Економічна теорія та політика

Economic Theory

• Subject matter: Study of production, distribution, exchange, and consumption of goods and services.
• Methodology: Methods include analysis, synthesis, abstraction, and comparison.
• Laws: Define stable relationships, such as supply and demand.
• Categories: Include fundamental concepts like goods, money, and market.

Economic Theory and Policy

• Economic theory: Describes how economies function and provides a scientific basis for economic processes.
• Economic policy: A set of government measures aiming at specific economic goals, like stability, growth, and equilibrium, using insights from economic theory.

Development of Economic Thought

• Ancient times: Early economic ideas emerged in ancient civilizations.
• Middle Ages: Mercantile ideas developed.
• Modern era: Classical political economy (Adam Smith, David Ricardo) emerged in the 17th and 18th centuries.
• 19th and 20th centuries: Marxism, Keynesianism, and neoclassical theories developed.

Ukrainian Economists

• M.I. Tuğan-Baranovsky: A significant Ukrainian economist who made contributions to the theory of cooperation, monetary circulation, and criticized Marxist and Narodnik economic doctrines. Known for his synthesis of labor theory and marginal utility. Recognized internationally for his work on market theory and economic crises, and economic conjuncture.
• Other notable economists: Vasyl Karazyn, Semen Desnytskyy, Mykhailo Baludyanskyy, Ivan Vernadskyy, Yulian Bachynskyy, Mykola Bunge, Sergiy Podolinskyy, Volodymyr Vernadskyy, Mykola Rudenko, Stepan Zlupko contributed to the development of economic thought.

Needs and Resources

• Economic needs: Desires of people satisfied via goods and services.
• Production resources (factors of production): Land, labor, capital, and entrepreneurship are limited resources. Effective use is essential for economic development.

Effectiveness Measures

• Economic indicators: Labour productivity, production costs per unit, profitability.
• Social indicators: Employment rate, social equity, living standards.
• Environmental indicators: Impact of production on the environment (e.g., CO2 emissions, resources use).

Economic Systems

• Types:
  • Market economy: Based on free markets and private ownership.
  • Command economy: Centralized government control.
  • Mixed economy: Combines market and governmental regulations.

Forms of Production

• Natural production: Production for self-consumption, without exchange.
• Commodity production: Production for exchange (selling goods).

Money

• Origin: Developed as a universal means of exchange, facilitating trade.
• Nature: Unit of account and store of value.
• Functions: Medium of exchange, unit of account, store of value, and means of payment.

Market Economy

• Nature: Based on free exchange of goods and services, with minimal direct government involvement.
• Principles: Freedom of enterprise, competition, private property rights.
• Functions: Price regulation, resource allocation, economic stimulus.

Mixed Economy

• Nature: Blends market mechanisms with government intervention.
• Principles: Combination of private and public ownership, social protection/safety net, stabilization of markets.

Command Economy

• Nature: Centralised control of production, distribution, and pricing decisions.
• Principles: State ownership of production means and planned economy.

Market Structure and Infrastructure

• Structure: Participants (buyers, sellers), goods and services, pricing mechanisms.
• Infrastructure: Institutions and organizations that support market functioning (trading platforms, financial institutions, and transportation).

Demand and Supply

• Demand: The quantity of goods or services consumers are willing and able to buy at a given price, influenced by factors like price, income, taste, and related goods prices. Demand decreases as price increases (Law of Demand).
• Supply: The quantity of goods or services producers are willing and able to produce and sell at a given price, influenced by factors like cost of production, technology, and number of suppliers. Supply increases as price increases (Law of Supply).
• Market Equilibrium: Occurs when demand equals supply, balancing the market.
• Market Mechanism: Prices adjust to balance supply and demand, creating market equilibrium.

Entrepreneurship

• Nature: An activity focused on obtaining profit through the production of goods and services.
• Forms: Individual, partnership, corporate.
• Legal forms: Private enterprise, joint-stock companies, cooperatives.

Production Costs and Profit

• Production costs: Expenses incurred in producing goods, divided into fixed and variable costs.
• Profit: Difference between revenue and production expenses.

Management and Marketing

• Management: Planning, organizing, motivating, and controlling to achieve business goals.
• Marketing: Strategies and processes to understand consumer needs/wants, promote products, and increase sales.

Gross Domestic Product (GDP)

• Definition: Total value of goods and services produced within a country's borders in a specific period.
• Indicator: Key measure of economic activity and development.
• Dynamics: Reflects changes in economic conditions (growth or decline). Affected by domestic and global factors (like reforms, conflicts, and global market trends).

Economic Growth

• Nature: Increase in the production of goods and services in an economy.
• Types:
  • Extensive: Increased production via resource addition.
  • Intensive: Increased productivity/efficiency.

National Wealth

• Definition: Total sum of tangible and intangible assets generated by economic activity within a nation.
• Components: Natural resources, capital assets, human capital, social capital, cultural heritage.
• Dynamics: Changes in resources and productive potential, fluctuate due to economic crises, natural or man-made disasters.

National Wealth Management

• Management: Planning and coordination to use resources efficiently. Includes monitoring natural resources, infrastructure investment, education, and innovation.
• Balancing Act: Requires balancing wealth preservation and efficient use for sustainable growth.

Economic Fluctuations

• Definition: Periodic changes in economic activity, reflecting increases or decreases in economic output.
• Causes: Internal (demand changes, investment fluctuations, policies) and external (crises, wars, global financial shifts).

Unemployment

• Definition: Situation when job-seeking individuals cannot find employment.
• Forms: Frictional, structural, cyclical, and seasonal.
• Market Formation (e.g., Ukraine): Influenced by migration, job availability, and wage levels.

Inflation

• Definition: General increase in the price level of goods and services.
• Types: Demand-pull, cost-push, imported.
• Causes: Demand exceeding supply, increased production costs, and imported price hikes.

Government Economic Functions

• Regulation: Economic processes are managed through laws, taxes, and market controls e.g. labor regulations and resource management.
• Redistribution: Social programs, pensions, education, and healthcare re-distribute income across society.

Banking System

• Components: Commercial banks and central banks regulate money circulation.
• Monetary policy: Central bank tools to influence the economy, include the use of interest rates, reserve requirements to regulate inflation, maintain stable currency values, and stimulate economic growth.

Fiscal Policy

• Definition: Government controls through taxes and spending, used to influence economic activity, inflation, economic stability, and social conditions.

Tax Policy

• Definition: A government strategy to determine tax rates and structures to manage revenue collection and potentially, to encourage or discourage specific economic activities.

Economic History

• Subject: Study of economic systems and processes through the ages.
• Themes: Analysis of past economic changes, effectiveness of economic models, forming future policies.

Historical Periods

• Ancient World: Primarily agrarian economies, often based on slavery or similar systems of forced labour, and trade.
• Middle Ages: Primarily agrarian, feudal system; trade and city growth were slower.
• Modern Era: Capitalism and industrial revolutions emerged, urbanisation and social changes.
• Present: Globalisation; information-age economies.

Industrial Revolution

• Definition: Period of major technological and economical change across global economies.
• Characteristics: Mechanisation, technological development, increased production, urbanisation.

Soviet Era Economic Impacts (Ukraine)

• Collectivization: Forced consolidation of private farms into collective farms (Kolkhozes).
• Economic outcomes: Forced labour and economic instability, including the Holodomor (1932-1933).

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