State regulation of the economy using neoinstitutional approach

  • Alexander Luchenok The Institute of Economics of the National Academy of Sciences of Belarus
Keywords: state regulation, institutional matrix, interests, macrogroups, neoinstitutionalism

Abstract

The relevance of the study stipulated by the need to clarify the basic l mainstream theories of economic regulation, which do not take into account the limited rationality and opportunistic behavior of economic agents. Statement of the problem: in order to improve state regulation of the economy a theoretical foundation based on neoinstitutional methodology, taking into account the diversity of interests of economic agents that go beyond classical theories has to be elaborated. The literature review has shown that neoinstitutional theory has been developing constantly, but it does not pay enough attention to the issues of harmonization of economic interests within the framework  of state regulation of the economy. The purpose of the study: the development of the theoretical foundations of state regulation based on the harmonization of the interests of economic agents within the framework of neoinstitutional paradigm. Research methods: neoinstitutional theory and methodology. The results of the work: the expediency of improving of state regulation of the national economy based on the coordination of economic interests, taking into account limited rationality and the possible opportunistic behavior of economic agents, is substantiated. The author's aggregated classification of interests based on the goal of ensuring their harmonization is given. The necessity of priority orientation of state regulation within the Eastern institutional matrix on coordination and balancing of the economic interests of social macrogroups is substantiated. Application area: government bodies in the coordination of economic interests. Conclusions: mainstream approaches to the regulation of economic processes should be supplemented by a modern theory of neoinstitutional regulation, which allows to coordinate interests of economic agents  as a whole taking into account the specifics of the institutional matrix.

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Author Biography

Alexander Luchenok, The Institute of Economics of the National Academy of Sciences of Belarus

Dr. Econ. Sc., Head of the Department of Macroeconomic and Financial Policy

Published
2019-03-30
How to Cite
Luchenok, A. (2019). State regulation of the economy using neoinstitutional approach. University Economic Bulletin, (41), 146-154. https://doi.org/10.31470/2306-546X-2019-41-146-154
Section
Еconomic Theory