ECONOMIC SECURITY AS A MULTIDIMENSIONAL CATEGORY AMID SYSTEMIC UNCERTAINTY

Yelyzaveta Mykhailova; Yevheniia Sribna

doi:10.32782/2415-3583/39.4

Yelyzaveta Mykhailova National University of Water and Environmental Engineering https://orcid.org/0000-0002-1539-1548
Yevheniia Sribna National University of Water Management and Environmental Engineering https://orcid.org/0000-0002-6676-0606

DOI: https://doi.org/10.32782/2415-3583/39.4

Keywords: economic security, systemic uncertainty, multidimensional analysis, risk and crisis, economic resilience, adaptive governance, socio-economic stability

Abstract

The article examines economic security as a multidimensional category functioning across macroeconomic, meso-economic, and microeconomic levels amid systemic uncertainty. The study emphasizes that contemporary economic security cannot be reduced to financial stability or isolated macroeconomic indicators, as it emerges from complex interactions between structural vulnerabilities, institutional capacity, and adaptive behavior of economic agents. Particular attention is given to the conceptual distinction between risk, uncertainty, and crisis, highlighting uncertainty as an independent determinant shaping economic security threats. The analysis demonstrates that cross-level interactions and feedback effects amplify cumulative vulnerabilities, requiring integrated and adaptive analytical approaches. The findings contribute to the conceptual refinement of economic security and provide a theoretical basis for developing comprehensive assessment frameworks applicable to crisis-prone economies.

References

Bank for International Settlements. (2018). Global liquidity: changing instrument and currency patterns. Basel, Switzerland: BIS. P.11. Available at: https://www.bis.org/publ/qtrpdf/r_qt1809b.pdf

Bernstein, P. L. (1996). Against the gods: The remarkable story of risk. New York, NY: John Wiley & Sons. P. 396. Available at: https://matrixtrainings.wordpress.com/wp-content/uploads/2014/09/against-the-gods-the-remarkable-story-of-risk-1996-peter-l-bernstein.pdf

Buzan B. (1983). People, states and fear: The national security problem in international relations. Brighton, UK: Wheatsheaf Books. P. 280.

Callahan G. (2008). Nassim Nicholas Taleb: The black swan: The impact of the highly improbable. The Review of Austrian Economics. No. 21(4). pp. 361-364. 21. 361-364. DOI: https://doi.org/10.1007/s11138-008-0051-7

Chaffin B, Gosnell H., Cosens B. (2014). A decade of adaptive governance scholarship: Synthesis and future directions. Ecology and Society. Vol. 19. art. 56. DOI: https://doi.org/19. 10.5751/ES-06824-190356

European Central Bank. (2020). Financial stability review. Frankfurt am Main, Germany: ECB. P. 141. Available at: https://www.ecb.europa.eu/pub/pdf/fsr/ecb.fsr202011~b7be9ae1f1.en.pdf

Galbraith J. (2015). The New Industrial State. The New Industrial State. DOI: https://doi.org/10.2307/j.ctvcm4hjz

Knight F. H. (1921). Risk, uncertainty and profit. Boston, MA: Houghton Mifflin. P. 445. Available at: https://fraser.stlouisfed.org/files/docs/publications/books/risk/riskuncertaintyprofit.pdf

Leiss W., Beck U., Ritter M., Lash S., Wynne B.. (1995). Risk Society, Towards a New Modernity. Canadian Journal of Sociology / Cahiers canadiens de sociologie. Volume 19, No. 4. pp. 544-547. DOI: https://doi.org/10.2307/3341155

Minsky H. P. (1986). Stabilizing an unstable economy. New Haven, CT: Yale University Press. P. 407. Available at: https://www.researchgate.net/publication/336150130_STABILIZING_AN_UNSTABLE_ECONOMY_MINSKY

Multilateral Organisation Performance Assessment Network (MOPAN), (2021), MOPAN Assessment Report: ILO 2020 Assessment Cycle, Paris. P. 224. Available at: https://www.mopan.org/content/dam/mopan/en/publications/our-work/evidence/ilo/ilo-2021/mopan-ilo-assessment-report-2021.pdf

Organisation for Economic Co-operation and Development. (2019). Economic resilience and security. Paris, France: OECD Publishing. Available at: https://www.oecd.org/en/publications/development-co-operation-report-2019_9a58c83f-en.html

United Nations Development Programme. (2021). STRATEGIC PLAN 2022-2025. New York, NY: UNDP. P. 9. Available at: https://www.undp.org/sites/g/files/zskgke326/files/2021-09/UNDP-Strategic-Plan-2022-2025_1.pdf

World Bank. (2025). Global economic prospects. Washington, DC: World Bank. P. 254. Available at: https://thedocs.worldbank.org/en/doc/8bf0b62ec6bcb886d97295ad930059e9-0050012025/original/GEP-June-2025.pdf

World Economic Forum. (2025). The global risks report 2025. Geneva, Switzerland: WEF. P. 104. Available at: https://reports.weforum.org/docs/WEF_Global_Risks_Report_2025.pdf