ON THE ISSUE OF DETERMINING THE SIZE OF THE PUBLIC SECTOR OF THE ECONOMY

Besik Bolkvadze ()
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Besik Bolkvadze: Batumi State University, Georgia

Three Seas Economic Journal, 2022, vol. 3, issue 3

Abstract: One of the most pressing problems of modern economic science in a mixed economy is the definition and calculation of the size of the market and non-market (state, public, government) sectors. The calculation of the scale of the non-market sector is of fundamental importance in view of the following factors: it allows to easily distinguish the public sector from the market sector from the analytical point of view (statistical significance); promotes the development and implementation of effective state budget policy (fiscal importance); promotes the rational use of state property and the effective functioning of state-owned enterprises (asset management importance); enables the analysis of the impact on the economic growth of the sector and the adoption of sound economic decisions (macroeconomic importance). It should be noted that in modern conditions, various indicators are used to measure the size of the public sector of the economy, which have both theoretical and empirical significance, but due to their specificity are not homogeneous economic indicators and are characterized by understanding the size of the sector in different aspects. This paper reviews and analyzes these indicators and proposes a rather complex approach to calculating the public sector of the economy, which is fundamentally important for a comprehensive analysis and relevance of the sector's impact on economic growth.

Keywords: Gross Domestic Product (GDP); economy and state; private and public sector; public sector indicators (search for similar items in EconPapers)
JEL-codes: H71 J45 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:bal:3seasj:2661-5150:2022:3:3:2

DOI: 10.30525/2661-5150/2022-3-2

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