INSTITUTIONAL ASPECTS OF THE CLUSTER DEVELOPMENT OF THE REGIONAL ECONOMIC SYSTEM

Main Article Content

I. L. Beilin
V. V. Khomenko
N. V. Kalenskaya

Keywords

economics, econometrics, economic and mathematical modeling, the theory of economics, regional economy, innovation management

Abstract

Purpose: The heterogeneity of the economic space has intensified in recent years in the process of transition and laying the foundations of a market economy in the CIS countries, as well as in the EU regions, due to its expansion. This unevenness was manifested as a result of different starting levels of economies, different resource endowments, the choice of their targets and priorities for socio-economic development, and the increased authority of local authorities.


Methodology: This is analytical-logical research that has been done through content analysis and documentary and library research.


Result: Problems of market fiasco in the regions, as well as the important role of local institutions in regional development are also noted in the EU and serve as a strong argument for the need for government intervention in regional policy, primarily from the standpoint of regulating the innovation sphere, financial assistance to create jobs or clusters capable of self-development.


Applications: This research can be used for universities, teachers, and students.


Novelty/Originality: In this research, the model of Institutional aspects of the cluster development of the regional economic system is presented in a comprehensive and complete manner.

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