ECONOMIC SCIENCE AS A DRIVER OF SOCIAL PROGRESS: LESSONS FROM MYKHAILO TUHAN-BARANOVSKY

Abstract

This paper presents a review of the materials from the international scientific and practical conference "The Scientific Legacy of Mykhailo Tuhan-Baranovsky as a Conceptual Foundation for Social Development", held at the State Organization "Institute for Economics and Forecasting of the National Academy of Sciences of Ukraine" on January 29, 2025. The event was dedicated to the 160th anniversary of the birth of the Ukrainian economist, statesman, and public figure; co-founder and academician of the Ukrainian Academy of Sciences; and the first Minister of Finance in the Ukrainian government (General Secretary of Finance of the Ukrainian Central Rada, 1919), Mykhailo Tuhan-Baranovsky (1865-1919).

Following the presentations and discussions, which addressed a broad range of issues in economic theory, history, and policy in the context of Ukraine’s national security imperatives, the participants formulated a consolidated position recognizing Tuhan-Baranovsky’s unique contribution to economic science. His legacy includes the development of original theories and innovative methodological approaches that laid the conceptual groundwork for addressing key economic problems and served as the foundation for major strands of economic thought, such as theories of economic cycles and crises, value cooperation, and the social theory of distribution.

The article explores Tuhan-Baranovsky’s contribution to advancing the ideas of social solidarism and economic cooperation as a new type of economic organization; the integration of socio-psychological factors into economic analysis; and the identification of the role of capital and innovation in the development of market economy. It highlights the relevance of his conceptual approaches and research methodology for analyzing contemporary macroeconomic transformations, economic crises, and designing counter-cyclical policies.

A separate section of materials is devoted to examining the continuity of Tuhan-Baranovsky’s scientific ideas in the context of open science, viewed as a driver of innovation-led development. The potential of his approaches for shaping strategies of socio-economic development and strengthening economic security as an element of Ukraine’s economic sovereignty is also emphasized.