THE DEFINITIVE ESSENCE OF THE CATEGORY OF “FINANCE”: THE EVOLUTION OF FINANCIAL SCIENCE IN UKRAINE

Abstract

The development of the financial paradigm in Ukraine is associated with the need to overcome the legacy of the centralized financing model. The relevance lies in the implementation of the principles of sustainable development set out in the UN Framework Convention on Climate Change, where finance acts as a mechanism for green investments. Comprehensive research, based on the methodology of systems analysis, will allow modeling financial flows as a network of interconnections, increasing resilience to external shocks. The strategic role of scientists in the field of finance is to develop tools to ensure economic sovereignty. According to the World Bank, the budget financing deficit in Ukraine reaches 5% of GDP, which threatens macro-financial stability. Its own financial paradigm, focused on digitalization, will contribute to the effectiveness of relations. In the context of financial science, philosophical principles contribute to a deeper understanding of the essence of money, capital and other financial categories not only as instruments of economic circulation, but also as carriers of certain social, cultural and psychological meanings. This is consistent with the concept of social constructivism, which emphasizes that knowledge and reality are socially constructed, and therefore financial phenomena are subject to interpretation and rethinking under the influence of socio-cultural factors. Thus, the integration of philosophical approaches into financial science contributes to the expansion of cognitive horizons, the formation of a deeper understanding of the essence of financial phenomena and the development of effective management strategies in a changing economic environment. The analysis of financial decisions, taking into account cognitive biases and emotional factors, is a key aspect of behavioral economics. The incorporation of these elements allows us to expand traditional models of financial choice, which are based on the assumption of the rationality of agents. The implementation of such a paradigm in the legal field will increase the effectiveness of financial relations. The study of the main category of finance is not only theoretical, but also applied, contributing to the transition to a policy based on direct evidence. This will provide a comprehensive approach to management, minimizing risks to sovereignty. The work uses methods of comparison, logical analysis, and the historical method of scientific knowledge.