INSTITUTIONAL MEASUREMENT OF STRUCTURAL CHARACTERISTICS OF THE ECONOMIC SYSTEM
Journal Title: Проблеми системного підходу в економіці - Year 2017, Vol 6, Issue 62
Abstract
Institutions play an important role in the development of society as a whole and in the development of the economic system. A significant number of economic studies are devoted to studying the content and dynamics of institutions, factors of institutional changes. This shows evidence that institutional quality and effectiveness are important factors of economic growth and development. These positions substantiate the need to deepen the analysis of the institutional system. The purpose of the article is to summarize theoretical approaches to understanding the essence and content characteristics of the economic system in view of the importance and complexity of the economic institutional structure reforms. Taking into account the diversity of institutions and their implications for the functioning of the economy and the systematic principle of research, institutions are considered as a system. In economic studies, the notions of institutional system, institutional structure, institutional environment and institutional matrix are used to indicate structural characteristics and interrelationship between types of institutions. Institutes are introduced by humans to reduce uncertainty, and their hierarchy depends on the benefits, values, traditions and time factor. The research has made it possible to determine that the concept of “institutional structure” focuses on the hierarchy and complementarity of institutions, “institutional environment” focuses on exogenous influences, and the “institutional system” – on the integrity and opportunities of self-development. The implementation of institutional reforms that take place in Ukraine requires taking into account these institutional features in order to ensure the effectiveness and functionality of the institutions.
Authors and Affiliations
G. M. Pochenchuk
Keywords
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