Crisis In Economic Theory Research Articles

ОРГАНІЗАЦІЙНО-ЕКОНОМІЧНІ ОСОБЛИВОСТІ КРИЗОВИХ СИТУАЦІЙ В ІННОВАЦІЙНІЙ ЕКОНОМІЦІ

At present, in the conditions of the modern innovative economy, the development of a crisis situation occurs in the short term, which requires significant changes in the implementation of anti-crisis management policy not only at the level of administrative and legal capabilities of the State as a key regulator of economic crises, but also in terms of designing a strategy for the development of business structures. The article studies organisational and economic features of crisis situations in the innovation economy and determines their impact on sustainable development of regional enterprises. As such features, it is proposed to consider information flows as a catalyst and primary source of crisis situations, the global nature of the emergence and development of crisis situations, focus on minimising costs through digital technologies, different levels of adaptability to a crisis situation, the possibility of forming individual anti-crisis trajectories for the development of entrepreneurial structures, the need to increase innovation activity as a factor of resistance in crisis situations, the limited influence of market participants on the It is proved that in the conditions of the economic system, the main direction, from the point of view of the theory of crisis management, should be recognised as adaptation to the gradually changing conditions of market functioning, which occurs under the influence of medium-term crisis situations. Despite the significant advantages that the innovative economy provides to all subjects of economic relations, it is necessary to emphasise the fact that the influence of each subject on the course and consequences of crisis phenomena in the economic system is significantly minimised. First of all, this statement applies to the State as the main regulator of the crisis situation, based on the classical concepts of the theory of economic crises, which are currently unable to resolve the crisis situation using only methods and instruments of administrative or economic influence. The author notes the growing importance of crisis situations in the innovation economy in the context of the need to improve the level of strategic management of business structures.

On the role and university status of economic theory: transformation in modern russia

The stages of transformation of the system of theoretical economic knowledge in general and economic theory, in particular, for the period since the 90s of the last century are shown. The stages of transformation are linked to the adoption of state educational standards (SES), federal state standards (FSES) of higher professional (higher) education, which led to the destruction of this system, the loss of economic theory of its main functions, the transformation of its content in the direction of traditional economics. The objective process of digitalization of the economy also had a significant impact on the content of economic theory. Based on their own experience of teaching economic theory at a university, the authors give a critical assessment of the period of its transformation and draw attention to the fact that the crisis of economic theory as an academic discipline is a consequence of its crisis as a branch of scientific knowledge.

On mainstream methodology: the decline of the scientific method or the advocacy of the status quo in economics?

In the article a critical interpretation of the processes taking place in recent decades in the methodology of the mainstream economics is given. It is hypothesized that the observed devaluation of the concept of "truth", tolerance to the contradictions of particular theories, etc. is a form of protection of mainstream economic theory hard core (and, through this - the ideological protection of the entire world financial and economic architecture). It is concluded that the way out of the theoretical crisis of economic theory is not in the erosion of the millennial scientific standards, but in the return to them.

Walter Eucken’s Concept of Economic Order and Business Cycle Analysis

AbstractWalter Eucken formulated his concept of economic order as a solution to the tension between theoretical approaches and empirical observation that had constituted the conflict between the Austrian School of Economics and the German Historical School. Previous literature has established the linkage between the German-language business cycle debate of the late 1920 s and Eucken’s concept of economic order. This paper discusses how his concept of economic order can help to understand the severity of economic crises and thus concentrates on the elements constituting the economic order, i. e. its ideal types, with whose help Eucken aimed to derive hypothetical propositions. Based on the writings of his students Leonhard Miksch and Friedrich A. Lutz who underscored the role of equilibrium in business cycle research, this paper suggests that abstract theory of economic crises should employ ideal types as models and thus study how exogenous shocks affect the endogenous economic variables. The subject of inquiry should be oriented to the process of equilibrium reestablishment. Crucial for this paper is that the equilibrium reestablishment depends on institutional factors. This method to explain economic crises represents the link which connects the business cycle debate of the 1920 s and 1930 s to the subsequent emergence of the ordoliberal theory of institutions and orders.

How to apply Uno theory to contemporary capitalism in multiple crises

Starting with characterization of Uno theory, this article reviews representative works to apply Uno's theory of economic crises based on Marx to contemporary capitalism after World War I in three distinctive periods: first, the 30 years of interwar period including the worldwide Great Depression after 1929; second, the post-World War II period of high economic growth continuing until the beginning of the 1970s without serious economic crisis; and, third, the inflationary crisis of 1973–1975, and repetitive financial collapses in the neoliberal capitalist period since the 1980s, including the subprime world economic crisis in 2007–2008. Historical meaning and limitations of neoliberal capitalism are thus reconsidered from a theoretical view on fundamental contradictions immanent in capitalist market economy.

The Double Movement Ten Years After the Fall of Lehman Brothers

:Ten years after the collapse of Lehman Brothers and the sharpest moments of panic within the global—and particularly the United States banking system—a somewhat strange dynamic has appeared. While the principal agents behind the crisis have collapsed their own institutions, the markets that they dominated, and even provoked what has been called the third crisis of economic theory, their political power has not waned. This theme has been well addressed by some academics such as Philip Mirowski (2013), while it has flummoxed others. In this article, we will argue that Karl Polanyi’s theory of the “double movement” offers a coherent framework that is able to account for the history of the last ten years. Polanyi argues that different groups and members of society seek protection from the market, and that this search for protection has been the driving force between historical change. Polanyi does not ignore class; rather, he argues that different social classes can protect themselves in more or less effective ways. We argue that during the last ten years, the interests of globalized financial capital have been able to protect themselves with utmost effectiveness, while all other classes have been trammeled, often not even recognizing how or why actions are taken against the general interest.

The Crisis of Economic Theory and the Complexity View: A Note

The Crisis of Economic Theory and the Complexity View: A Note

Kriza u ekonomskoj teoriji i praksi

Kriza u ekonomskoj teoriji i praksi

Introduction to Henryk Grossman, ‘The Value-Price Transformation in Marx and the Problem of Crisis’

Whereas most previous and later discussions of Marx’s transformation of values into prices of production have focused on his mathematical procedure, Henryk Grossman addressed the logic of its place in the structure ofCapital. On this basis he criticised underconsumptionist and disproportionality theorists of economic crises for inappropriately basing their accounts on the level of analysis of the value schemas in the second volume ofCapital. Such a criticism cannot be made of Grossman’s and Marx’s explanation of systemic crises in terms of the tendency for the rate of profit to fall. Grossman’s article still provides insights into Marx’s analysis of capitalism and his theory of economic crises, unsurpassed in the subsequent literature.

Gendering a Post-Keynesian Theory of Financial Crises

This paper speculates about the meaningful integration of gender into a post-Keynesian macroeconomic theory of economic crises. It links main themes in feminist and other works with key elements of a post-Keynesian theory of crisis and highlights an important methodological challenge. If straightforward resolution to this challenge is possible, gendering post-Keynesian macroeconomics will enrich heterodox theory easily in important ways. Alternatively, if fundamental incompatibilities prevent the facile extension of intergroup inequality to more than just income inequality, the resulting debate will be that much more important to engage.

Gendering a post-Keynesian theory of financial crises

This paper speculates about the meaningful integration of gender into a post-Keynesian macroeconomic theory of economic crises. It links main themes in feminist and other works with key elements of a post-Keynesian theory of crisis, and highlights an important methodological sticking point. It argues that if the post-Keynesian approach is understood to be consistent with a non-positivist philosophical approach to economics, gendering post-Keynesian macroeconomics will readily enrich this theory.

Development of the Theory of Capitalist Crises: Political Economy Traditions and Modernity

The article discusses the development history of the theory of economic crises under capitalism conditions. The author believes that economic science is being developed in two directions. The first direction is represented by science schools that deny any objective grounds for crises of overproduction in the market economy and develop new models of crisis-free growth. The opposite direction is supported by science schools acknowledging the existence of objective causes of crises, which is of practical significance for development of effective anti-crisis measures. The study is summarized by the conclusion about actualization of the political economy approach to analysis of the recent global crisis and its consequences. Its implementation anticipates special attention to different versions of overaccumulation of capital which played a key role in the origin of crisis processes in the world economy.

Development of the Theory of Capitalist Crises: Political Economy Traditions and Modernity

1The article discusses the development history of the theory of economic crises under capitalism conditions. The author believes that economic science is being developed in two directions. The first direction is represented by science schools that deny any objective grounds for crises of overproduction in the market economy and develop new models of crisis-free growth. The opposite direction is supported by science schools acknowledging the existence of objective causes of crises, which is of practical significance for development of effective anti-crisis measures. The study is summarized by the conclusion about actualization of the political economy approach to analysis of the recent global crisis and its consequences. Its implementation anticipates special attention to different versions of overaccumulation of capital which played a key role in the origin of crisis processes in the world economy.

Thorstein Veblen on credit and economic crises

The aim of this paper is to provide an interpretation of Veblen’s theory of economic crises, based on the view that banking policy is a major factor in generating crises. It will be shown that, in Veblen’s thought, crises may emerge due to the banking system’s non-accommodating behaviour according to the following sequence: as firms are not homogeneous, the credit system spontaneously tends to help bigger firms increase in size, due to the increase in their capital turnover, which allows them to produce and sell before their competitors. This produces two effects: (i) the reduction in profits of the smaller firms (or their bankruptcy) generates a decline of employment and output while, at the same time, (ii) the increase in the industrial concentration ratio produces a rise in prices and a consequent drop in real wages. This in turn reduces total demand for consumption goods, thus worsening entrepreneurs’ expectations and having an adverse effect on production and investment by firms.

A teoria das crises económicas em Portugal na primeira metade do século XX

A teoria das crises económicas em Portugal na primeira metade do século XX

Sismondi et l’analyse des crises économiques

L’objet de cette contribution est de proposer une reconstruction analytique globale de la theorie des crises economiques de Sismondi a partir de ses principales œuvres. Cette reconstruction presente deux traits principaux. D’un cote, l’approche des crises de Sismondi revele une evolution de sa pensee dans le temps depuis la Richesse Commerciale ou Sismondi s’avere tres smithien jusqu’aux Etudes sur l’Economie Politique ou des developpements etonnamment modernes apparaissent, en particulier en matiere de monnaie et de credit. D’un autre cote, cette evolution ne remet pas en cause la coherence du cadre theorique adopte par Sismondi qui reste classique mais integre progressivement des elements lies aux nouveaux aspects des crises economiques observees par l’auteur.

Galbraith and Robinson’s Second Crisis of Economic Theory

The “second crisis of economic theory” that, in the 1970s, concerned John Kenneth Galbraith and Joan Robinson continues. There is a considerable literature on the continuing crisis of economics. This essay roots this malaise in the second crisis of economic theory. The “Keynesian revolution” dealt with one aspect of the crisis of economic theory, the inadequacy of aggregate demand, but neo-Keynesian economics left a vacuum by not addressing the state’s role in the structure of output. Hence, issues in regard to distribution and uneven development and militarism, consumerism, and ecological sustainability were neglected and persist with great force today. The road to the neoliberal era of Great Capitalist Restoration was paved by the failure of confidence by modern liberal economics, and the crisis therein continues. Even now, some three decades on, Robinson and Galbraith offer insights toward resolving this impasse.

Economic Theory on the Path to a New Paradigm: The Methodology of Approach

The profound socioeconomic and political crisis the country is experiencing embraces all spheres of its social life. The crisis of economic theory has also increased in magnitude and in depth. The conception of the superiority of the Soviet social system upon which it was based has diverged more and more strikingly from the concrete historical experience both of our country and of the world community in general. The radical rethinking of economic theory and the formulation of its new paradigm have been placed on the agenda.

Analyzing the World’s Money

In a lucid, highly readable style, Professor Paul Davidson takes us one step beyond Money and the Real World in his book International Money and the Real World. In Money and the Real World, Davidson attempted to provide an analysis of real world money conditions. Employing a realistic monetary model, he described the operation of a closed entrepreneurial economy that employed time-oriented money contracts to organize production and exchange activities. In the volume at hand, he analyzes the more complicated international world open economies may exist and different monetary units may be employed in specifying contractual obligations. The key to his analysis is the bifurcation of economies into Unionized Monetary Systems (UMS) and Non Unionized Monetary Systems (NUMS) where the latter use different monetary units (in the absence of the institution of fixed exchange rates) in specifying contractual obligations among trading partners at home and abroad (p. x). In a world of UMS, the simple closed model of Keynes's general theory (as further developed by post Keynesians such as Professor Davidson) is satisfactory. In the international real world NUMS may exist, however, economic growth and purchasing power stickiness over time may be even more difficult to achieve and a more comprehensive model is required. Davidson begins his book by reviewing many of the concepts that were applicable for a closed monetary system. Chapter 1 reiterates the issues involved in solving the crisis in economic theory

Finance Capital. A Study of the Latest Phase of Capitalist Development.

This is the first English translation of one of the classical works of Marxist economic theory. When Rudolf Hilferding’s Finance Capital was first published in 1919 it was acclaimed by reviewers as a continuation of Marx’s Capital, and it has a major influence upon subsequent Marxist thought, especially in the analysis of imperialism where it provided some of the fundamental ideas for the theories of Bukharin and Lenin. But Hilferding’s work was much more than a study of imperialism, which was presented only in the last section of the book. It set out to examine the main tendencies in the development of the capitalist mode of production as a whole at the beginning of the twentieth century, beginning with an exposition of the theory of money (in which particular attention was paid to the growth of credit money), then analysing the increasingly important role of the banks in the mobilization of capital, along with the development of large corporations, cartels and trusts, and finally outlining a theory of economic crises. Hilferding’s book has, however, more than an historical interest. It is a model for any renewed attempt to understand the ‘latest phase of capitalist development’ in the closing decades of the twentieth century, and Hilferdin’s ideas still provide essential elements for the elaboration of theoretically enlightened and realistic policies in the socialist movement.