PROBLEMS OF ECONOMIC THEORY УДК 336.131 JEL: В52 1Accounting Chamber of Ukraine, Research ID : http://www.researcherid.com/rid/AAV-3875-2020 INSTITUTIONAL THEORY IN THE DEVELOPMENT OF ECONOMICS Theoretical bases of establishment and development of institutional theory as a new direction of economic science are analyzed. The preconditions for the emergence of institutionalism are studied, the fundamental differences between the new economic trend and classical economic theory are considered. The weakness of economic theories on the role and importance of the state in economic development is noted, the need to synthesize the strengths of institutionalism with neoclassicism to link the social attitudes and interests of individuals is emphasized. Keywords:economic science; theory; institutionalism; institute; institution; institutional change; socio-economic relations; socio-economic development of the country.
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