Economic Bulletin of the National Mining University

 

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Article

Issue:2019 №2 (66)
Section:Economic theory
UDK:330.161:330.313:332.025
DOI:https://doi.org/10.33271/ev/66.029
Article language:Ukrainian
Pages:29-42
Title:Institutions and their influence on the process of reproduction of economic relations and interaction
Author:Smiesova V. L., State Higher Educational Institution «Ukrainian State University of Chemical Technology»
Annotation:The article demonstrates the influence of institutions on the reproduction of economic relations and the interaction of economic interests, discloses the functions of institutions in the process of implementing the economic interests of subjects. Based on the analysis of the achievements of scientists in the sphere of identifying the content and characteristics of institutions, forms and instruments of institutional influence, the essence of the concept of «institution» is determined. Institutions are understood as a combination of formal and informal forms and methods that organize, regulate, establish the framework of economic relations and the realization of economic interests, as well as determine the conscious economic choice of subjects. The content of formal and informal institutions is substantiated, the existing forms and methods of institutional regulation of economic relations are disclosed. The objective function of institutions in the process of reproducing economic relations and the interaction of economic interests is to maintain and ensure the effectiveness of objectively given economic relations, which determine the direction of economic interests in the economic system, the formation of conditions for the realization of interests by subjects and at the same time to streamline economic choice, economic interactions of subjects, institutionalization of their interests. It was revealed that in economic reality, institutions primarily display the interests of those entities that occupy strong positions (in resource markets, in politics, in society) and can create norms and rules on the basis of which they can increase their profit (benefit) for due to the restriction of other subjects. On the basis of this, conflicts of interest arise and aggravate, transaction costs increase, the level of realization of public interests, as well as the interests of other entities decreases. It is proved that in case of consolidation of institutions that are ineffective for the realization of the interests of subjects in the economic system, shadow economic relations develop, there occurs coalescence of power and property, informal interactions of subjects with power in order to realize their economic relations, rent-oriented behavior of subjects, monopolization in resource markets, opportunism, corruption schemes, the removal and export of capital through offshore companies. 
Keywords:Reproduction, Economic relations, Economic interests, Institutions, Private interests, Community interests
File of the article:EV20192_029-042.pdf
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