Institutional Economics as a Scientific Basis for the Transition to a New Technological Order: Prospects and Conditions for Application

Abstract

It is noted that the economic development of the Russian Federation takes place in the conditions of digitalization of the economy, the construction of an innovative type of economy with the subsequent transition to a new technological order. It is established that the goals of innovative development and the results to which the economy should come are legalized in the decree of the Government of the Russian Federation and, therefore, are mandatory for implementation. It is stated that achieving the goals of innovative development requires the development of an appropriate economic theory, the methodology of which is based on an interdisciplinary approach to the analysis of economic relations. It is argued that the neoclassical economic theory, which uses mathematics and econometrics as a tool for constructing theoretical models and verifying their validity, cannot be recommended for further use as a scientific basis for the digitalization of the economy and its development as an innovation-type economy. It is proposed as a scientific basis for building a new economic policy of the state in the conditions of digitalization of the economy to apply institutional economic theory as a scientific basis that meets the modern requirements of economic development, the methodology of which involves taking into account in the course of economic analysis various aspects of social interaction directly or indirectly capable of influencing the behavior of economic agents. A brief analysis of the publications of Russian scientists in the field of institutional economic theory is carried out, it is concluded that the basis for the development of Russian institutionalism are the scientific achievements of scientists from the USA and Great Britain, but, due to the fact that the scientific achievements of foreign scientists are based on the study of the institutional environment of the USA and Great Britain, which differs in fundamental aspects from the institutional environment of the Russian Federation, the conclusion is made about the need to adapt institutional economic theory to the Russian institutional environment. Proposals are made to carry out priority measures for the development of institutional economic theory corresponding to the political, legal and other social characteristics of the Russian Federation.