SELECTION AND ASSESSMENT OF THE ECONOMIC OBJECTIVES OF THE ACTIVITY, THEIR LEGAL FORMULATION BY BUSINESS ENTITIES (ON THE ISSUE OF SELF-REGULATION IN THE FIELD OF ENTREPRENEURIAL ACTIVITY)
( Pp. 106-110)

The aim of the study is to attempt to identify legal problems in the implementation of the selection and evaluation of the economic goals of business entities. This sphere of public relations was studied by foreign authors: D. Kahneman, A. Tversky, H.A. Simon, A. Sen, T.B. Veblen, G. Akerlof, R.J. Shiller, K.J. Arrow, M. Schulze. The author used general scientific research methods: content analysis, systematization, generalization of methods, extrapolation. Special legal methods were also used: formal legal method, legal modeling, legal forecast. The methodology allowed to formulate conclusions with a focus on solving problems of legal science. Findings. The author conducts a study of choice, evaluation of economic goals of activity, their legal formulation in the statutory documents of business entities. The admissibility of private lawmaking (self-regulation). Proved the validity and necessity of legal regulation of business by the state. The economic theories connected with the rational choice of subjects are analyzed. An attempt has been made to apply theories to the field of jurisprudence. The hypothesis was put forward and confirmed that a large number of regulatory acts does not allow for the legal regulation of business relations only through private rule-making. It is concluded that the achievement of the ratio of private and public rule-making can be carried out in political processes. The mechanism that allows to achieve personal and group benefits is the availability of norms (formal and informal rules) and institutions in the market. A form of state legal influence and regulation of entrepreneurial activity at the stage of creation, registration, and activity of subjects has been proposed. The social welfare function is described on the basis of social choice theory. It is indicated that it reflects the interests of groups of individuals on the basis of four elements: an unlimited area of definition, the absence of dictatorship, the Pareto principle, and independence from irrelevant alternatives. In this regard, the importance of entrepreneurial forms of legal entities, non-profit organizations, as inclusive capitalist institutions for the state and society is stated. The problem of decision making by a legal entity and their legitimacy are considered. On the basis of economic models proposed its solution. Established mechanisms to limit the impact on business relationships goals set forth in the norms of statutory documents. It is proposed to establish a target function, the limits of alternative versions of acts for society (business entities) on the basis of the regulatory framework of state bodies. Justified legal mechanisms (norms) of risk reduction in the course of doing business through the creation of funds from legal entities, in sectors of the economy. The results can influence the increase in the effectiveness of the application of civil and business legislation, and the reduction of costs in carrying out business activities. The results obtained can be used in the lawmaking process in reforming civil, business and corporate legislation. The formulated proposals can legitimize the legal and economic policy pursued by state authorities. The work is intended for specialists in civil and business law, as well as groups of specialists who carry out legislative activities in the field of legal regulation of economic activity.

Abramov S.G., (2019), SELECTION AND ASSESSMENT OF THE ECONOMIC OBJECTIVES OF THE ACTIVITY, THEIR LEGAL FORMULATION BY BUSINESS ENTITIES (ON THE ISSUE OF SELF-REGULATION IN THE FIELD OF ENTREPRENEURIAL ACTIVITY). Economic Problems and Legal Practice, 4 => 106-110.

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