THE ROLE OF THE STATE IN THE ECONOMY: AN INSTITUTIONAL PERSPECTIVE

Usmonov Murodbek Dusmurot o‘g‘li; Ilamonov Mehroj Akbar o’g’li; Quvondiqov Orzumurod Dilmurod o’g’li; Jozilov Hasan O’tkir o’g’li

THE ROLE OF THE STATE IN THE ECONOMY: AN INSTITUTIONAL PERSPECTIVE

Authors

Usmonov Murodbek Dusmurot o‘g‘li Lecturer of the Department ”Digital Economy" Samarkand Institute of Economics and Service
Ilamonov Mehroj Akbar o’g’li Student of the Faculty of Economics Samarkand Institute of Economics and Service
Quvondiqov Orzumurod Dilmurod o’g’li Student of the Faculty of Economics Samarkand Institute of Economics and Service
Jozilov Hasan O’tkir o’g’li Student of the Faculty of Economics Samarkand Institute of Economics and Service

Keywords:

state intervention, institutional economics, property rights, transaction costs, market failures, economic development, institutional reforms, formal institutions, informal institutions, economic stability.

Abstract

This article explores the role of the state in the economy from an institutional perspective, focusing on how formal and informal institutions shape economic outcomes. It examines the state's involvement in creating and enforcing legal frameworks, protecting property rights, reducing transaction costs, and promoting economic development. Additionally, the paper discusses how institutional changes influence the state's role in addressing market failures, fostering economic stability, and ensuring equitable growth. Through an analysis of historical and contemporary cases, the article highlights the dynamic relationship between state institutions and economic performance, emphasizing the importance of institutional reforms in modern economies.

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Published

2024-10-18

How to Cite

Usmonov Murodbek Dusmurot o‘g‘li, Ilamonov Mehroj Akbar o’g’li, Quvondiqov Orzumurod Dilmurod o’g’li, & Jozilov Hasan O’tkir o’g’li. (2024). THE ROLE OF THE STATE IN THE ECONOMY: AN INSTITUTIONAL PERSPECTIVE. Web of Teachers: Inderscience Research, 2(10), 125–131. Retrieved from https://webofjournals.com/index.php/1/article/view/1936