An economic system comprises all economic processes occurring in the society based on the established therein property relations and economic mechanism. Production, coupled with consumption, exchange, distribution, and plays a primary role in any economic system. All economic systems require economic resources for the production, and the results of their economic activity are consumed, exchanged, and distributed.
The concept of economic system (its contents, elements, and structure) depends on the economic school. In the neoclassical paradigm, a description of the economic system is revealed through the micro-and macroeconomic framework. Neoclassical subject is defined as the study of human behavior, maximizing its usefulness in an environment of limited resources with unlimited needs. The main elements are firms, households, government.
The institutionalists emphasizes institutions as the main subject in the study of economic, the institutionalists’ ideology is characterized by a desire to distinguish institutions and organizations. Institute is considered as any established rule or norm of economic behavior.
Neoinstitutsionalists emphasize a systematic approach and pay attention to the specifics of the economic systems by studying the coordination mode, the system of property rights, transaction costs, and contract system.
Marxism focuses on a systematic methodology based on dialectical systems approach. Dialectical approach in Marxism, first, uses the principle of research conflicts, the dialectical unity of opposites as the basis for the functioning of economic systems, and secondly, highlights not only quantitative but also qualitative leaps in the development of economic systems, and thirdly, focuses on the historical limitations of economic systems. The Marxist logic inherits the Hegelian logic, stressing that specific entity, the system is “not the result, but the result with its formation.” One dispensable condition of the study of economic systems in the view of the Marxist approach development is the study of the history of economic systems or, as in Marxism, the study of the mode of production.
Economic systems can also be studied in terms of other theoretical schools directly related to the economic theory. From the point of view of the researchers of the modern post-industrial society, post-industrial economy (neoeconomy, “information society” or “knowledge society”) is born as a special technological way that significantly alters the economic and social system as a whole. In the paradigm of In the development economics paradigm, a special group of “third world” country is distinguished as having a number of important laws: the institutional framework, especially macroeconomic dynamics, a special model. Thus, development economics considers the class of special economic systems.
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