Received 30.12.2024, Revised 20.03.2025, Accepted 24.04.2025
The relevance of this study lies in the increasing number of countries worldwide that are prioritising population welfare as a key policy objective. In the post-war period, Ukraine should focus on fostering inclusiveness and cultivating an equitable culture that takes into account the interests of all members of society. This research aimed to examine the components of inclusive development within the national economy, based on social innovations, and to identify the relationship between the welfare economy and the experience economy. The primary outcomes of the study included the justification and exploration of the elements of inclusive economic development grounded in social innovations that seek to enhance the population’s welfare. Particular attention was given to social innovations that promote the creation of a barrier-free environment within Ukrainian society. Data on the compound annual growth rate of the global segmented entertainment and media market for 2024-2028 were analysed, indicating the dynamic evolution of the experience economy. The author’s perspective on the interrelationship between the welfare economy and the experience economy in the context of inclusive development was presented. An overview of existing concepts and approaches to the formation and advancement of the welfare economy was provided. The First and Second Welfare Theorems were examined, along with the foundational ideas introduced by the pioneering scholars of welfare theory. The practical value of the study lies in substantiating the influence of social innovations, digital technologies, inclusion, and accessibility on consumption patterns within both the welfare and experience economies
experience economy; inclusive development; barrier-free; accessibility; virtual world; inequality
[1] Arrow, K.J. (1951). An extension of the basic theorems of classical welfare economics. In Proceedings of the Second Berkeley symposium on mathematical statistics and probability (Vol. 2, pp. 507-532). Oakland: University of California Press.
[2] Atakan, A., Richter, M., & Tsur, M. (2023). A Second Welfare Theorem for economies with search, matching, and investments. The Pennsylvania State University, USA.
[3] Blaug, M. (2007). The fundamental theorems of modern welfare economics, historically contemplated. History of Political Economy, 39(2), 185-207. doi: 10.1215/00182702-2007-001.
[4] Bryant, W.D.A. (1994). Misrepresentations of the Second Fundamental Theorem of welfare economics: Barriers to better economic education. The Journal of Economic Education, 25(1), 75-80. doi: 10.1080/00220485.1994.10844816.
[5] Carbonnier, C. (2023). Welfare economics and neoliberalism: Interpreting the ideal type of perfect competition general equilibrium. LIEPP Working Paper No. 143.
[6] Cherviakova, V., & Cherviakova, T. (2024). Organisational support for the functioning of enterprises in the context of geopolitical turbulence. Economics, Entrepreneurship, Management, 11(2), 19-33. doi: 10.56318/eem2024.02.019.
[7] Conceição, P., et al. (2024). Human development report 2023/2024. New: York: United Nations Development Programme, One United Nations Plaza.
[8] Coyle, D., Fabian, M., Beinhocker, E., Besley, T., & Stevens, M. (2023). Is it time to reboot welfare economics? Overview. Fiscal Studies, 44(2), 109-121. doi: 10.1111/1475-5890.12334.
[9] Crampton, E. (2007). Market failure. Encyclopedia, 983-985.
[10] Drakopoulos, S., & Katselidis, I. (Eds.). (2023). Economic policy and the history of economic thought. London: Routledge.
[11] Drzeniek, M., Hurst, L., & Holloway, N. (2024). Future possibilities. Index 2024. Geneva, New York: Horizon Group and Vantage Research.
[12] Feldman, A.M. (1987). Welfare economics. In The new Palgrave dictionary of economics (pp. 1-11). London: Palgrave Macmillan. doi: 10.1057/978-1-349-95121-5_1417-1.
[13] GDP per capita, current prices. (2025). International Monetary Fund. Retrieved from https://www.imf.org/external/datamapper/NGDPDPC@WEO/OEMDC/ADVEC/WEOWORLD.
[14] Global entertainment & media outlook 2024-2028: Hong Kong summary. (2024). PWC. Retrieved from https://www.pwchk.com/en/tmt/entertainment-and-media-outlook-2024-2028.pdf.
[15] Hammond, P.J. (1997). The efficiency theorems and market failure. In A. Kirman (Ed.), Elements of general equilibrium analysis Stanford University. Stanford: Stanford University.
[16] Heyets, V.M. (2020). Socialization, social innovations, and social interaction of business and state. Ukrainian Society, 3, 9-23. doi: 10.15407/socium2020.03.009.
[17] Horyn, V. (2020). Financial mechanism for ensuring social welfare: Theoretical conceptualization and problems of functioning. Ternopil: TNEU.
[18] Inflation rate, average consumer prices. (2025). International Monetary Fund. Retrieved from https://www.imf.org/external/datamapper/PCPIPCH@WEO/OEMDC/ADVEC/WEOWORLD.
[19] Johnson, M. (2024). The history of the history of economics society. Journal of the History of Economic Thought, 46(4), 498-508. doi: 10.1017/S105383722400049X.
[20] Kraus, K., Kraus, N., & Pochenchuk, G. (2022). Institutional aspects and digitalization of financial inclusion in the national economy. Innovation and Sustainability, 2, 18-28. doi: 10.31649/ins.2022.2.18.28.
[21] Kraus, N. (2014). History of economics and economic thought: Structural and logical diagrams, tables, figures. Kyiv: Educational Literature Center.
[22] Liu, G., Zhao, L., Wang, X., & Liao, M. (2024). Impact of social welfare finance on institutional financial performance: Cross-country evidence. Research in International Business and Finance, 70, article number 102385. doi: 10.1016/j.ribaf.2024.102385.
[23] Makarchuk, R. (2024). 2025 media & entertainment industry outlook + key trends. Intellias. Retrieved from https://intellias.com/media-entertainment-industry-trends/.
[24] Nabatova, O.O. (2011). Social innovation: Definition, types, subjects. Bulletin of Yaroslav Mudryi National Law Academy of Ukraine, 6, 58-66.
[25] Ng, Y.-K. (2024). An economic analysis of social welfare. Open Access Government, 372-373. doi: 10.56367/OAG-038-10711.
[26] Osetskyi, V.L., Kraus, N.M., Kraus, K.M., & Osetska, D.V. (2020). Social innovations of the entrepreneurial university in the information-digital space. Review of Transport Economics and Management, 3, 221-232. doi: 10.15802/rtem.v0i3(19).210872.
[27] Pigou, A.C. (1932). The economics of welfare. (4th ed.). London: Macmillan and Co.
[28] Pine, B.J., & Gilmore, J.H. (2011). The experience economy. Brighton: Harvard Business Review Press.
[29] Şeker, F., & Unur, K. (2022). The experience economy analysis of distinct destinations. Journal of Multidisciplinary Academic Tourism, 7(2), 31-43. doi: 10.31822/jomat.2022-7-2-31.
[30] Tomchuk-Ponomarenko, N.V. (2020). Welfare economics. Kyiv: Lira-K.
[31] Tsara, I.K., Vortelinos, D.I., & Menegaki, A.N. (2024). The index of sustainable economic welfare (ISEW) as a proxy for sustainable GDP: Revisited and recapitulated. Discover Sustainability, 5, article number 158. doi: 10.1007/s43621-024-00357-5.
[32] Unemployment rate. (2025). International Monetary Fund. Retrieved from https://www.imf.org/external/datamapper/LUR@WEO/OEMDC/ADVEC/WEOWORLD.
[33] Vining, A.R., & Weimer, D.L. (1992). Welfare economics as the foundation for public policy analysis: Incomplete and flawed but nevertheless desirable. The Journal of Socio-Economics, 21(1), 25-37. doi: 10.1016/1053-5357(92)90023-Z.