THE INFLUENCE OF THE APPLICATION OF THE MAIN CONCEPTS OF THE BEHAVIOUR ECONOMIC THEORY ON ECONOMIC DEVELOPMENT OF THE LEADING COUNTRIES OF THE WORLD

Abstract

Purpose. The aim of the article is the comprehensive analysis of the influence of the application of the basic principles of behavioural economic theory on the economic development of the leading countries of the world. Methodology of research. General scientific methods are used in the process of work: comparison – to substantiate changes in demand with respect to the pricing of goods in the US and UK; experiment and monitoring – to assess the results of the survey on the level of inflation among the population; synthesis – to analyze the impact of the basic principles of behavioural economics on the global economic environment; induction – to obtain a general conclusion on the impact of human behaviour on economic development. Findings. The false opinion that on the example of a state body the public makes a choice on the basis of those factors which will be considered rational in favour of the state is established. At the same time, many documented cases of unpredictable and unexpected behaviour of the population are discovered in situations that cannot explain classical approaches. It is substantiated that the behavioural economy provides easy and understandable ways of using irrational behaviour of people to achieve small but effective goals. It is concluded that in the next decades, behavioural economic theory will take a higher position among the branches of economic theory, since the impact of research on this science involves adjusting the differences between government capabilities and social needs. Originality. New practical methods of using the basic principles of behavioural economic theory on the scale of the country are substantiated and the possibilities of effective government influence on people's behaviour in the presence of limited resources are revealed. Practical value. The results of the study can be offered to the governments of the leading countries of the world in order to improve the relations between the state and society. The effect of introducing behavioural methods in international economic relations will make it possible to balance the demands of the population with the capabilities of countries in the economic and financial sectors.