scholarly journals ANTIECONOMY, ECONOMY CRISIS AND CRISIS OF ECONOMICS

Ekonomika ◽  
2011 ◽  
Vol 90 (4) ◽  
pp. 18-33 ◽  
Author(s):  
Povilas Gylys
Keyword(s):  
Economic Crisis ◽  
Real Economy ◽  
Economic Approach ◽  
Private Goods ◽  
Cognitive Success ◽  
Cognitive Framework ◽  
Economic Paradigm ◽  
Systemic Crisis ◽  
Orthodox Theory ◽  
Business Crisis

The gist of this article is the idea that the orthodox theory of economic crisis unduly reduces its subject to business crisis and that it is the outcome of the narrowness and limitedness of the individualistic economic approach to the problem, employed mostly by neoliberals and libertarians. As individualists (the individualistic camp) explicitly or implicitly identify economy with market, their perception of an economic crisis is reduced to business crisis, crisis of the production of private goods. However, the concept of economy is broader than that of the market; thus, an economic crisis cannot be reduced to a business crisis. In addition, the theory of economic crisis could be enriched by the concept of anti-economy, which does not fit the individualistic economic paradigm. Therefore, a correction of the theory of economic crisis is needed, and this correction should be done in a holistic cognitive framework. Holism opens the possibility (which doesn’t automatically guarantee cognitive success) to look at the economic crisis through a wider lens, to perceive it as a whole. The shift from individualistic reductionism to holism allows us to see a correlation between cognitive crisis and crisis in real economy, and to introduce the concept of systemic crisis.

A fresh look at the concepts of economic and macroeconomic crises: General, priority, and institutional approach

2021 ◽  
Vol 27 (10) ◽  
pp. 2282-2313
Author(s):  
Dmitrii V. MANUSHIN
Keyword(s):  
Crisis Management ◽  
Economic Crisis ◽  
Economic Approach ◽  
Economic Crises ◽  
New Approach ◽  
Institutional Economic ◽  
Institutional Approach ◽  
Effort Mobilization ◽  
Logical Method ◽  
The Impact

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.

The Economic Crisis

2013 ◽  
pp. 39-49
Author(s):  
Daniel Belingher ◽  
Cantemir Adrian Calin
Keyword(s):  
United States ◽  
Financial Markets ◽  
Economic System ◽  
Systems Theory ◽  
Economic Crisis ◽  
The United States ◽  
Entire System ◽  
Real Economy ◽  
Crisis Period ◽  
Real Gdp

The current chapter shows the gap between the real economy and the financial markets in the United States during the pre-crisis period at the end of 2007, as well as during the subsequent crisis period. The current research chapter also emphasizes the catastrophic effect that financial markets had inside the whole economic system due to this gap. The premise from which this chapter starts can be found in the systems theory and consists in Heinz von Foerster’s theorem. This research has an empirical nature and shows in which way an anomaly within the system can destabilize the entire system, finally resulting in the installation of the crisis period that we are still facing. In order to illustrate this, the authors refer to the evolution of the values of DJIA and real GDP, observed between mid 1940s until 2010 in the United States.

Financial Crisis Reveals Systemic Crisis of Official Statistics

2013 ◽  
pp. 15-31
Author(s):  
Immo H. Wernicke
Keyword(s):  
Financial Crisis ◽  
Adam Smith ◽  
Real Economy ◽  
National Accounts ◽  
Angela Merkel ◽  
Systemic Crisis ◽  
Market Production ◽  
Credit Financing ◽  
Key Indicators ◽  
Relevance And Reliability

The financial crisis of 2008 reveals a significant distortion of the information system and a systemic crisis of the internationally agreed upon National Accounts Approach in Germany. Reports on economic growth and on political key indicators like Gross Domestic Product (GDP) failed, when in 2008 the bankruptcy of the finance system and in 2011 the end of the EURO were to be feared. Comments on the poor statistical results were expressed by the German chancellor Angela Merkel first in 2008. The investigation of the political relevance and reliability of official results reveal distortions and failures that are due to National Accounts and its “toxically infected” database. Positivists like Popper, Carnap, and Friedman criticized for long the tautological bookkeeping approach. Schumpeter puts aggregations to planned economies. The “monetary curtain” of Mises, however, hides the “real economy” and the “bubbles” created by credit financing. Adam Smith might oppose the macro-economic theory of Paul Samuelson and John Meynard Keynes, as they do not differentiate between market production and state and bank services. GDP is a false political reference for monitoring and controlling economic stability. The enterprises, their balances, cash flow, liquidity, and equity are neglected. National assets, like natural resources and property, infrastructure, and logistics and geographical issues are inadequately covered by the present system. Data are poor on the impact of public debt and public ownership on the markets. Data bases are “toxically infected” due to “false response,” “shadow economy,” and “off-shore-hidden-money.” The framework of National Accounts needs revision to improve political relevance and reliability. Investigation is needed to estimate the bias of the database. Audited stocktakings and re-evaluations of accounts and balances are preconditions.

INTRODUCTION: TOWARDS A NEW ARCHITECTONIC CRITIQUE

2013 ◽  
Vol 78 (2) ◽  
pp. 89-94
Author(s):  
Govert J. Buijs ◽  
Roel Jongeneel
Keyword(s):  
Economic Crisis ◽  
System Level ◽  
Real Economy ◽  
Credit Crisis ◽  
Social Scientists ◽  
Business Transactions ◽  
Personal Morality ◽  
The World ◽  
Basic Concepts ◽  
Academic Professions

8-9 January 2013 at the Vrije Universiteit Amsterdam, a seminar took place bringing together people from various parts of the world, various disciplines, and various academic and non-academic professions — philosophers, economists, theologians, historians, social scientists as well as bankers, businessmen, investors and others — to analyze and discuss the economic crisis as it developed in the aftermath ofthe American financial crisis of 2008. An explicit goal was as well to bring together people from various generations, to facilitate and promote a true ‘intergenerational dialogue’. The title of the seminar was ‘Economics, Christianity & the Crisis: Towards a New Architectonic Critique’. More specifically, the aim of the seminar was to develop Christianly inspired reflections on the crisis. An insight that was foundational for the seminar was that the 2008 credit crisis not only was a crisis in the (financial and real) economy (as they may occur every two decades or so), but implied also a crisis in the basic concepts and assumptions that underlie our contemporary thinking about economics, economics as a science as well as economics as a social domain. The crisis, as it erupted and evolved, simultaneously raised urgent questions at the macro- or system-level, at the intermediate level of behavior of banks and corporations, and at the level of personal morality, the vices and virtues involved in business transactions.

Service as a Key to Analyzing the Causes of Global Crisis

Servis plus ◽  
10.12737/1690 ◽  
2013 ◽  
Vol 7 (4) ◽  
pp. 4-11
Author(s):  
Александр Федулин ◽  
Aleksandr Fedulin ◽  
Вардан Багдасарян ◽  
Vardan Bagdasaryan
Keyword(s):  
Quality Assurance ◽  
Economic Crisis ◽  
Service Development ◽  
Real Economy ◽  
Risk Capital ◽  
Global Crisis ◽  
Global Economic Crisis ◽  
Optimum Balance ◽  
Development Service

The authors of the article hypothesize that the global economic crisis is closely related to an evident misbalance in service development. Service is claimed to be ambivalent, operating both as a means of quality assurance and a risk capital segment. The authors suggest that the remedy for the crisis involves ensuring an optimum balance between real economy and service sustainment.

scholarly journals Реиндустријализација - између закашњелог буђења и нове парадигме привредног раста // Reindustrializa

2018 ◽  
Vol 13 (22) ◽  
pp. 9
Author(s):  
Анђелко С. Лојпур ◽  
Ања А. Лојпур
Keyword(s):  
Economic Crisis ◽  
21St Century ◽  
Developed Countries ◽  
Final Outcome ◽  
Economic Resources ◽  
Less Developed Countries ◽  
Industrial Capitalism ◽  
Proficiency Level ◽  
Systemic Crisis ◽  
Countries In Transition

Резиме: Велики и снажан талас оптимизма који је почетком 90-их година 20. вијека захватио бивше социјалистичке земље у погледу коначног исхода транзиције је већ крајем прве декаде 21.вијека смијенио још снажнији талас песимизма. Уједно, појавом глобалне економске кризе потврдило се да социјалистичка опредјељења немају шанси, да је капитализам подложан перманентној кризи, али да је упитна његова пролазност. Питање које се додатно са убрзавањем системске кризе на глобалном нивоу наметнуло јесте: могу ли бивше социјалистичке, мање развијене земље бити равноправни сарадници у процесу ширења мултинационалне привредне концепције, или ће завршити на периферији, што би значило даље раслојавање у нивоу богатства, болну експлоатацију оскудних привредних ресурса и све веће заостајање у индустријализацији. Полазећи од тога да проблем разумијевања динамике индустријског капитализма није ништа изгубио на свом значају ни до данашњих дана, аутори у овом раду имају за циљ да потраже одговоре на питање: да ли је и како могуће преокренути будући концепт развоја у земљама у транзицији у правцу веће свјетске једнакости у богатству, укључујући и питање реиндустријализације.Summary: A large and powerful wave of optimism that the early nineties swept former socialist countries in terms of the final outcome of the transition is the end of the first decade of the 21st century removed even more powerful wave of pessimism. At the same time, the advent of the global economic crisis has confirmed that the socialist orientation have no chance, that capitalism is subject to permanent crisis, but it is doubtful its transience. The question used in addition to accelerating the systemic crisis in the global proficiency level is imposed, whether the former socialist, less developed countries become equal collaborators in the process of expanding multinational economic concepts, or will end up on the periphery, which would mean further stratification of the level of wealth, painful exploitation of scarce economic resources and the increasing backwardness in industrialization. Given that the problem of understanding the dynamics of industrial capitalism has not lost its importance even to the present day, the author in this paper aims to look for an answer to the question, whether and how to be reversed because the concept of development in the countries in transition towards more a world of equality in wealth, including the issue of re-industrialization.

scholarly journals The Czech labour market after the crisis of a real economy: negative development or return to steady-state?

2011 ◽  
Vol 59 (7) ◽  
pp. 477-488 ◽  
Author(s):  
Pavel Tuleja ◽  
Michal Tvrdoň
Keyword(s):  
Steady State ◽  
Gross Domestic Product ◽  
Labour Market ◽  
Economic Crisis ◽  
Economic Performance ◽  
Banking System ◽  
The United States ◽  
Domestic Product ◽  
Real Economy ◽  
Almost All

This paper studies the Czech economy before, during and after the economic crisis. Consequences on the labour market, respectively on unemployment are also discussed in the paper. According to most economists the cause of the economic crisis was the financial crisis which was triggered by a liquidity shortfall in the United States banking system. It has resulted in the collapse of large financial institutions, the “bail out” of banks by national governments and downturns in stock markets around the world. Real gross domestic product decreased in almost all EU countries including the Czech economy. Massive drop of gross domestic product led to increase in the unemployment rate. The purpose of this paper is to contribute to discussion about consequences of this crisis. The paper provides also an analysis of gross domestic product and its components. The empirical analysis also tried to answer the question if it is more a return to steady–state than the deterioration of economic performance in the case of the Czech economy. In other words, it means that economic performance of the Czech economy was above the level of potential output. Research in this study is based on basic macroeconomic quarterly data between the years 2000 and 2010 which were published by the Czech Statistical Office and Eurostat. We found out that the Czech labour market had to cope with the consequences of the economic crisis and now it is going to reach a long-term equilibrium.

scholarly journals BANKRUPTCY THREATS FOR RUSSIAN ORGANIZATIONS AMID THE GLOBAL FINANCIAL CRISIS

2010 ◽  
pp. 60-65
Author(s):  
S. E. Kovan
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
The State ◽  
Important Task ◽  
Real Economy ◽  
The Real ◽  
State Management ◽  
The Global Financial Crisis

The global financial and economic crisis significantly affected enterprises of the real economy sector. According to some estimates, in 2009 about 40% of unprofitable Russian businesses of this economy sector were bankrupt. An important task for the state management is preventing mass bankrupts and non-payments crisis. Some measures to reduce bankrupt risks for enterprises of the real economy sector have been suggested in order to save business and increase its efficiency.

Moldova's real economy faces recession

2015 ◽  
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
International Institutions ◽  
Prime Minister ◽  
Negative Reaction ◽  
Real Economy ◽  
Macroeconomic Performance ◽  
Fiscal Discipline ◽  
Content Type ◽  
Emergency Measures

Subject Moldova's economic crisis. Significance Moldova is still reeling from the banking crisis of November 2014, which deprived the economy of 1 billion dollars. The bailout of the three banks implicated in the scandal destabilised the financial system. Against the background of a flagging macroeconomic performance and a deepening financial crisis, which has seen a halt in support from major international institutions, the country has been rocked by protests. In October a non-confidence vote brought down the pro-EU government of Prime Minister Valeriu Strelet. Impacts Emergency measures needed to maintain monetary and fiscal discipline will meet a negative reaction from the Moldovan public. The government's popularity will further decline, possibly aiding pro-Russian parties. Compensation for depositors will come from the budget, which is likely to stretch expenditure beyond the fiscal system's ability.

scholarly journals The role of the economic crisis on the competitiveness of the agri-food sector in the main Mediterranean countries

2014 ◽  
Vol 60 (No. 2) ◽  
pp. 49-64 ◽  
Author(s):  
M. Crescimanno ◽  
A. Galati ◽  
T. Bal
Keyword(s):  
Economic Crisis ◽  
The United States ◽  
World Market ◽  
Real Economy ◽  
The Real ◽  
The Public ◽  
Mediterranean Countries ◽  
The World ◽  
World Economic

The world economic crisis that, since 2008 has also struck the real economy, cannot be attributed only to the United States bubble which in 2007 involved the mortgage credit market, but it is the result of a series of factors among which the imbalance of the financial market, of the public accounts of the main economies and the real sector. Also agriculture, which has always been considered an anti-cyclic sector, has seen a strong slowdown with a plunge in the trade flows. This paper analyses the changes which happened to the competitive position in the world market of some Mediterranean countries and of France, Italy, Spain and Turkey in particular trying, moreover, to understand the vulnerability of the countries belonging to the EU concerning their integration into an economic and monetary union. The results show how much the crisis has involved all the countries bringing, on the whole, a reduction of the competitive potential in the international market which has been less strong in Turkey, the country characterized by a low per capita income and a low public debt. It can be seen, in particular, how the sectors with a strongest commercial specialization have showed a better resistance to the pressure of the recessive trend.  

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