Implementation of the pragmatic function of economic theory in the formation and monitoring of the state strategy for sustainable development

Анотація

The article examines the interrelation between the functions of economic theory and a country’s strategy for sustainable development (SD). The purpose of the article is to further develop theoretical aspects in the context of the types of economic theory, the functions of economic theory, and the process of a country’s SD, and to subsequently determine the relationship among them. Attention is drawn to the substantial role of economic theory, which is widely regarded as a primary tool for understanding economic cycles. Exploring the issues of Ukraine’s sustainable development during the period of hostilities and post-war recovery, it is necessary to consider several restrictive indicators in human, financial, and production potential, which will allow for the formation of an economic model focused on the rational use of these resources. This statement served as one of the basic justifications for the transition to SD under crisis economic conditions that limit the effectiveness of managerial economic cycles at both the macro- and microeconomic levels. The substance of the sustainable development process and the functions that ensure its effectiveness are determined. The article proposes considering the relationship between the functions of economic theory and those of the sustainable development strategy and defining their essence. One of the key priorities in this direction for Ukraine’s development is the package of Sustainable Development Goals (SDGs) for the period until 2030, among which, within the scope of our study, the component on the transition to rational models of consumption and production deserves particular attention. At the level of public administration in Ukraine, SDG indicators are integrated into the system of strategic planning and monitoring of executive authorities’ activities. As of 2023–2024, the assessment system requires significant updating and clarification of tasks and indicators for achieving the SDGs by 2030. The authors conclude that rethinking the impact on the country’s economic sector, which has chosen the path of sustainable development through this interrelation, will enable authorized persons to achieve more successful implementation of the economic, social, and environmental dimensions. Keywords: economic theory, functions of economic theory, sustainable development, models of economic theory, military challenges, concept of sustainable development.

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