ECONOMIC ACTIVITY EFFICIENCY IN THE CONTEXT OF CONTEMPORARY GLOBAL CHALLENGES AND SUSTAINABLE DEVELOPMENT
Authors:   International Institute-association of Regional Ecological Problems, Tunytsya Y. , Adamovsky A. ,   Lviv Polytechnic National University, Zahvoyska L. ,   Ukrainian National Forestry University
Published: June 2024

Purpose. The purpose of this study is to deepen the understanding and further development of theoretical approaches to evaluating the efficiency of economic activity, which will serve scientists and politicians to justify the choice of methods of evaluation, taking into account the nature of the object of evaluation and the context of this process. The research objectives follow from this: to analyze the correctness of using market prices to determine the efficiency of economic activity and to propose methods of adjustment. Design/methodology/approach. In the article, the authors investigated methodological the basics which are methods of system and comparative analysis, cost-benefit analysis, and multi-criteria methods, which were used to develop a holistic approach to performance evaluation. The informational basis of the study was made up of scientific domestic and foreign publications, as well as the authors’ own long-term experience of research work in the field of ecological economics. Findings. Today, many approaches to evaluating economic efficiency have been developed. However, all of them have strengths and weaknesses, so the question of the correctness of using these approaches requires further research. We suggest differentiating approaches to performance evaluation as follows. If decisions are made at the global or regional level and are of a strategic and/or irreversible nature or are associated with unrecognizability, then it is necessary to be guided by communicative (social) rationality and apply deliberative methods. In these cases, methods based on individual assessments are advisory. If we are talking about insignificant local influences and market-valued goods, then individual rationality and analytical decision-making methods will be relevant. Practical implications. The results of this research are of interest to economists and politicians. Proposed logic of cost-benefit analysis, the conceptual model of the ecological economy, positioning of approaches to determining efficiency according to two features: rationality and the nature of the goodwill that seek to improve the adaptation of their marketing communication strategy to meet the conditions of digitalization and tostrengthen their competitive foothold within the market. Also, the findings can help to improve economic activity efficiency in the context of contemporary global challenges and Sustainable Development. Originality/value. Based on the results of the analysis of the features of economic activity evaluation, determined by the subject and context of evaluation, as well as the choice of the evaluation methods themselves, a new paradigm of efficiency evaluation is proposed by differentiating its approaches taking into account the essence of the evaluated activity, the context of evaluation and the corresponding rationalities and tools. This paradigm, in response to modern challenges, allows expanding the subject area of economic science and overcoming the methodological limitations of monetary estimates