THEORETICAL TRANSFORMATION OF THE CONCEPT OF THE INVESTMENT PROCESS.

Аннотация

the article is devoted to the process of making investment decisions by economic entities,as well as theexpansion oftherange of investmentobjects . The end of the 20th century is associated with a gradual departure in the works of researchers from the principles of complete rationality, equilibrium of the economic system, which necessitates the transformation of ideas about the content of the investment process. This concerns both the process of making investment decisions by economic entities and the expansionofthe nomenclature ofinvestment objects. In the industrial era, the traditional investment objects are the active and passive parts of fixed production assets, changes in the volumes of inventories. In the final phase of the development of the industrial mode of production, the monetary economy is becoming increasingly important, which significantly expands the investment opportunities of macroeconomic actors . In this case, the objects of investment are intangible assets presented in the form of titles, such as securities, fixed-term contracts, intellectual property rights, etc. The emergence of a new stage of development of society, namely the information stage, increases the attention of researchers to the problems of information, accumulation of knowledge, formation of human and intellectual capital 1. A. Smith expressed ideas according to which useful skills of workers can be considered as part of fixed capital, that is, in this case, we are talking about the fact that the costs of acquiring new skills and abilities of the workforce are nothing more than investments in human capital. An in- depth analysis of investment costs in the process of forming human capital can be found in the works of representatives of neo-institutionalism . Thus, according to G.S. Becker, activities that promote the growth of future income by means of "increasing human resources", called investments in human capital, can be presented in five main forms: costs of training and education, improving labor skills, health care, geographic mobility and searching for information onprices and incomes. Monetary investmentsin a person provide along-term productioneffect. Investment in human capital is characterized by certain features related to the fact that there is a gap between the time of direct capital investments in the expanded reproduction of labor and the potential opportunities for extracting income from real costs in the foreseeable future. It should be noted that the size of future remuneration is quite difficult to calculate, since it depends on many factors of a non-linear nature. This applies not only to exogenous factors caused by uncertainty and risks 2, but also to endogenous reasons that make the investment behavior of 1M.M.Mukhammedov.,N.A.Kamilova//Economictheory/textbook.Samarkand2023pp.288-289. 2A detailed analysis of risk and uncertainty can be found in the works of neo-institutionalist F. Knight . He distinguishes between "measurable" uncertainty, a situation in which one can insure against risk, and "true" uncertainty, which has an unlimited set of possible outcomes. Investment activities can be carried out taking into https://ijmri.de/index.php/jmsi volume 4,issue5,2025 948 economicentities difficult to predict. Investment decisions can be only partially rational; business entities do not have sufficient cognitiveresources tocorrectly assess various scenarios. The economic model of behavior aimed at maximizing utility or profit is replaced by a completely different system of rules for implementing the investment process. The hypothesis of market efficiency has been shown to be inconsistent through empirical observations. According to the studies, 3investment process participants do not always act rationally, especially under conditions of uncertainty. Uncertainty is associated, on the one hand, with insufficient information about current and future processes, and on the other hand, with the fact that it is virtually impossible to calculate the actions and deeds of other people. Past experience cannot be the key to the future. According to J. Shackle , making an investment decision by an economic entity 4is more like playing roulette than a specific mathematical calculation of the probability of implementing a particular investment project. Each investor has access to only partial knowledge, while complete knowledge is the prerogativeofthemarket as a whole5. The unpredictability of the investment behavior of economic entities often lies not only in the multifactorial nature of their motivation 6, but also in the area of information processing and decision-making. The most famous is the theory of bounded rationality. In constructing a descriptive model of economic behavior, G. Simon believes that an economic entity is looking for not the best outcome of events, but a satisfactory one, which may not ensure the maximization of utility or profit. This is difficult to do at least because there is no universal