Content and Nature of Economic Development of the Agricultural Sector

Abstract

The article is devoted to the study of the content and nature of economic development as a category of economic science, taking into account the specifics of its understanding for the agricultural sector. The key definitions of economic development of famous scientists are highlighted. The understanding of economic development as focusing on the domestic market, by stimulating consumption and production within the country is considered. The inseparability of the combination of economic development and evolution of the biosphere as a human living environment is proved. The crucial role of human potential in ensuring economic development has been identified. The analysis of many approaches within the framework of economic theory to the understanding of economic development in terms of their advantages, disadvantages, key problems and understanding of the nature of economic development (Keynesian, neoclassical, old institutional, neo-institutional and left-radical) is presented. It is determined that in modern conditions, economic development should be considered a complex process that takes place throughout the globalization space, but is radically different between different states. This requires both detailing its nature and the process of implementation at the macroeconomic level of a particular national economy, and determining the role of supranational institutions as special regulators of the world economy. The key supranational institutions that regulate the economic development of the agricultural sector of our state are considered. The ways of influence of the mentioned supranational institutions are determined. The direct dependence of the modern economic development of the agricultural sector in Ukraine on the state and dynamics of the world agricultural market is proved. Areas of understanding the nature of economic development (relationship with welfare, cyclical nature, changes in various areas of socio-economic systems) and existing models (single-line, parallel and civilizational development) are considered. The relationship between economic development and economic growth has been studied. The concept of sustainable and inclusive development is considered. An understanding of economic development within the concept of sustainable and inclusive development for the agricultural sector is proposed.