Structure of economic system: institutional context

Abstract

Today, institutional analysis is widely implemented to solve important problems of the modern economy. The article examines the possibilities of applying the system approach to determining the structure of the economic system in the context of institutional analysis. The specificity of the descriptive and constructive approach to defining the system is emphasized. The author formulates the definition of the system that is appropriate for the institutional analysis of the economy. The importance of the concept of «structure» in the context of streamlining the relationships between institutions is investigated. The relationship between the concepts of «structure» and «system» is studied. Special attention is paid to the sequence of the structural analysis of the economic system to understand the concept of «institutional structure of the economy».

Keywords

• economic system
• system approach
• structure of economic system
• institutional structure of economy
• institutionalism methodology