EUROPEAN VALUES AND TRADITIONS OF THE CLASSIC SCHOOL OF ECONOMIC SCIENCE AND THEIR DEVELOPMENT IN UKRAINIAN ECONOMIC SCIENCE

Abstract

The article substantiates the role of the classical economic school in the adoption and dissemination of the
fundamental principles of economic science and European economic values and traditions in the world. It has been proved that the formation and development of the classical school in economic science marked not only the emergence of the first scientifi c and economic school and the popularization of economic science, but also the popularization and spread of European economic values in the world, on the basis of which formed the economic school, namely: freedom of economic activity, private entrepreneurship, free competition, economic liberalism. Th e indicated economic values laid the foundation for the formation of a market economy and its gradual establishment as the most successful model of the economic system in most countries of the world. The authors proved that the development of the classical school was characterized by a gradual increase in attention to social issues, which are diffi cult to solve only with the help of market forces of self-regulation. This was reflected in the gradual updating of the issues of the equitable distribution of public goods and the ideas of social reformism in the works of classics. European values and traditions of the classical school have shown a vivid development and continuation in the studies of Ukrainian scholars and the formation of the Kiev School of Economic Science. Developing on the basis of the traditions of the classical school, the Kyiv school has made a signifi cant contribution to the development of economic
science and the spread of European economic values not only in Ukrainian areas, but also contributing signifi cantly to the development of European and world economic science.