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Modern theories of economic development: social aspects

Author(s) Burlyay A.P., Candidate of Economics, , Uman National University of Horticulture, Ukraine
Костюк В. С., , ,
А. А. ОСІПОВА, , ,
Category Economics
year 2021 issue Issue number 98. Part 2
pages 221-231 index UDK 330.88
DOI 10.31395/2415-8240-2021-98-2-221-231 (Link)
Abstract The article examines modern theories of economic development in the context of social aspects. The aim of the study is to generalize the social aspects of modern economic theories of development to determine the trajectory and possible directions of social policy. The essence and evolution of models of economic development according to the concepts of welfare are determined. Many well-known foreign researchers are interested in the causes of the wealth of some nations and the poverty and decline of others. Thus, D. Acemoglu and J. Robinson proved that the main condition for achieving the well-being of nations are economic institutions – rules that determine the social efficiency of the economy, incentives and motivations of people, rather than natural and geographical factors. Norwegian A. Reinert believes that rich countries have become rich through a combination of government intervention, strategic investment and protectionism, rather than free trade. American economist M. Olson pointed to the role of private property, taxation, public goods, collective action and contractual rights in economic development. N. Rosenberg and L. Birzdel, A. Sen, E. Duflo and A. Banerjee emphasize that the only issue they focus on is how to increase the material well-being of people, which is measured by the presence of most opportunities to choose and shape the quality of their own lives, to fight not with the consequences of poverty, but with its causes, that is, starting with public education, basic medicine and hygiene. New theoretical approaches to the interpretation of social factors of economic development and social transformations in Ukraine have also been formed in the works of Ukrainian researchers. It is established that a prerequisite for the successful development of the national economic system is to ensure the priority of man, education, health care, environmental protection, which, in turn, stimulate significant economic potential and long-term prosperity of society.
Key words social factors of economic development, theories of economic development, welfare, poverty, inequality
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