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The Behavioral Aspect of Economic Growth
Panevnyk T. M., Bolgarova N. K.

Panevnyk, Tetiana M., and Bolgarova, Natalia K. (2021) “The Behavioral Aspect of Economic Growth.” Business Inform 8:13–18.
https://doi.org/10.32983/2222-4459-2021-8-13-18

Section: Globalization Processes in the Economy

UDC 330.821.366

Abstract:
The article discusses the essence and significance of behavioral economics. The need to take into account the instrumentarium of behavioral economy in the process of solving socio-economic problems is substantiated. The macroeconomic indicators of development of Ukrainian economy are analyzed. Ukraine’s place in the world ranking in terms of GDP per capita is considered. The integrated assessment of the overall economic activity of the country using the Global Competitiveness Index (IGC), the Human Development Index (HDI), and the index of Quality of Life Index by Country are carried out. International comparison of economic growth indicators is highlighted. The dynamics of total income, expenses, savings of the population are analyzed and the significant influence of behavioral factors on decision-making in this sphere is identified, their relationship at both micro and macro levels is disclosed. A significant influence of behavioral factors on decision-making on consumption, expenses and savings is identified, their importance in crisis situations is emphasized. It is proved that the behavioral aspect of economic growth involves not just the inclusion of psychological factors in the classical analytical models, but a combination of microeconomic components with macroeconomic ones. The need to expand the analysis of economic development based on taking into account the behavioral aspect as the driving force of economic development is substantiated. It is noted that the instruments of behavioral economics should be used in the process of developing and conducting socio-economic policy. It is defined that the behavioral economy is one of the instruments that strengthens the possibilities of effective decision-making by the actors together with their impact on socio-economic processes.

Keywords: behavioral economics, economic growth, GDP, total income, expenses of the population, savings, Global Competitiveness Index, Human Development Index, Quality of Life Index by Country.

Fig.: 1. Tabl.: 4. Bibl.: 13.

Panevnyk Tetiana M. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Applied Economics, Ivano-Frankivsk National Technical University of Oil and Gas (15 Karpatska Str., Ivano-Frankіvsk, 76019, Ukraine)
Email: [email protected]
Bolgarova Natalia K. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Economic Theory, National University of Life and Environmental Sciences of Ukraine (15 Heroiv Oborony Str., Kyiv, 03041, Ukraine)
Email: [email protected]

List of references in article

Krykun, V. A. “Teoriia povedinkovoi ekonomiky v doslidzhenni ukrainskoho bankivskoho rynku za roky nezalezhnosti“ [Theory of Behavioral Economics in the Study of the Ukrainian Banking Market During the Years of Independence]. Naukovyi visnyk Mizhnarodnoho humanitarnoho universytetu. Seriia «Ekonomika i menedzhment». 2017. http://vestnik-econom.mgu.od.ua/journal/2017/24-1-2017/6.pdf
“Rol ekonomichnoi nauky u suspilnomu rozvytku: Do 100-richchia NAN Ukrainy : materialy kruhloho stolu“ [The Role of Economic Science in Social Development: To the 100th Anniversary of the NAS of Ukraine: Materials of the Round Table]. Kyiv, 2018. http://ief.org.ua/docs/scc/9.pdf
“Global competitiveness index“. https://knoema.ru/atlas/ranks/Global-competitiveness-index
“Reyting stran mira po indeksu chelovecheskogo razvitiya“ [Ranking of the Countries of the World According to the Human Development Index]. https://gtmarket.ru/ratings/human-development-index
“Indeks razvitiya chelovecheskogo potentsiala“ [Human Development Index]. https://knoema.ru/atlas/ranks
“VVP na dushu naseleniya“ [GDP Per Capita]. https://nonews.co/directory/lists/countries/gdp-per-capita-ppp
“Indeks yakosti zhyttia: yak zminiuvalosia mistse Ukrainy v reitynhu“ [Quality of Life Index: How Ukraine's Place in the Ranking has Changed]. Slovo i dilo. July 10, 2021. https://www.slovoidilo.ua/2021/07/19/infografika/svit/indeks-yakosti-zhyttya-yak-zminyuvalosya-misce-ukrayiny-rejtynhu.
“Reyting stran mira po urovnyu zhizni 2020“ [Ranking of the Countries of the World in Terms of Living Standards 2020]. https://immi-i.com/rejting-stran-mira-po-urovnyu-zhizni-2020/
Derzhavna sluzhba statystyky Ukrainy. http://www.ukrstat.gov.ua
“Stavky, indeksy, taryfy“ [Rates, Indices, Tariffs]. Minfin. https://index.minfin.com.ua/ua/
Vlasova, I. V. “Zaoshchadzhennia naselennia yak investytsiinyi resurs ekonomiky“ [Population Savings as an Investment Resource of the Economy]. Ekonomika: teoriia ta praktyka. 2016. https://ir.kneu.edu.ua/bitstream/handle/2010/29659/ec_V_3.pdf?sequence=2&isAllowed=y
Akerlof, G. A. “Behavioral Macroeconomics and Macroeconomic Behavior“. The American Economic Review, vol. 92, no. 3 (2002): 411-433. DOI: 10.1257/00028280260136192
Telnov, A. S., and Reshmidilova, S. L. “Rozvytok povedinkovoi ekonomiky u pryiniatti ekonomichnykh rishen“ [Development of Behavioral Economy is in Acceptance of Economic Decisions]. Ekonomichnyi visnyk. Seriia «Finansy, oblik, opodatkuvannia», no. 5 (2020): 160-170. DOI: https://doi.org/10.33244/2617-5932.5.2020.160-170

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