scholarly journals Quantum economics

2011 ◽  
Vol 58 (2) ◽  
pp. 267-276 ◽  
Author(s):  
Veselin Vukotic
Keyword(s):  
Economic Theory ◽  
Economic Policy ◽  
Economic Crisis ◽  
Global Market ◽  
National State ◽  
Economic Problems ◽  
Economic Paradigm ◽  
Global Economic Crisis ◽  
Development Of Economic Theory ◽  
National Governments

The globalization is breaking-down the idea of national state, which was the base for the development of economic theory which is dominant today. Global economic crisis puts emphasis on limited possibilities of national governments in solving economic problems and general problems of society. Does it also mean that globalization and global economic crisis points out the need to think about new economic theory and new understanding of economics? In this paper I will argue that globalization reveals the need to change dominant economic paradigm - from traditional economic theory (mainstream) with macroeconomic stability as the goal of economic policy, to the ?quantum economics?, which is based on ?economic quantum? and immanent to the increase of wealth (material and non-material) of every individual in society and promoting set of values immanent to the wealth increase as the goal of economic policy. Practically the question is how we can use global market for our development!

scholarly journals The crisis in economics – nature and ways to overcome it

2019 ◽  
Vol 89 (1) ◽  
pp. 24-37
Author(s):  
A. D. Nekipelov
Keyword(s):  
Economic Theory ◽  
Economic System ◽  
Economic Crisis ◽  
Economic Science ◽  
Mainstream Economic ◽  
Pure Science ◽  
Economic Problems ◽  
Neoclassical Economic Theory ◽  
Multiple Alternative ◽  
Alternative Approaches

Recent decades have witnessed an upsurge in multiple alternative approaches to unraveling major economic problems, together with the mainstream economic theory, which in this study has been considered an indicator of economic crisis. In this study, we attribute institutional stasis, as well as methodological heterogeneity of its two constituent sections, micro- and macroeconomics, to the primary drawbacks of neoclassical economic theory. Overcoming the crisis of economic science correlates with the creation of a general economic theory on the principles of “pure science,” with elucidated functions of various socioeconomic disciplines. If “pure economic theory” intends to form an intellectual layout of the economic system, then the “realistic sciences,” also including modern macroeconomics in this study, are tools for analyzing specific socioeconomic phenomena and processes. As people with consciousness and interests act in the society, this study postulates the existence of a certain zone of ambiguity, which cannot be entirely covered.

Economy and Policy in 2011: Global Crisis and Search for a New Model of Growth

2012 ◽  
pp. 4-26 ◽  
Author(s):  
V. Mau
Keyword(s):  
Economic Policy ◽  
Economic Development ◽  
Economic Crisis ◽  
Supply Side ◽  
Russian Society ◽  
New Model ◽  
Russian Economy ◽  
Social And Economic Development ◽  
Global Economic Crisis ◽  
Two Factors

The article reveals two factors which determined social and economic development of Russia in 2011: future elections and the global economic crisis. Relative sustainability of the Russian economy is noted. Still, macroeconomic stability remains fragile. Principal features of the global economic crisis are considered: its structural and systemic character. The specifics of Russian economic policy is analyzed. A new model of growth is proposed that is based on supply-side economics, its key elements are studied. Recent political changes in the Russian society are analyzed as well as their influence on economic dynamics. The necessity of complex modernization in Russia is stressed.

scholarly journals An Analysis of the Effects of the Economic Policy in Serbia by the Mundell-Fleming Model

2015 ◽  
Vol 53 (1) ◽  
pp. 51-62
Author(s):  
Zoran Grubišić ◽  
Sandra Kamenković
Keyword(s):  
Economic Policy ◽  
Fiscal Policy ◽  
Economic Crisis ◽  
Transition Process ◽  
Limiting Factors ◽  
Starting Position ◽  
Global Economic Crisis ◽  
Policy Measures ◽  
Monetary And Fiscal Policy ◽  
Selection Of

AbstractThe global economic crisis has affected the whole world, including Serbia. Countries with different degrees of development reacted with different measures of economic policy, both monetary as well as fiscal. Economic authorities in Serbia have encountered certain limiting factors in the selection of measures, first of all taking into account the unfinished transition process. This paper will examine whether the applied monetary and fiscal policy in Serbia is adequate according to the position which Serbia occupies by the Mundell-Fleming model, as well as to identify the starting position for future economic policy measures.

scholarly journals The Controversies of Modern Macroeconomic Theory in the Context of the Global Economic Crisis

2018 ◽  
Vol 7 (2) ◽  
pp. 49-72 ◽  
Author(s):  
Jovan Djuraskovic ◽  
Milivoje Radovic ◽  
Milena Radonjic Konatar
Keyword(s):  
Economic Policy ◽  
Interest Rates ◽  
Economic Crisis ◽  
Self Regulation ◽  
State Intervention ◽  
Limited Range ◽  
Fiscal Policies ◽  
Economic Policies ◽  
Macroeconomic Theory ◽  
Global Economic Crisis

Abstract The aim of this paper is to analyze controversies of modern macroeconomic theories in the period of the global economic crisis. Ideas, disagreement and similarities between the most important theories in relation to state intervention and anti-crisis economic policy are presented. The topical research has found a connection between the roots of the global economic crisis and the paradigm of new liberal theories. The crisis has confirmed that the idea of self-regulation in the private sector is untenable in practice. In times of crisis, the leading theoretical framework in economic policy is reexamined. Rules-based monetary and fiscal policies are replaced by discretionary decision-making. In the world economies affected by the crisis, anti-Keynesian cyclical measures of monetary and fiscal policies were implemented. A comprehensive and unequivocal reaffirmation of Keynesianism in anti-crisis policies has confirmed the assumption of the circularity of economic theories. Central banks quickly reduced their key interest rates and increased their money supply. Fiscal authorities implemented expansive stimulus programs. When creating a new macroeconomic paradigm, market imperfection must be taken into account as well as a limited range of government economic policies.

scholarly journals ANALYSIS OF J. KEYNES'S CONTRIBUTION IN THE DEVELOPMENT OF ECONOMIC THEORY

2021 ◽  
pp. 14-21
Author(s):  
Ruslan Mann ◽  
Natalia Ilchenko ◽  
Natalia Tychkova ◽  
Baranov Baranov
Keyword(s):  
Economic Theory ◽  
Full Employment ◽  
Free Market ◽  
Social Phenomena ◽  
University Environment ◽  
Economic Problems ◽  
Modern Economy ◽  
Development Of Economic Theory ◽  
Theoretical Evidence ◽  
Concrete Representations

The article describes the educational and scientific university environment in which Keynes's talent was formed, as well as the Bloomsbury Circle of Intellectuals, in which Keynes occupied a prominent place. The formation of Keynes's specific approach to economic problems, which combine the analysis of real problems, theory and formulation of the practical proposals, is considered on the example of the early work of Keynes in the 1910s. The article argues that Keynesianism is the real engine of the modern economy. Keynes developed methods and apparatus by which the conceptual vision of economics is transformed into concrete representations of the economic theory. After a long journey, shown in his works ("General Theory of Employment, Interest and Money"), Keynes developed his vision of economic and social phenomena as an analytically functional analysis, and finally destroyed the logical capacity of people's faith in the ability of a free market economy to automatically maintain full employment, identified the possibility of influencing the regulation of money circulation on prices, exports, imports, production process and employment. Despite criticism of his theoretical evidence, even his opponents agreed that Keynes's ideas had been confirmed in practice. At the end of the article are the assessments of Keynes' research by authors and scientists with different views.

scholarly journals Assessment of the Central and Eastern Europe Economies in the Years 2007-2010 Based on the Model of the Macroeconomic Stabilization Pentagon

Equilibrium ◽  
2013 ◽  
Vol 8 (4) ◽  
pp. 49-64 ◽  
Author(s):  
Dorota Żuchowska
Keyword(s):  
Economic Policy ◽  
Financial Crisis ◽  
Eastern Europe ◽  
Economic Crisis ◽  
Central And Eastern Europe ◽  
Economic Condition ◽  
Macroeconomic Stabilization ◽  
Global Economic Crisis ◽  
Macroeconomic Indicators ◽  
Insight Into

The model of the macroeconomic stabilisation pentagon allows for a quick insight into the most important macroeconomic indicators of an economy in question. On the basis of this concept - comparing pentagrams for particular years - changes of the economic condition of countries can be examined. Moreover, the analysis of each of the adopted criteria allows for the evaluation of achievement of particular goals by a country in terms of its economic policy. The aim of this article is to describe the condition of Central and Eastern Europe countries in the years 2007-2010. The economies analysed were compared at two levels. The first level concerned the macroeconomic situation of all economies in particular years just before and during the global economic crisis. At the second level, the changes in the analysed indicators in particular economies of Central and Eastern Europe were compared. The results of the analysis shall contribute to the formulation of conclusions concerning the influence of the financial crisis upon the macroeconomic situation of the CEE countries.

scholarly journals Regional Impact of the Global Economic Crisis on the Free State Province in South Africa: A Computable General Equilibrium (CGE) Assessment

2017 ◽  
Vol 9 (2) ◽  
pp. 471-484
Author(s):  
Helene Maisonnave ◽  
Jugal Mahabir ◽  
Margaret Chitiga ◽  
Ramos Mabugu
Keyword(s):  
South Africa ◽  
General Equilibrium ◽  
Economic Crisis ◽  
Computable General Equilibrium ◽  
Computable General Equilibrium Model ◽  
Provincial Government ◽  
Free State ◽  
Free State Province ◽  
Global Economic Crisis ◽  
National Governments

The decline in the world economy that followed the 2008-2009 global economic crisis had detrimental effects on most economies. Not enough attention has been paid to the process through which crisis-related pressures affected regional economies and sub-national governments. A regional computable general equilibrium model was developed to analyse impacts of the crisis on the regional economy of the Free State province in South Africa. Key results included a general fall in prices in the province, a fall in demand in sectors that are more vulnerable to global conditions, falling wages and declining incomes for agents and provincial government.

scholarly journals Economic Problems of Our Time

2021 ◽  
Vol 66 (2) ◽  
Author(s):  
Nicola Acocella
Keyword(s):  
Economic Policy ◽  
Economic Crisis ◽  
Economic History ◽  
Economic Problems ◽  
Lame Duck ◽  
The Government ◽  
New Instruments ◽  
Policy Targets

In this paper, we aim to look at the main problems which arose or aggravated in recent years, concerning the economic crisis, stagnation, inequalities, and globalisation, what we call ‘the terrible four’. These are partly old problems (and we trace them back in economic history), but they have become more profound in the last decades. Notwithstanding the fantasy of economists that has led to suggest the possibility to make use of new instruments of economic policy, some of them are politically constrained, which implies the impossibility for the Government to reach its economic policy targets. In fact, if the number of instruments is less than that of targets, the Government becomes a ‘lame duck’.

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