MATHEMATICAL ECONOMIC MODELLING IN THE ECONOMIC RESEARCH FFRAMEWORK

Abstract

Contemporary realia of transformational processes in Ukraine's economy drive the need for implementation of a specific toolkit that seamlessly integrates a range of mathematical methods to solve economic problems. Mathematical economic models are increasingly becoming indispensable tools for modern theoretical and applied economics. However, the self-sufficiency of this research approach has been repeatedly questioned due to a number of organizational and institutional challenges in the economic science and education domains, as well as in the context of functional changes in the economy as a whole. The purpose of this study is to substantiate the concept of the role and significance of mathematical economic modelling within the framework of theoretical and applied economic research, along with providing insights into the role of mathematical economic modelling as a separate area of study and applied economic research viewed as a connecting link in the triad of "economic theory – economic policy – business practice". It is argued that a mathematical economic model has to be legitimized as a separate research subject (to some extent similar to the concept of a legal entity in the economy) that complies with certain requirements of economic theory and economic information. For this purpose the model should entail specific inherent characteristics including the model datasheet which is a unique identifier of a model, contributing to clear differentiation of one model from another. Alongside with the need to enhance the methodology and application of mathematical economic models, an overdue challenge is the demand for inventory of existing model park, the preparation of a comprehensive Handbook on mathematical economic modelling tools providing specific outcomes of their application which is consistent with published scholarly literature and applied studies on modelling methods and models of real objects and systems.