PUBLIC SECTOR CONCEPTUALIZATION OF ECONOMY IN SYSTEM OF ECONOMIC AND THEORETICAL KNOWLEDGE

The article examines trends shaping the problem of "public sector". The research shows the history of the formation of the concept of "social economy", its relationship with the basic principles of theoretical economic analysis and development. The paper investigates process of establishing the structure of the phenomenon of the public sector and its interaction with the challenges of the modern world and the global economy. The article deals with the role of the public sector in the production of public goods. The researchers evaluated the effect of its scale in indicators of social, economic and i institutional development. The study singled out performance criteria for public sector institutions and analyzed changes of vectors public choice in terms of globalization changes. It was revealed the impact of global institutional transformation and structural reforms in the public sector, in-depth conceptual basis of improving the efficiency of public sector functions.