THE ROLE OF LAW IN PROMOTING THE EFFICIENCY OF THE MODERN ECONOMY (Theoretical Approach)

Abstract

Introduction. Trends of effective economic development are combined with the innovation, building science-intensive economic potential in Ukraine and the flourishing of entrepreneurship. One of the factors of effective economic dynamics is the improvement of economic regulation, the development a holistic strategy for the introduction of digital technologies and innovations in production.Problem Statement. An urgent scientific task is to assess the scientific orientation of the developments of economists and lawyers and fill them with new content of modern realities based on the rule of law in society.Purpose. Theoretical rethinking of the role of law in modern economic development through the prism of the rule of law and the promotion of innovations.Materials and methods. Analytical, historical, and evolutionary analysis methods for theoretical developments, as well economic and legal analysis, the empirical method.Results. Economic and legal analysis and rethinking and strengthening of scientific developments of J. Schumpeter and other in the category of economic development, "creative destruction" and the driving force of entrepreneurship in economic growth supported by a striking example of Ireland's economic rise in 1987–2006, proved their acceptability for modern implementation to domestic economic strategy and legal policy. As a result of generalization is the original scientific vectors of optimal regulation of the digital economy by establishing the principle of the rule of law as an urgent need to create a positive impetus to economic progress.Conclusions. Optimal regulation of the digital economy is a lever to promoting economic progress, increasing national prosperity, and combating poverty. Factors for economic efficiency are the protection of the economicfreedom of entrepreneurship, the introduction of innovations and the rule of law in society.