ECONOMIC THEORY AND ECONOMIC POLICY: INTERACTION IN MODERN CONDITIONS OF UKRAINE

Abstract

Theoretical concepts of many scientific schools, which were developed at various stages of historical evolution and formed the heritage of world economic science, were studied in this article. It was recognized that in Ukraine, not enough attention was paid to the ideas and concepts that form the theoretical basis of macroeconomic policy. The questions that cause discussions among theoretical economists and practitioners regarding what factors determine the development of the economy, what role the state should play and what its macroeconomic policy should be are determined. The main ideas and approaches of various economic schools to the implementation of economic policy strategizing, taking into account changes in the institutional environment, are revealed. In total, more than twenty economic schools (The Classical School of Political Economy from the time of A. Smith, D. Ricardo, J-B. Say, D. S. Mill, etc., The Historical School of Political Economy, Marxist Economic Theory, The Theory and Schools of Marginalism (Austrian, Lausanne, Cambridge, American, Stockholm), Institutional Theory: Early Institutionalism, Keynesian Direction in Economic Theory (Economic Theory of D. M. Keynes), Neo-Keynesian Economic Concept,Ppost-Keynesian Economic Concept, Y. A. Schumpeter's Theory of Entrepreneurship and Innovation, Institutional Theory: Technological Institutionalism, Theory of Ordoliberalism (competitive order), Theory of Dirigism, Theory of Monetarism by M. Friedman, Theory of Economic Liberalism (F. Hayek, L. Mises), Theory of Rational Expectations, Theory of Supply Economics, Theory of Neoclassical Synthesis (P. Samuelson), Theories of Economic Growth (R. Solow, etc.), The Theory of Neo-Institutionalism (R. Coase, D. Buchanan, G. Myrdal, etc.), New Institution Ggeneral Economic Theory (D. North, R. Fogel), The Theory of Behavioral Economics), who offer their theories and concepts, conduct research from different positions, trying to give answers regarding the vision of what the macroeconomic policy of the state should be. It is noted that it is impossible to unambiguously and fully answer the question of what economic policy should be, because the development and transformation of economic life itself and the changes of the institutional basis lead to the emergence of new problems. In this case the development of some theoretical concept leads to the emergence of an opposite, alternative, point vision. It is emphasized that an important condition for achieving a high level of macroeconomic policy effectiveness in Ukraine is to take into account the strengths and weaknesses of each economic theory and the factors that are indicated in them and have a decisive influence on the further socio-economic development of the state.