Contradictions in the combination of social justice and economic efficiency

Abstract

The aim of the article – elucidation of the essence of social justice and its manifestations as a phenomenon with characteristic features against the back- ground of innovations in production technologies, which explains the patterns of transformation processes, identifying the relationship between the industrial revolution and social justice, justification of place and importance for economic policy. The methodology of the survey. The following methods were used in the re- search: unity of logical and historical approaches, combination of abstract and concrete (to reveal the relationship between technology and economic development), historical method (to assess the patterns of economic and social processes), expert evaluation (to determine the mechanism of overcoming contradictions between economic efficiency and social justice). The scientific novelty. The results obtained in the research process together describe the impact of the new economic system not only on economic relations and international relations, but also on the social life of citizens, their transforma- tion and the level of preparation for social change. After analyzing the scientific achievements of experts and researchers, we identified the advantages of transformation processes, their disadvantages, which affect social justice. Also, mechanisms have been established to overcome the prob- lems that arise at the time of technology implementation and found a balance between economically-effective results and social justice which must be ensured in all parts of the world. Conclusion. The fourth industrial revolution entails a radical change in the usual patterns of behavior in enterprises. Its aim is robotization and digitiza- tion of all spheres of life, complete transformation of human resources. The combination of intellectual resources together with the latest technologies sig- nificantly affects the quality of living standards and the development of the social sphere. The combination of economic efficiency and equity associated with the contra- dictions that exist in the field of distribution, inefficiency of institutional and organizational mechanism for regulating distribution relations, uneven distribution of resources and property rights and cause uneven distribution of income and strict differentiation and marginalization in the population structure, macroeconomic violations, inefficient system of social security and social insurance. Uneven dis- tribution acts as an objective reality, and therefore it is important to prevent its threatening indicators. To do this, it is necessary to adequately measure the degree of inequality, to control not only the difference in income between rich and poor, but also the size of income to prevent a decrease in minimum income below the minimum social standards. Social standards require constant revision and improve- ment of their calculation methods, taking into account the methodology used in countries with a high level of social development. Key words: social justice, economic efficiency, institutions, social institutions, economic activity, innovations.