ECONOMIC MECHANISM OF NATURAL RESOURCE MANAGEMENT IN MODERN CHALLENGES: PRINCIPLES AND INSTITUTIONALIZATION

Keywords: economic mechanism, natural resource management, convergence, institutionalization, architecture, method

Abstract

It was established that a characteristic feature of the economic mechanism of natural resource management in previous years was its noncoverage of a set of norms, methods and tools that would attract financial flows into the environmental sector and ensure the implementation of best foreign environmental practices. The author presents her original concept of developing a set of principles and promising areas of formal and informal institutionalization of the economic mechanism of natural resource management in the transformation of global environmental architecture and intensifying decentralization processes. The use of axiomatic and abstract-logical methods, as well as the institutional approach, contributed to forming a set of principles shaping the economic mechanism of natural resource management: consistency, proportionality, conformity to plan, inexhaustible nature, decentralization, convergence, synergy, institutional coherence, and global benefits. The author justifies that the above set of principles, which are the core of theoretical and methodological support for the formation of the economic mechanism of natural resource management in modern conditions, should be the basis for formal and informal institutionalization of additional methods, tools and levers of regulatory influence on natural resource users. It was established that formal institutionalization is a set of measures aimed at approving new laws on environmental protection and natural resources, as well as relevant regulations, instructions and orders of central, regional and local authorities. The research determined that informal institutionalization involves changing the worldview of employees of natural economic structures and is focused on developing a range of principles, stereotypes and rules of economic use of natural resource potential and non-raw components of the environment. The author found out that given the intensification of embedding the national model of environmental regulation in the global environmental architecture, considering the principle of convergence which provides for the gradual contingence of global, European and Ukrainian regulatory environmental structures becomes significant in shaping a modern economic mechanism of natural recourse use.

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Published
2022-04-26
How to Cite
Medynska, N. (2022). ECONOMIC MECHANISM OF NATURAL RESOURCE MANAGEMENT IN MODERN CHALLENGES: PRINCIPLES AND INSTITUTIONALIZATION. Economy and Society, (38). https://doi.org/10.32782/2524-0072/2022-38-27
Section
ECONOMICS