represents "the organization of the practical implementation of public administration"
"[5, p. 235].
A more acceptable point of view according to which "the mechanism of state
administration is a combination of economic, motivational, organizational and legal
means of targeted influence of the subjects of state administration on their activities
with ensuring the coordination of interests of participants of public administration that
interact" [5, p. 236].
Previously, it was noted that universally recognised functions of public
administration are political, social and economic. Moreover, the economic function is
determined by the base, because economic achievements are a prerequisite for the
successful implementation of other tasks. Therefore, the mechanism of state
administration deserves special attention precisely by economic processes.
According to one definition, public administration of the economy is "the
organising and regulating the influence of the state on the economic activity of market
entities to streamline and improve its effectiveness" [5, p.17].
One of the management functions is regulation. The theoretical basis of regulation
is a system of knowledge about the regularity of influence on the results of socio-
economic development of specific regulatory measures by the state, and the practical
realisation is the implementation of purposeful influence to implement the economic
policy of the country. Sometimes the difference between economic policy and
economic regulation is not clearly defined. Thus, the economic policy of the state is
characterised as a system of socio-economic ideas and goals of the country's
development, the main tasks, the means of their achievement, as well as the activities
of state authorities in their implementation [7, p. 21]. This definition combines the
purposefulness with their application, which is already related to management.
From the point of view of the authors, the policy determines the priorities of socio-
economic development, and public regulation ensures the achievement of goals.
More detailed definitions reflect the components of the public regulation
mechanism [7, p. 10]:
-
for one of them the mechanism of public regulation - "is a technical system for
a specific mode of production forms, methods and means of influence on the economy,
based on its inherent laws and following the legal norms of society";
-
to another opinion - "it is a collection of forms, methods, means of influencing
the economy, covering the economic relations that have developed between the
subjects and objects of regulation in the process of definition and implementation of
the goal."
The most potent definition is provided by scientists who believe that public
regulation of the economy is a system of measures "for the maintenance of the
supporting, compensatory and regulatory activity of the state, aimed at creating the
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