The structure of economic policy in the context of modern economic paradigms

author: Illia Sahaidak

 Abstract.

Relevance of the research. The current stage of economic system development is marked by global challenges such as economic globalization, digital transformation, climate change, growing inequality, and financial market instability. Under these conditions, economic policy becomes one of the key factors in ensuring the sustainable development of national economies. Traditional approaches to its formation no longer correspond to the dynamics of global processes, which necessitates a rethinking of its structure, functions, and directions. Particular relevance is given to the integration of the latest economic, social, and environmental paradigms into the process of economic policy development, as well as the search for effective mechanisms for its adaptation to contemporary challenges.

Problem statement. Despite a considerable number of studies in the field of economic policy, there remains a lack of a holistic approach to understanding its structure in the context of globalization and the digital economy. Existing scientific concepts reveal various aspects of economic policy only fragmentarily and fail to provide a comprehensive picture of the interrelationships among its structural elements, actors, targets, and instruments. This situation complicates the development of effective strategies for state economic regulation and the alignment of national interests with global trends.

Analysis of recent research and publications. The essence, functions, and directions of economic policy have been addressed in the works of V. Lahutin, S. Honcharov, S. Kushnir, O. Moskalenko, H. Lopushniak, V. Mykytas, and other scholars. In their studies, economic policy is defined as a system of state measures aimed at influencing the economy, a course of government action in managing economic processes, and a set of objectives, principles, strategies, and instruments. These works also emphasize the multi-level nature of economic policy and the need to consider it through the lens of methodological pluralism that combines philosophical, general scientific, and applied approaches. However, most studies tend to be descriptive and lack a systematic generalization of new trends, particularly digitalization, environmentalization, and globalization risks.

Research task. The aim of the study is a comprehensive theoretical and methodological reflection on the structure of economic policy in the context of modern economic paradigms and the development of practical recommendations for its improvement. To achieve this goal, it is necessary to analyze scientific approaches to defining the essence and structure of economic policy, identify the factors of its transformation, reveal the role of actors and targets in shaping its directions, and explore the influence of innovative, social, environmental, and digital trends on its content. The results obtained will make it possible to formulate proposals for increasing the effectiveness of state economic policy in the face of global challenges and ensuring national interests.

Main material presentation. The article analyzes the concept of “economic policy” as a complex phenomenon and reveals its structure in the context of modern economic discourse. The main subsectors of economic policy are identified: structural-sectoral, budgetary, investment, monetary, currency, price, antimonopoly and competition, tax, foreign economic, and environmental. In addition to the aforementioned components, it is appropriate to include economic policy in scientific, technological, and innovation spheres, as well as financial and industrial policies. A number of key functions of economic policy institutions are defined. It is emphasized that the primary subsectors (directions) of economic policy must be integrated within a unified national strategy for economic development, and their implementation should be systematic, consistent, and professional. The paper analyzes the state’s industrial policy as a specific form of economic policy, which acts as a driving force for diverse economic relations, since its implementation requires the mobilization of substantial investment, human, and intellectual resources.

Conclusions. The concept and structure of economic policy in contemporary economic discourse are interpreted based on a variety of theoretical and methodological approaches. It should be noted that economic policy is a core component of a state’s strategic development. It is organically connected to other types of political activity—state-building, legal, cultural, educational, etc. The structure of economic policy is an organic combination of actors, forms, levels, and methods that reflect, first and foremost, the influence of the state on socio-economic processes.

Keywords: economic policy, economic paradigms, globalization, sustainable development, environmental security, state transformation.

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