The application of an institutional and evolutionary approach to market analysis of intellectual capital in modern economic theory

The article is devoted to questions of the necessity and importance of using the methodology of an institutional and evolutionary approach to define the essence and structure of the intellectual capital market as an object to be researched in modern economic theory. The characteristics of the intellectual capital market and the features of its functioning are defined by methodological principles of institutional analysis such as the principle of incompleteness of information, limited rationality, ‘economic imperialism’, lack of balance, a holism, and the inductive approach in the analysis of economic phenomena. Market requirements for the modern structural organization and functioning of the intellectual capital market allow for the designation of specific principles for the intellectual capital market: - the principle of analyzing the behavior of economic subjects in the intellectual capital market; - the principle of alternative use of intellectual capital by owners and users of this type of capital; - the principle of rational usage of intellectual capital at all stages of social reproduction. The application of an institutional and evolutionary approach when studying the intellectual capital market allows for the combined analysis of interdependent quantitative and qualitative characteristics of the intellectual capital market, and for the investigation of the behavior of economic subjects in an institutional environment. Questions that define the direction of intellectual capital market regulations require a high-quality methodological study. The methodological principles defining the behavior of economic agents also need to be described. The methodological basis and fundamentals of regulations for the intellectual capital market are composed of specific principles of market organization, designated by K. Polanyi in ‘The Great Transformation’. These include the principle of a household, the principle of redistribution, the principle of a reciprocity, or mutual benefit, and also the principles of equivalence and social responsibility. Regarding the research of the intellectual capital market and laws of economic development, institutional and evolutionary methodology allows one to: - define the essence and structure of the intellectual capital market as an object of research in modern economic theory, which allows knowledge available in the field to be systematized and directions for further development to be designated; - show the effect of specific methodological principles regulating the behavior of subjects of the intellectual capital market; - define the directions and the principles of regulation for the intellectual capital market in order to level institutional barriers and develop an effective mechanism to commercialize innovations.

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