scholarly journals What can Learn the Economic Science and Economic Policy form the Global Economic Crisis Generated by the Pandemia?

2020 ◽  
Vol 18 (2) ◽  
pp. 9-18
Author(s):  
György Kocziszky
Keyword(s):  
Economic Policy ◽  
General Theory ◽  
Economic Crisis ◽  
Economic Science ◽  
Economic Crises ◽  
Short Term ◽  
Current Crisis ◽  
Policy Makers ◽  
Growth Trends ◽  
Economic Thinking

Mynard Keynes’s The General Theory of Employment, Interest and Money published in 1936, highlighted that the deep, global financial and economic crises have a profound effect on economic thinking and the economic policy-makers. The sage learns from this, and the fool recovers back to his previous flawed theories and practices. Today, it is also clear that the shocks that trigger these crises are living with us, breaking the growth trends of the economy from time to time, which raises again and again the question, what economics and economic policy practitioners have learned, and can learn from it, or the short-term economic policy interest overcomes the adjustments after the corrections? In his study, the author checks the effects of the recent global exogenous crisis caused by the pandemic and the desirable correction methods, without which the consequences of the current crisis may be protracted. Keywords: crisis, economic thinking, economic policy, pandemic, sustainability

scholarly journals A systemic socio-ecological recovery from Covid-19

2021 ◽  
pp. 146801812110191
Author(s):  
William Hynes
Keyword(s):  
Financial Economic ◽  
Global Scale ◽  
Economic Approach ◽  
Short Term ◽  
Current Crisis ◽  
Policy Alternatives ◽  
Economic Thinking ◽  
Emergency Measures ◽  
Ecological Recovery

New economic thinking and acting through a systemic approach could outline policy alternatives to tackle the global-scale systemic challenges of financial, economic, social and environmental emergencies, and help steer our recovery out of the current crisis. A systemic recovery requires an economic approach that balances several factors - markets and states, efficiency and resilience, growth and sustainability, national and global stability, short-term emergency measures and long-term structural change. To achieve this, we need to think beyond our policy silos, comprehend our interconnections, and build resilience into our systems.

scholarly journals ON THE REFLECTION OF CORONOMICS IN ECONOMIC SCIENCE AND ECONOMIC POLICY

2020 ◽  
pp. 15-24
Author(s):  
VLADIMER PAPAVA
Keyword(s):  
Economic Policy ◽  
Food Security ◽  
Economic Crisis ◽  
Inflation Targeting ◽  
Economic Incentives ◽  
Economic Security ◽  
Economic Science ◽  
Individual Country ◽  
Crisis Period ◽  
The Government

The paper discusses the economic issues of the COVID-19 pandemic. The resulting coronomic crisis is not a typical economic crisis since the coronomic crisis was not formed in the economy itself but is the result of the inability of medicine to solve the pandemic problem. The coronomic crisis is, by its very nature, an atypical economic crisis and is fundamentally different from other atypical economic crises that took place in the XX century. The coronomic crisis put the issue of the “crisis of globalization” on the agenda. The coronomic crisis exposed the weaknesses of globalization. Overcoming the COVID-19 pandemic is possible exclusively at the global level. The paper shows that the current process of de-globalization is “forced” by its nature and it will definitely be replaced by a qualitatively renewed process of globalization. Economic recovery from the corona crisis will be most successful only on the basis of the adherence to a free trade regime. In economic science, the problem of government intervention in the economy, especially during the pandemic and the post-pandemic period, is still relevant. The corona crisis has clearly confirmed the inability of inflation targeting to achieve macroeconomic stability. The coronomic crisis requires two approaches to economic policy. In particular, we mean an anti-crisis economic policy and a post-crisis economic policy. Economic incentives provided by the government to businesses contribute to the zombieing of the economy which will be one of the most difficult problems of the post-crisis period. The coronomic crisis made the issue of the economic security of each individual country even more urgent. The problem of ensuring food security is equally important. The economic policy of the post-crisis period must necessarily include measures to ensure a country’s food security. Since the possibility of a repetition of a pandemic in the future is similar to the current one, the problems of coronomics should remain in the field of study of economists for many years.

Social Policy of B. Obama Administration

2010 ◽  
pp. 73-81
Author(s):  
V. Kulakova
Keyword(s):  
Economic Policy ◽  
Social Policy ◽  
Economic Crisis ◽  
Short Term ◽  
Obama Administration ◽  
Crisis Recovery ◽  
The Future ◽  
Current Stage ◽  
Barak Obama

The article is devoted to the socio-economic policy pursued by Barak Obama who had won elections and entered the presidential office in the midst of the strongest economic crisis. The author considers in depth each of the new administration's strategy directions in taking simultaneously both short-term measures necessary for the fastest crisis recovery and actions aimed at laying the foundation for the future long-term prosperity of the country. The feature of the current stage is the elevation of social policy to the rank of national priorities, and the crisis does not abolish it.

‘Useless but True’: Economic Crisis and the Peculiarities of Economic Science*

2011 ◽  
Vol 19 (2) ◽  
pp. 3-31 ◽  
Author(s):  
Ben Fine ◽  
Dimitris Milonakis
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Economic Crisis ◽  
Economic Science ◽  
Economic Crises ◽  
Capitalist Economy

AbstractThe recent economic crisis has brought to the fore another crisis that has been going on for many years, that of (orthodox) economic theory. The latter failed to predict and, after the event, cannot offer an explanation of why it happened. This article sketches out why this is the case and what constitutes the crisis of economics. On this basis, the case is made for the revival of an interdisciplinary political economy as the only way for offering an explanation of the workings of the (capitalist) economy in general and of economic crises in particular.

scholarly journals Pengaruh Krisis Ekonomi Terhadap Fungsi Konsumsi Rumah Tangga di Indonesia Penerapan: Absolute Income Hypothesis

2018 ◽  
pp. 137
Author(s):  
Birgitta Dian Saraswati ◽  
M. Khusaini
Keyword(s):  
Structural Change ◽  
Economic Crisis ◽  
Household Consumption ◽  
Economic Crises ◽  
Short Term ◽  
Partial Adjustment ◽  
Absolute Income ◽  
Chow Test ◽  
Result Show

This study aimed to identify how household consumption is influenced by economic crises in 1997 according to Keynes absolute income hypothesis. Using Chow Test and Partial Adjustment Models, the result show that the economic crisis in 1997 resulted in a structural change in household consumption in Indonesia clearly visible from MPC value before the economic crisis is bigger than the MPC after the crisis. The economic crisis has an effect on household consumption in Indonesia in both the short term and in the long term.  

scholarly journals Impact of Privatisation on Employment and Output in Pakistan

2003 ◽  
Vol 42 (4II) ◽  
pp. 513-536 ◽  
Author(s):  
Iram A. Khan
Keyword(s):  
Economic Crisis ◽  
Global Financial Crisis ◽  
Edible Oil ◽  
Short Term ◽  
Policy Makers ◽  
Quality Of Governance ◽  
The Global Financial Crisis ◽  
The Impact

The paper aims to assess the impact of privatisation on employment and output in Pakistan. It uses edible oil and cement sectors as a case study in a pre- and post-privatisation comparative framework. Assessing the impact of privatisation in Pakistan is important at this juncture for two reasons. Firstly, the country is facing a severe economic crisis and privatisation forms an integral part of an array of reform measures recommended by multi-lateral donors as well as policy-makers within and without the country. Burki [(2000), p. 152] observes, “The economy and state of Pakistan are in crisis…. Pakistan has not faced a crisis of this magnitude in its entire 50-year history”. He refers to the five different crises that have combined to create this situation. These are: the global financial crisis, Pakistan’s short-term liquidity problem, economy’s structural weaknesses, severe social backwardness, and, finally, the crisis of governance. Burki (2000) suggests several solutions to the problems, and privatisation is one of the ways to restructure the economy and improve the quality of governance.

Zero-sum thinking and economic policy

2018 ◽  
Vol 41 ◽  
Author(s):  
Paul H. Rubin
Keyword(s):  
Economic Policy ◽  
Economic Regulation ◽  
Short Term ◽  
The Core ◽  
The World ◽  
Main Tenet ◽  
Zero Sum ◽  
Economic Thinking

AbstractA main tenet of folk economics is the assumption that the world is zero-sum. Many implications stem from this assumption. These include: beliefs regarding taxation; beliefs regarding economic regulation; beliefs regarding inequality; and the core of Marxist economics. Zero-sum folk economic thinking is short-term and deals with distribution; standard economic thinking deals with the size of the pie and is longer-term.

Coronavirus pandemic and trends of economic policy

2021 ◽  
pp. 5-30
Author(s):  
V. A. Mau
Keyword(s):  
Economic Policy ◽  
Economic Development ◽  
Government Regulation ◽  
Economic Consequences ◽  
Medium Term ◽  
Short Term ◽  
Current Crisis ◽  
Monetary Policies ◽  
Long Term Trends

The paper deals with social and economic consequences of COVID-19 in the context of long-term trends of economic development. The current crisis is compared with economic and war cataclysms of 20th—21st centuries. Special attention is paid to types of anti-crisis policies as well as to relations between anti-crisis (short-term) and modernization (medium-term) challenges. The paper discusses the influence of pandemic on budget and monetary policies, trends of globalization, and new approaches to government regulation of economic development.

scholarly journals The economics of the COVID-19 pandemic: an assessment

2020 ◽  
Vol 36 (Supplement_1) ◽  
pp. S1-S13 ◽  
Author(s):  
Daniel Susskind ◽  
David Vines
Keyword(s):  
Economic Policy ◽  
Conceptual Framework ◽  
International Cooperation ◽  
Great Depression ◽  
Economic Crisis ◽  
Policy Makers ◽  
The Great Depression ◽  
Introductory Essay ◽  
Medical Crisis ◽  
Spanish Flu

Abstract The COVID-19 pandemic has created both a medical crisis and an economic crisis. As others have noted, we face challenges just as big as those in the Spanish Flu Pandemic and the Great Depression—all at once. The tasks facing policy-makers are extraordinary. Many new kinds of intervention are urgently required. This issue of the Oxford Review of Economic Policy has two objectives. The first is to explore these new interventions: evaluating their use, suggesting how they might be improved, and proposing alternatives. The second is to show that the challenges facing us are global and will require international cooperation if they are to be dealt with effectively. This short introductory essay positions the papers in the issue within an overall conceptual framework, with the aim of telling an overarching story about the pandemic.

Zur wirtschaftspolitischen Nützlichkeit von Konjunkturprognosen

1996 ◽  
Vol 45 (2) ◽  
Author(s):  
Ernst Helmstädter ◽  
Michael Hüther ◽  
Enno Langfeldt
Keyword(s):  
Economic Policy ◽  
Predictive Power ◽  
Time Lag ◽  
Forecast Errors ◽  
Economic Policies ◽  
Medium Term ◽  
Short Term ◽  
Policy Makers ◽  
Policy Forum ◽  
Economic Forecasts

AbstractThe economic policy forum deals with the question of whether economic policies need economic forecasts. Principally, all three authors agree on their usefulness. However, while Ernst Helmstädter argues that such forecasts can improve the decisions of economic policy-makers, he identifies the making of forecasts as the main problem. In order to enhance the predictive power of forecasts and thus their usefulness for economic policy, he suggests to focus more at cyclical regularities which can be observed for important economic indicators such as exports and investments.Michael Hüther ascertains that the requirements to economic forecasts have changed over the years. Nowadays, the potential for economic growth and its determinants have become more significant. Thus the instruments of economic policy aim at an increasing steadiness of the economy. Nevertheless, there is still a need for economic forecasts. However, the focus has changed from short-term to medium-term forecasts.Enno Langfeldt remarks that forecast errors are usually higher when there is a turnaround of the economy. This is due to a time lag in the availability of economic data and wrong assumptions about the development of important indicators. According to him, there is a potential to improve the forecasting procedure by using modern methodological techniques. By doing so economic policy-makers, firms and households can profit from economic forecasts.

Sign in / Sign up

Export Citation Format

Share Document