Sustainable Economic Development: Theory of Institutional Constructivism

Abstract

The paper is devoted to the formulation of the problem of sustainable development of the intellectual economy and the use of the theory of constructivism in relation to solving the problems of institutional design of socio-economic systems. The purpose of this work is to explore the possibilities of applying the theory of constructivism to solve the problems of institutional design in the context of sustainable development of the intellectual economy. The author of the work proceeds from the need for a reasonable approach to action, which creates the basis for constructing an institutional environment, the source of which is the paradigm of self-organization of socio-economic systems, which underlies the theory and practice of radical constructivism. The study shows the links between sustainable development and the theory of institutional constructivism by identifying important goals, directions, and strategies. Based on the awareness of current global and national processes, the key issue is the transition to an innovative type of development. This transition involves important steps that involve changing the focus from traditional approaches in economics and production to strategies based on advanced technologies. This research is conducted by researchers, policymakers, and practitioners dealing with economic development, sustainability, and innovation.