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Evolution of macroeconomic policy and regulation: towards a knowledge economy

Evolution of macroeconomic policy and regulation: towards a knowledge economy

Journal of Economic Regulation, , Vol. 5 (no. 3),
p. 14-22

This study clarifies the content of the evolutionary approach in the analysis of macroeconomic policy and government regulation of economy. Evolution of macroeconomic policy and government regulation of economy is a transformation of the subject of regulation and development goals, changing objects, methods, and tools of regulation in relationship with development of market and other economic actors. The development of the knowledge economy leads to shifts of the macroeconomic policy object. The objects of macroeconomic policy and government regulation are shifting from the end to the beginning of the production process, what changes field of the market self¬organization and specifies the role of government in regulation of economy. The new forms of macroeconomic policy and regulation are systematized. That forms are innovation oriented, consider to diversity of economic actors behavior, provide the «smart, sustainable and inclusive growth», flexible incentives for the knowledge economy development, creativity and the transition to a network-based decision-making. This study also defines the requirements to macroeconomic policy and regulation in context of the knowledge economy development.

Keywords: knowledge economy; macroeconomic policy; government regulation of economy; smart regulation

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Publisher: Ltd. "Humanitarian perspectives"
Founder: Southern Federal University
ISSN: 2078-5429