HUMAN-CENTRIC ESSENCE OF ECONOMIC DEVELOPMENT

Abstract

The article is devoted to the substantiation of the human-centered essence of economic development and the definition of the main factors of economic growth. Various definitions of the concept of "economy" are given in order to understand its "human" essence, to find ways of its development in the correct direction. The problem of the human-centered essence was identified by human needs which are the economy’s main focus. In order to explain the human-centered essence of economic development, the concept of "economy" is considered from the point of view of well-known foreign and domestic economists. It is emphasized that human activity ensures the functioning of the economy with the use of natural resources and various technical means created by man himself. The fact of economy development at the expense of innovative human activity is emphasized. The judgments of well-known Western scholars who have understood the deep foundations of economics related to human activity are presented. Ignoring the importance of the role of human resources in economic processes is revealed. Examples of foreign countries economy development concerning formation of effective economies are resulted, the basic factors of their effective activity are established. Lee Kuan Yu's anthropocentric approach to Singapore's economic development is considered. The example of Japan's economic development is explained by the ability to use the country's human potential for the interests of society and the people themselves. It is concluded that the human factor should predominate in economic growth in order to form a socially oriented market economy. Views on the role of labor and man in the modern market economy at the micro and macro levels are considered. The human-centric aspect of economic development in the theory of endogenous growth is reflected. A model of economic development from the standpoint of the anthropocentrism concept has been developed. The directions of realization of the anthropocentrism concept in the aspect of self - determination and realization of the personality are defined. Also, the concept of anthropocentrism is considered as the basis for the public administration formation in a socially oriented country. The role of formation of inclusive political and economic institutions as a factor of economic development is determined.