THE ROLE OF ECONOMIC THEORY IN THE FORMATION OF BUSINESS LAW IN UKRAINE

Abstract

The article investigates the relationship between economic theory, management history and business law, which together form the basis for the functioning of the economy. It is determined that economic theory, history of management, which provide scientific knowledge for understanding economic processes, and business law, which forms the legal framework for entrepreneurship, are interrelated. Economic theory forms the basic principles underlying the rules of economic law. For example, an understanding of the importance of competition and market equilibrium contributes to the creation of antitrust legislation. The ideas of taxation theory (Laffer curve, Keynesian approaches) have influenced tax legislation, establishing a balance between stimulating economic activity and filling the budget. The labor market theory (D. Ricardo, P. Samuelson) laid the foundations for minimum wage legislation, taking into account the impact on employment and living standards. The concepts of international trade (Ricardo's comparative advantage, Heckscher-Ohlin theory) determined the legislation on export-import operations, stimulating economic integration. Economic theory allows us to model the consequences of the introduction of legal norms. In particular, agency theory (Jensen and Meckling) has influenced corporate governance regulation by increasing investor confidence and ensuring capital inflows. Bankruptcy theories analyze the impact of legal mechanisms on market stability and risky behavior of companies. Models for predicting the consequences of changes in bankruptcy procedures help to create balanced rules for creditors, debtors and the economy as a whole. Theories of network effects (Shapiro, Varian) shape the regulation of the digital economy, ensuring fair competition and user protection. Environmental theories of sustainable development (G. Daly) have contributed to the creation of emission reduction standards and environmental taxation. The synergy of economic theory and business law creates a balanced regulatory environment that increases economic efficiency, encourages investment and promotes sustainable development. Economic ideas remain an important tool in shaping legislation aimed at achieving the strategic goals of the state.