We investigate the running vacuum model (RVM) in the framework of scalar field theory.This dynamical vacuum model provides an elegant global explanation of the cosmic history, namely the universe starts from a non-singular initial de Sitter vacuum stage, it passes smoothly from an early inflationary era to a radiation epoch (graceful exit) and finally it enters the dark matter and dark energy (DE) dominated epochs, where it can explain the large entropy problem and predicts a mild dynamical evolution of the DE. Within this phenomenologically appealing context, we formulate an effective {it classical} scalar field description of the RVM through a field $phi$, called the {it vacuumon}, which turns out to be very helpful for an understanding and practical implementation of the physical mechanisms of the running vacuum during both the early universe and the late time cosmic acceleration. In the early universe the potential for the vacuumon may be mapped to a potential that behaves similarly to that of the scalaron field of Starobinsky-type inflation at the {it classical} level, whilst in the late universe it provides an effective scalar field description of DE. The two representations, however, are not physically equivalent since the mechanisms of inflation are entirely different. Moreover, unlike the scalaron, vacuumon is treated as a classical background field, and not a fully fledged quantum field, hence cosmological perturbations will be different between the two pictures of inflation.
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