Kusminov A.B. PUBLIC INSTITUTIONS FROM THE PERSPECTIVE OF DIFFERENT THE ORETICAL AND METHODOLOGICAL PARADIGMS
DOI: https://doi.org/10.15688/ek.jvolsu.2026.1.2
Arslan B. Kusminov
Postgraduate Student, Department of Economic Theory, Regional Economy and Entrepreneurship, Volgograd State University, Prosp. Universitetsky, 100, 400062 Volgograd, Russian Federation; Assistant Lecturer, Department of Management, Kalmyk State University named after B.B. Gorodovikov, Pushkina St, 11, 358000 Elista, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0009-0007-4831-8957
Abstract. This article provides an economic analysis of the role of public institutions in the context of regional and sectoral economies. It examines the impact of the quality of the institutional environment on reducing transaction costs, fostering territorial competitive advantages, and enhancing the efficiency of sectoral markets. Particular attention is paid to the functional roles of nonprofit organizations and development institutions as providers of specific public goods that compensate for market and government failures at the regional level. This article, which is theoretical and methodological in nature, offers a conceptual framework for further empirical research in the field of institutional regional economics. It presents an assessment of the role of public institutions as a factor in regional socioeconomic development. It is argued that, as regional economic systems become more complex and interregional competition intensifies, the importance of intangible development factors increases significantly, and the quality of the institutional environment becomes a key prerequisite for sustainable growth. Based on a synthesis of neo-institutional economic theory and public sector economics, it is shown that public institutions serve as providers of specific public goods, helping to reduce transaction costs, create a favorable investment climate, and accumulate social capital at the regional level. We pay particular attention to analyzing the economic mechanisms by which nonprofit organizations and development institutions influence regional economic parameters. The findings provide a conceptual basis for developing regional economic policy instruments.
Key words: public institutions, transaction payments, institutional environment, nonprofit organizations, public goods, regional economic development.
PUBLIC INSTITUTIONS FROM THE PERSPECTIVE OF DIFFERENT THE ORETICAL AND METHODOLOGICAL PARADIGMS by Kusminov A.B. is licensed under a Creative Commons Attribution 4.0 International License.
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