Value principles of the equilibrium economic development in the new global challenges

Abstract

The paper reveals that the formation of the information society at the turn of the century with a focus on a network economy marked the beginning of the economic relations and laws system global modification. This modification is due primarily to the latest technological changes and innovations in information and communication. However, in its profound nature, it has a value character and is associated with the need for a thorough understanding of the new socio-economic picture of the world. The traditional interpretation of this situation does not meet public expectations about progressive, creative development possibilities. Public dissatisfaction with globalisation is growing. Phenomena of socio-economic instability (turbulence) and uncertainty undermine the civilisational foundations of the social economy, create several global challenges and threats. It is shown that an adequate guideline for successful management is to ensure balanced social development through the development of a holistic institutional architecture, which operates under the laws of effective economic equilibrium. Economic theory is designed to substantiate the laws of operation and the principles of building the institutional architecture of management. At the same time, modern economics remains traditional, while the correct answer to the global social demand must be given by relativistic economics, which can form the socio-economic foundations of the phenomenon of relativity. It is determined that the concept of the institute as a transformed form of economic value (economic good, the only one in the triple definition of marginal utility, value, and price) is an adequate basis for building relativistic economics, methodological source of creative knowledge and formation of the latest holistic picture of the world. It is noted that the tools of value economic analysis (in particular, the model of general economic equilibrium) were formed in the depths of classical political economy, but today it needs to be updated. It is established that the methodological restoration of economics as a valuable source of a positive relativistic understanding of the latest world picture is an essential agenda for further creative research to determine the principles of building an economy of trust forerunner of the institutional architecture. The basis of such an economy is a public sector model focusing on the market of public goods, which harmonises the system of public interests, processes of self-organisation and organisation in the economy, thus contributing to the formation of effective mechanisms for stabilising social development.