Abstract
The subject of this paper is a critique of the selective theoretical modelings of economic realities, which are monistic (quasi-neoliberal) and mathematical-statistical in nature. In this sense, the theme named Contemporary Substitutes of the Political Economy is defined. The aim of this research is that the above-mentioned modeling of economic reality would be described as a deliberate motion from the analysis and explanation of fundamental economic problems towards secondary issues. Therefore, we characterize them as unfair and programmed ways of fogging the essence of economic problems and crisis. We start from the hypothesis that these modelings replaced and virtually eliminated the former synthesized and useful political-economic analysis. In this paper, we have used a descriptive, comparative methods, panel sample and a schematic logic modeling. The results of our research show that the substitution of political economy by neoclassical and neoliberal economics is performed over a longer period, and through prioritizing the mathematical and statistical econometric analysis. As a proof, we present our selective research panel using a sample of 39 issues from five international journals, which can be found in databases SSCI and Scopus. This research is limited by the unavailability of most journals on the Internet and in printed publications. The application area of the research results is an economic theory. In conclusion, we ascertain the need for greater affirmation of political economy, which in combination with new institutional theory, enables a more realistic view of social and economic reality.
Highlights
The development of economic science in general, whatever it is called has always been accompanied by attempts to interpret the objective conditions in the economic reality
Rapid changes of economic reality, contradiction structures, priorities, systems and criteria values, have influenced the development of many economic thoughts, which has always vacillated between the explanation of economic practice phenomenon and prevailing requirements of the politics
If these papers are so good and important, why the official economic policy does not use them? Without denying the scientific value of the analyzed mathematical-statistical articles, it is important that they study the marginal economic issues, and that would be the best proof of their irrelevance for economic policy
Summary
The development of economic science in general, whatever it is called (political economy, the basis of economy or economics) has always been accompanied by attempts to interpret the objective conditions in the economic reality. Rapid changes of economic reality, contradiction structures, priorities, systems and criteria values, have influenced the development of many economic thoughts, which has always vacillated between the explanation of economic practice phenomenon (economic growth, cyclical fluctuations, economic balance, inflation, unemployment, disparities in development, privatization, economic institutes of ownership, state and market regulation, unequal distribution of income, etc.) and prevailing requirements of the politics. This has led to the glorification of one and underestimation (marginalization) of other economic processes, phenomena and problems. The imposition of neoliberal dogma and mathematical-statistical dominance in economics prevents the formation of political-economic paradigm development
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