Subject. The article addresses approaches to understanding the economic and macroeconomic crisis.
Objectives. The aim is to study and update the concepts of macroeconomic crisis and economic crisis, taking into account modern crisis phenomena and processes, for easier identification and timely anti-crisis measures.
Methods. The study draws on the abstract-logical method.
Results. The paper clarifies the terms "macroeconomic crisis" and "economic crisis", adds two approaches to the traditional general economic approach to understanding macroeconomic and economic crises, i.e. priority-economic (new approach) and institutional- economic (updated approach). I offer a new systemic grouping of signs of macroeconomic crises and examples that reveal the impact of new signs of these crises on macroeconomics. I formulated a new idea of the unity of intermittent and persistent crisis.
Conclusions. The priority-economic approach indicates the priority areas of effort mobilization in the process of crisis management of macroeconomics. The institutional-economic approach broadens the perception of the crises and confirms the need to apply an updated institutional approach to all phenomena and processes studied in macroeconomics.
Social capital and the impact of the recent economic crisis: Comparing the effects of economic and fiscal policy developments