scholarly journals Failure of the market, state and economics from the perspective of the financial crisis

2011 ◽  
Vol 13 (4) ◽  
pp. 81-97
Author(s):  
Janina Godłów-Legiędź
Keyword(s):  
Financial Crisis ◽  
Critical Analysis ◽  
Economic Thought ◽  
Regulatory Mechanisms ◽  
Economic Methodology ◽  
Economic Downturn ◽  
Classical Liberalism ◽  
Modern Economy ◽  
Market State ◽  
Modern Economic

The debate between the advocates of market and interventionist solutions, primarily based on pitting the market against regulation, has escalated as a result of the financial crisis. The objective of the paper is not only to analyze the advantages and drawbacks of alternative regulatory mechanisms in the light of the global economic downturn, but also to evaluate the modern economy from this perspective. The paper focuses on three hypotheses. 1. It is illegitimate to pit the market against regulation. 2. The crisis resulted from the violation of the principles of classical liberalism, which was precipitated both by inadequate policies and by modern economic methodology. 3. Critical analysis of the methodology and logic of the development of 20th century economic thought reveals the existence of a systemic failure of the dominant doctrines in mainstream economics.

French Regulationists on the Financial Dominance in the Modern Economy

2008 ◽  
pp. 46-59
Author(s):  
A. Odintsova
Keyword(s):  
Financial Crisis ◽  
Economic System ◽  
Financial Market ◽  
World Economy ◽  
Institutional Analysis ◽  
Modern Society ◽  
Economic Thought ◽  
Modern Economy ◽  
The World ◽  
Institutional System

The ongoing financial crisis has attracted economists’ attention to the problem of explaining its nature and offering ways of overcoming it. French regulationism is analyzed in the article as a school of economic thought developing its own approach to the institutional analysis of systemic qualities of the world economy. The article considers French regulationists’ views on the contemporary tendencies in the development of financial sector, on the changes in its role in the global institutional system of a modern society. It is shown how evolution of pension funds has led to prevalence of logic of the financial market in the global economic system, which resulted in the inevitability of the financial crisis.

scholarly journals Modern pathologies of the Kazakhstan's economy

2021 ◽  
Author(s):  
А.М. Мырзахметова ◽  
М.М. Халитова ◽  
A. Myrzakhmetova ◽  
M. Khalitova
Keyword(s):  
Crisis Management ◽  
Economic Reform ◽  
Economic Methodology ◽  
Cognitive Approach ◽  
Cause And Effect ◽  
Modern Economy ◽  
Modern Economic ◽  
Characteristic Features

Патоэкономика является новой отраслью знаний и необходимо время для популяризации среди экономистов страны. В данной статье рассматриваются различные российские школы, которые ввели определение, понятия патоэкономики в различных экономических школах, и их поиск причинно-следственные связи и пути решения. В данной работе делается попытка охарактеризовать основные тенденции в развитии современной экономики и выявить имеющие место патологии. Эта область знания не исследована в казахстанской науке и может стать началом для развития современной экономической методологии, выделить ее основную проблематику. Методология исследования заключается в обсуждении и выделении значимых подходов к понятию и сущности экономических патологий, а также выявлению центральных проблем, возникающих в этой области. Анализ характерные черты и формы проявления патоэкономики в Казахстане позволяет выделить структуру и причинно-следственные связи экономических патологий Казахстана. Делается попытка обосновать применение логико-когнитивистского подхода в решении проблем патоэкономики. В результате обобщения подходов к решению проблем реформирования экономики, антикризисного управления, экономических процессов современности углублено понятие патоэкономики, а также выявлены преимущества экономики Казахстана. Pathoeconomics is a new branch of knowledge and it takes time to popularize it among the country's economists. This article examines various Russian schools that have introduced the definition, concepts of pathoeconomics in various economic schools, and their search for cause-and-effect relationships and solutions. In this paper, an attempt is made to characterize the main trends in the development of the modern economy and to identify the existing pathologies. This area of knowledge has not been studied in Kazakh science and can become the beginning for the development of modern economic methodology, highlight its main problems. The methodology of the research consists in discussing and highlighting significant approaches to the concept and essence of economic pathologies, as well as identifying the central problems that arise in this area. The analysis of the characteristic features and forms of manifestation of pathoeconomics in Kazakhstan allows us to identify the structure and cause-and-effect relationships of economic pathologies in Kazakhstan. An attempt is made to justify the use of a logical-cognitive approach in solving problems of pathoeconomics. As a result of the generalization of approaches to solving the problems of economic reform, anti-crisis management, and modern economic processes, the concept of pathoeconomics has been deepened, and the advantages of the economy of Kazakhstan have been identified.

“Capital” as the key to solving modern economic problems (Offline addition to the discussion on the revival of a special seminar on Karl Marx’s “Capital”)

2019 ◽  
pp. 142-150
Author(s):  
Alexandеr V. Buzgalin
Keyword(s):  
Political Economy ◽  
Educational Process ◽  
Capitalist System ◽  
Economic Problems ◽  
Modern Economy ◽  
Modern Economic ◽  
The Relationship

In the article prepared in connection with the discussion on the use of the Marxist political economy heritage and the revival of a special seminar on Marx’s “Capital”, the author shows the dialectic of the relationship between the content and the transformed forms of the modern capitalist system; the potential of “Capital” to understand the content of the modern economy, and the potential of economics to understand its forms. On this basis, the author shows which questions of our time are answered by Marxist methodology and theory, and which are not, and concludes that Marxist political economy has significant methodological potential to become an important component of the scientific and educational process in current conditions.

The Great Financial Crisis: an Ethical Rejoinder

2012 ◽  
Vol 33 (01) ◽  
pp. 19-32 ◽  
Author(s):  
David Charles Merrill
Keyword(s):  
Financial Crisis ◽  
Market Economy ◽  
Great Recession ◽  
Ethical Question ◽  
Heterodox Economics ◽  
Ethical Philosophy ◽  
The Great Recession ◽  
The Past ◽  
Modern Economy ◽  
Radical Reconstruction

The Great Financial Crisis that broke in 2008 and the Great Recession that followed has led many to question the very structure of contemporary economies. Some argue that the economic model of the past forty years is now broken. Criticism has also been directed at the orthodoxies of economics. For example, neoclassical equilibrium economics, the mainstream economics of the day, is accused of failing to understand some of the most basic aspects of the modern economy (debt and money), of supporting policies that have led to the economic breakdown (deregulation), and of failing to see the crisis coming (Bezemer 2012, Keen 2011). Consequently, heterodox thinking in economics is getting a hearing as never before. Heterodox economics offers itself as the requisite radical reconstruction of the science of economics and also proposes policies for the radical reconstruction of the major economics.Yet to talk of the reconstruction of the modern market economy is at the same time to raise the ethical question: what shape ought the market economy to take? Heterodox economics may acutely analyse the inadequacies of real economies and propose plausible reforms, but as an essentially descriptive science there will be limits on its ability to state what ought to be. Rather, what is required seems to be a systematic prescriptive ethics. In other words, recent events in the world of economics have provided an opening for what ethical philosophy should be best at providing. Determining whether a specific ethical philosophy, to be identified shortly, has the capacity to address the questions raised by heterodox economics is the task of this paper.

scholarly journals A Critical Analysis of Legal Aid in Bangladesh

2014 ◽  
Vol 2 (1) ◽  
pp. 139
Author(s):  
Md. Nannu Mian ◽  
Md. Mamunur Rashid
Keyword(s):  
Financial Crisis ◽  
Research Methods ◽  
Critical Analysis ◽  
Poverty Line ◽  
Legal Rights ◽  
Legal Knowledge ◽  
Legal Aid ◽  
The Poor ◽  
Analytical Research ◽  
The Government

Legal aid is essentially a mechanism that enables the poor and the vulnerable sectors of the society to be able to enforce their legal rights in order to access a fair and equitable justice in the society. Nowadays, a legal aid can be justifiably said as a crying need to ensure social and legal justice in Bangladesh because most of the citizens are illiterate and they live below the poverty line which incidentally makes matters worse. Due to their financial crisis or lack of legal knowledge they are often precluded to access justice. In recognizing the legal aid as a right, the government has enacted some laws. However, unfortunately those laws are full of weaknesses, loopholes, and procedural complexities which have to be judiciously addressed in the proper legal perspectives. As a matter of fact, legally speaking, much has been said and done, but ironically not much has been practiced. Due to these ever unsettling defects, the ultimate objectives of those laws have frequently failed to ensure enjoyment of the legal aid services among the vulnerable sectors of the society. In this research, an attempt has been made to analyze and find out numerous legal the gaps, loopholes and complexities of the existing laws relating to legal aid services in Bangladesh and frame out a comprehensive solution for ensuring the aid program by adopting the qualitative and the analytical research methods.

scholarly journals Martín de Azpilcueta: The Spanish Scholastic on Usury and Time-Preference

Studia Humana ◽  
2020 ◽  
Vol 9 (2) ◽  
pp. 28-36
Author(s):  
Pedro J. Caranti
Keyword(s):  
Economic Theory ◽  
Golden Age ◽  
Time Preference ◽  
Economic Thought ◽  
Preference Theory ◽  
Modern Economic ◽  
The University

AbstractMartín de Azpilcueta and his fellow Spanish Scholastics writing and teaching at the University of Salamanca during Spain’s Golden Age are rightly pointed to by historians of economic thought as being major contributors toward, if not outright founders of modern economic theory. Among these is the theory of time-preference for which Azpilcueta has repeatedly been given the credit for discovering. However, this discovery is a curious one given how the same man, Azpilcueta, condemned usury in general during his whole life. If Azpilcueta did in fact discover this theory and fully understand its implications, we would reasonably expect him to have questioned his support for the ban on charging an interest on a loan. This paper, therefore, challenges the claim that Azpilcueta understood and revived time-preference theory and shows how his understanding was much more nuanced, and, at times, inconsistent.

scholarly journals Increase in Consumer Debt Preceding Crisis Due to Advancement in Technology, Further Evidence Supporting the Idea No Real Estate Bubble Existed Preceding Crisis Presented by Eddison Walters Risk Expectation Theory of the Global Financial Crisis of 2007 and 2008: The Case for Eddison Walters Modern Economic Analysis Theory

2020 ◽  
Vol 13 (9) ◽  
pp. 122
Author(s):  
Eddison T. Walters
Keyword(s):  
Financial Crisis ◽  
Economic Analysis ◽  
Global Financial Crisis ◽  
Technological Advancement ◽  
Analysis Theory ◽  
The World ◽  
Modern Economic ◽  
Expectation Theory ◽  
The Global Financial Crisis ◽  
Insight Into

The researcher called for economic research to consider the potential effect of advancement in technology on analysis of economic data in Eddison Walters Modern Economic Analysis Theory in the future represented a paradigm shift in economic analysis that will significantly reduce the potential for error due to data distortion in the future. The foundation of the world's economy is based on the sharing of information, yet very little attention has been given to the effect of technology advancement in the analysis of data. The researcher of the current study highlighted the critical nature of sharing information to the development of the world’s economy in the past, as well as the critical nature of sharing information to the world’s economy today. Advancement in technology has drastically improved the sharing of information and has led to the globalized economy. The lack of evidence supporting the widely accepted theory of the Global Financial Crisis of 2007 and 2008 prompted the investigation by the current researcher aimed at gaining insight into economic factors that were responsible for conditions contributing to the Global Financial Crisis of 2007 and 2008. Walters (2018) presented evidence suggesting no financial bubble existed before the Global Financial Crisis of 2007 and 2008. The study resulted in the development of “Eddison Walters Risk Expectation Theory of The Global Financial Crisis of 2007 and 2008”. The theory presented an alternative explanation for the financial crisis. The researcher called for additional investigation to gain insight into the nature of the cause of the Global Financial Crisis of 2007 and 2008. Further investigation in Walters (2019) provided evidence supporting the idea, technological advancement led to the rapid growth in home prices before the Global Financial Crisis of 2007 and 2008. The result from the analysis of data in Walters (2019) revealed the following, 0.989 Adjusted R-square, 194.041 Mean Dependent Variable, 5.908 Square Error of Regression, and 488.726 Sum-of-Square Residual, from nonlinear regression analysis. The dependent variable in the study was, “home purchase price” and the independent variable was, “advancement in technology”. The current study continued the investigation into factors that were described in the literature which set the conditions leading to the Global Financial Crisis of 2007 and 2008. Gaining insight into the effect of technological advancement on the significant increase in consumer debt prior to the Global Financial Crisis will significantly contribute to the understanding of the economic environment before the Global Financial Crisis of 2007 and 2008. Insight into the effect of advancement in technology on the increase in consumer lending prior to the Global Financial Crisis of 2007 and 2008, will significantly contribute to the understanding of the Global Financial Crisis of 2007 and 2008.

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