THE COMPARATIVE AND INSTITUTIONAL APPROACH IN THE STUDY OF THE ESSENCE OF ENTREPRENEURIAL ACTIVITY

Анотація

Entrepreneurial activity is a determining factor in the economic growth of any country in the world. Wherein, the development of entrepreneurship in the country as a whole and in certain areas of economic activity in particular are depending largely on the effectiveness of the organizational and legal system, on the respect for private property rights, on creating a competitive environment, on equality of economic agents, on the availability of effective regulators, various restrictions and barriers to business. That is, the effectiveness of entrepreneurship largely depends on the established system of its regulation within the national economy and a particular area of economic activity. The main economic schools that developed this issue were liberalism, Keynesianism, Marxism, dirigisme, new institutional theory, etc. The comparative-institutional approach was used in the investigation of business regulation, which takes into the account that not only entrepreneurs but also civil servants are limited rational and in everyday activities are pursuing the possibility of maximizing their own benefits, which may be manifested in the opportunistic behavior. The state intervention is not always the only right solution to address specific problems and as an alternative it might be a set of measures to improve regulations to create a competitive environment and creation of a level playing field in regulated areas for all businesses, elimination of existing legal barriers, stimulation of market self-regulation, as well as ensuring the rule of law. Entrepreneurship is an activity that is based on the introduction of innovations in order to deepen the specialization and cooperation of production, aimed at obtaining economic effect and is conducted at their own risk and responsibility. The main feature of entrepreneurship is its innovation. The innovation economics is representing the ability and motivation of enterprises to carry out researches, to develope and to improve the production processes, and to find the new solutions, ideas, concepts of doing business. The analysis of the different ways of the innovative development of the leading countries of the world shows the crucial role of the innovation infrastructure for support the innovative entrepreneurship, and the motivation of the economic entities to overcome such negative phenomena as uncertainty in results and increased risk of economic losses.

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