PUBLIC ECONOMY
Purpose. The aim of the article is to generalize the trends of the transformation of the institutional environment of the innovative development of the national economy and the features of the institutional support for the development of innovations.
Methodology of research. The theoretical and methodological basis of the research is: a systematic approach to the generalization of trends in the transformation of the institutional environment of innovative development; institutional approach to the substantiation of the elements of the regulatory influence of formal norms, oriented towards the development of innovations; structural and functional analysis – to determine the macroeconomic and microeconomic manifestation of post-industrial transformations on the institutional environment.
Findings. It is emphasized that for the formation of an effective toolkit for innovative modernization of the national economy, it is important to take into account global factors of economic dynamics, their exogenous and endogenous manifestations. It was established that the modern vector of global transformations, which is already having an impact on the national economy, has become digital modernization, which radically changes the economic relationships of people and the fundamental role of economic resources.
It is argued that digitalization generates effects that receive macroeconomic manifestation through the emergence and spread of new business strategies, changes in market conditions, and an increase in labour productivity. At the microeconomic level digitalization leads to a change in the structure and supply of goods production, their quality, logistics and sales conditions, and the interaction of manufacturers. Digital technologies contribute to the emergence of new institutions and institutes and influence existing ones by algorithmizing institutional influence and regulation, minimizing the impact of institutional traps and preventing the emergence of new ones, reducing the stability of existing routines, increasing or decreasing the effectiveness of institutions.
Originality. It is substantiated that the post-industrial transformations of the economy and the institutional environment change the structural characteristics, but not the essential purpose of institutions and institutes in innovative development. The processes of digitalization and network interactions contribute to the standardization and algorithmization of institutes, the introduction of "digital institutes"; increase the efficiency of established institutes and institutions; create new dysfunctions due to the opportunistic behaviour of economic subjects; form an institutional "vacuum" due to the proliferation of digital technologies that have not yet become embedded in the institutional environment.
In view of the task of innovative modernization of the public economy, in order to exclude the negative impact it is necessary to modernize the institutional environment itself to change the direction of the functional influence of regulatory norms and introduce organizational innovations that can improve the institutional structure.
Practical value. The theoretical and methodological provisions of the study deepen the practical principles and tools of institutional regulation of innovative modernization of the national economy.
Key words: modernization, innovative development, social economy, transformation, institutional regulation, institute, institution.
References
Hrytsenko, A.A. (Ed.). (2018), Vidtvoriuvalna dynamika ekonomichnykh system: instytuty ta diialnist [Reproductive dynamics of economic systems: institutions and activity], monograph, DU “Instytut ekonomiky ta prohnozuvannia NAN Ukrainy”, Kyiv, Ukraine, 524 p.
Heiets, V.M. (2016), “Institutes in the expansion of technological modernization of the economy of Ukraine”, Zhurnal yevropeiskoi ekonomiky, Vol. 15 (no. 3), pp. 255-265.
Hrazhevska, N.I. (2008), Ekonomichni systemy epokhy hlobalnykh zmin [The economic system of the era of global change], Znannia, Kyiv, Ukraine, 431 p.
Hrytsenko, A. (2021), “Research methodology of the transformation of economic functions of the state in the conditions of globalization”, Ekonomika Ukrainy, no. 7, pp. 5-13.
Zabarna, E.M. (Ed.) (2019), Paradyhma innovatsiinoho rozvytku v umovakh rynkovoi transformatsii [The paradigm of innovative development in the conditions of market transformation], monograph, Kherson, Ukraine, 92 p.
Pyshchulina, O. (2020), “Digital economy: trends, risks and social determinants”, available at: https://razumkov.org.ua/uploads/article/2020_digitalization.pdf (access date November 20, 2023).
Pysarenko, T.V., Kuranda, T.K., Kvasha, T.K. et al. (2021), Stan naukovo-innovatsiinoi diialnosti v Ukraini u 2020 rotsi: naukovo-analitychna zapyska [State scientifically innovative to activity in Ukraine in 2020 year: scientific and analytical message], UkrINTEI, Kyiv, Ukraine, 39 p.
Fedulova, L.I. (2020), “Innovative development of the economy of Ukraine: problems and prospects”, Ekonomichnyi visnyk universytetu, no. 44, pp. 42-49.
Chukhno, A.A. (2003), Postindustrialna ekonomika: teoriia, praktyka ta yikh znachennia dlia Ukrainy [Post-industrial economy: theory, practice and their significance for Ukraine], LOHOS, Kyiv, Ukraine, 617 p.
Schumpeter, J.A. (2011), Teoriia ekonomichnoho rozvytku. Doslidzhennia prybutkiv, kapitalu, kredytu, vidsotka ta ekonomichnoho tsyklu [Theory of economic development. Research of profits, capital, credit, interest and economic cycle lane], Vyd. Dim “Kyievo-Mohylianska akademiia”, Kyiv, Ukraine, 242 p.
Khalatur, S., Honcharenko, O., Karamushka, O., Solodovnykova, I. and Shramko, I. (2022), “Paradigm transformation of the economic crises modeling”, Financial and Credit Activity: Problems of Theory and Practice, no. 4(45), pp. 285-297. https://doi.org/10.55643/fcaptp.4.45.2022.3833
Downloads
Published
Issue
Section
License
Open-access articles (open-access journals)
Authors whose articles are published in open-access retain all rights to the content of the articles.
Open access articles are committed to be published under Creative Commons Attribution (CC BY) 4.0. This license allows others to distribute, edit, correct and build upon your work, even commercially, as long as they indicate your authorship. Detailed information at Creative Commons site: https://creativecommons.org/licenses/by/4.0/
Permissions for open-access journals
If the article is published in open-access under CC BY 4.0 or CC BY-NC 4.0 (which was possible till the 15th of December, 2018) licenses, users may reproduce it in accordance with their terms.
Additionally, if the article had been published under CC BY-NC 4.0 (this license authorizes others to download your works and share them with others as long as they indicate your authorship, but they can’t use them commercially in any case.), the use for the following commercial purposes requires permission:
– reproduction of content in a work or product intended for sale;
– reproduction in presentations, brochures or other marketing materials used for commercial purposes;
– distribution of the content to promote or market a person, product, course, service or organization;
– text and data mining for the purpose of creating a saleable product or product which benefits from promotional or advertising revenue;
– use of the content by a commercial entity or individual for the purposes of remuneration, directly or indirectly through sale, licensing, promotion or advertising;
– linking to the content (in an email, webpage, portable electronic device or otherwise) for the specific purpose of marketing or advertising a person, product, course, service or organization for commercial benefit.
For further details and permission requests, please contact.
