, Doctor of Science (Economics), Professor, Head of the Department, Ukraine, Lviv
, Candidate of Sciences (Economics), Professor, Professor of the Department, Ukraine, Lviv

In heading

Economic theory;

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Issues number

2019 - № 3 (38)



Type of articles

Scientific article

Code UDK


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Problem setting. Over the last quarter of a century, noticeable changes in the Ukrainian economy, caused by both systemic, transformational changes in the domestic economic system, and global processes, changes in the technological structure, have led to a notable progress in the Ukrainian economic science and its terminology system. On the one hand, a large number of categories and concepts have fallen out of use, and on the other hand, a far greater number of new terms and concepts have merged into the domestic system through translations of English-language economic literature, mainly American, as well as Ukrainian scholars” research. Therefore, theoretical and methodological approaches to the systematization of the conceptual and categorical apparatus of Ukrainian economic science, need further development and theorizing for the harmonization of its terminological system with the world one.
Recent research and publications analysis. Review of Ukrainian economic literature indicates that the problems of formation and interpretation of economic terminology are mainly dealt with by philologists, linguists, historians. In our economic science, so far, insufficient attention has been paid to the study of methodological principles, factors and directions of the evolution of the economic terminological system.
Paper objective. The article’s objective is to outline changes in the Ukrainian terminology of fundamental economic science over the last decades, to order and refine this terminology by describing and substantiating the main forms of emergence of new economic phenomena and processes in the world economic practice, as well as changes in the use of certain economic terms.
Paper main body. A number of Ukrainian-language economic concepts and terms of the Soviet period have disappeared from modern economics. However, certain terms and concepts remain and are actively used especially in the educational literature. The study of the evolution of the term “value” in Ukrainian economic science, not related to labor theory of value or subjective theory of utility, but caused by transformational changes in the domestic and global economy, proves that application of this term is possible only with certain adjectives.
The ordering of the domestic terminology of fundamental economic science and the harmonization of its sub-sectors requires clarification of the concepts of “cost” and “expenditure”, which are often used synonymously in Ukrainian economic literature. The article proposes to clearly differentiate the notion of “cost” – the reduction of financial resources of any economic entity associated with the purchase in the resource markets, and “expenditure”, which denotes the process of purchasing goods and services by households, firms or governmental units in the product markets.
Globalization processes and structural changes in the world economy have led to the emergence in economics of new terms and concepts that reflect the current economic reality. The article substantiates the feasibility of including in the Ukrainian terminological system the concept of financialization of the economy.
The term “financialization” should be considered as a reflection of the quantitative and qualitative evolution of the monetary sector of the economy, which has led to a new stage of systemic transformation of the market system both at the macro and micro levels. Market features of financialisation are increasing the share of the financial sector in the country’s GDP, significantly exceeding speculative financial flows over real flows, widening the gap between the nominal and stock prices of securities, increasing the mobility of financial capital, the higher level of profitability of financial corporations. A review of foreign and domestic literature indicates the development and implementation and intensive use of the term in scientific research in various fields of economic science, as well as the development and implementation of scientific and methodological approaches to assessing the level of
financialization of the economy.
In order to improve the Ukrainian economic terminology, the article proposes to make certain clarifications and definitions of the terms “small open economy” and “large open economy” in the international micro- and macroeconomics. Based on an analysis of the significance and features of the term “large open economy” in the world economic science, the authors propose to define it at the macro level as a national economic system, which due to its significant share of GDP, savings and investment in corresponding global indicators, can affect world financial markets, and therefore the world interest rate.
To reflect the dominant role of a small open economy in the world market for a particular commodity, it is advisably to use the term “large industry of small economy in the world market”.
Conclusions of the research. Analysis of nonlinguistic factors that determine the meaning of economic terms and concepts operating in economic science, legislation and business, and scientific and methodological approaches to their systematization and harmonization, should facilitate to the adequate reflection of economic reality in economic theories and models.
The ordering and clarification of such scientific terms and concepts as “value”, “cost”, “expenditure”, “financialization”, “small and large open economy”, “large industry of small economy in the world market” should help to improve the Ukrainian terminology and get it closer to the global scientific trends.
Short Abstract for an article
Аbstract. The article outlines changes in the domestic terminology of fundamental economic science, the main manifestations of which are the introduction of new, borrowing foreign languages and clarifying the meaning of existing terms and concepts. Some linguistic factors of the evolution of domestic economic terminology have been analyzed and the values of the individual components of the categorical apparatus, such as “costs”, “expenditures”, “value”, “financialization”, “small open economy, “large industry of small open economy in the world market” are specified. It is concluded that scientific and methodological approaches to the systematization and harmonization of terms and concepts operating in both economic science and (economic) legislation and business (economic activities) will contribute to the adequate reflection of economic reality in economic theories
and models.


terminological system, small open economy, large industry of small open economy in the world market, financialization, value, cost, expenditure


External reviewer

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