scholarly journals The Status of Economic Theory as a Scientific and Educational Discipline

2021 ◽  
Vol 18 (3) ◽  
pp. 374-388
Author(s):  
E. P. Dyatel ◽  
Keyword(s):  
Economic Theory ◽  
Institutional Economics ◽  
Economic Science ◽  
Mathematical Methods ◽  
Master's Programs ◽  
Economic Agents ◽  
Higher Education System ◽  
Economic Theories ◽  
The Core ◽  
Industrial Markets

The article examines the place of economic theory in the structure of scientific knowledge and its role in creating human capital. The comparative analysis focuses on the way knowledge is organized in natural (physics) and social (economics) disciplines. It is suggested that theoretical economics lies at the core of economic science, and there is also a protective belt of «auxiliary hypotheses» (I. Lakatos) comprising a range of economic theories (from political economy to neo-institutional economics) appears. Their categorical foundation coincides with objective knowledge (in the terminology of K. Popper), which should include basic categories, logical and mathematical methods, micro-economic bases of analysis, etc. Microeconomics is aimed at building mathematical models that reflect the rational behavior of economic agents. Its in-depth study is the prerogative of «textbooks for scientists» (in the classification of B. Bolzano). Within the higher education system, ‘microeconomic theory’ is studied at the level of postgraduate studies, which means that the disciplines that form the core of the economic science should be studied more intensively at the Bachelor’s and Master’s levels. In Master’s programs, what comes to the fore is the ‘textbooks for business people’ or the economy of industrial markets. The economy of industrial markets and other similar disciplines based on the categorical foundation of microeconomics offer practically oriented training (case studies and know-how). The content of economic theories includes a worldview component, which largely coincides with implicit (personal) knowledge (in the interpretation of M. Polanyi). This is where originates the critical attitude towards previous theories and progressive trends in the development of economic science. The factor that contributes to the formation of the ‘economic way of thinking’ (textbooks addressed to wider public) in the senior classes of specialized schools or at the level of Bachelor’s programs.

Institutional Economics

2020 ◽  
pp. 185-200
Author(s):  
Zehra Doğan Çalışkan
Keyword(s):  
Economic Theory ◽  
19Th Century ◽  
Economic History ◽  
Institutional Economics ◽  
Point Of View ◽  
Inductive Method ◽  
Economic Theories ◽  
Historical School ◽  
Classical Economics ◽  
New Perspective

Since the mid-19th century, the thinkers of historical school challenged the deductive, abstractive, and decisive methods of neo-classical economics. According to historical school, social terms have been changed within space and time. Therefore, they defended that the economic theories could not be universal but could only be relative. Instead of professing laws with universal validity, it is more important to reveal the changing structure of society with the extensive studies of economic history. The inductive method of German historical school brought a new perspective into economic theory with theorems such as to consider society as an organism beyond the individuals who would only seek their benefits and the necessity of historical followings in the economic events. From this point of view, it is possible to observe the traces of historical school in the old institutional economics literature.

scholarly journals Economic paradigms and economic communications

Upravlenie ◽  
2019 ◽  
Vol 7 (1) ◽  
pp. 60-65 ◽  
Author(s):  
Petr Wawrosz ◽  
Radim Valenchik ◽  
Ondrei Roubal ◽  
Svetlana Sazanova
Keyword(s):  
Economic Theory ◽  
Economic Activity ◽  
Global Economy ◽  
Point Of View ◽  
Economic Science ◽  
Theoretical Point ◽  
Internal Environment ◽  
Procedural Rationality ◽  
Economic Agents ◽  
The Relationship

The development of modern economic theory is influenced by various factors of the external and internal environment. The factors of the external environment include: changes in the practice of economic entities, global economy, in the institutional environment, technological changes. The factors of the internal environment include: changes in the field of scientific knowledge in general, as well as changes in the methodology of economic science itself. The main driving force behind the development of economic theory is the evolution of economic paradigms, which has an impact on the methodological choice of researchers, their scientific worldview. An important component of human economic activity are economic communications, the essence and content of which have not been yet sufficiently studied from a theoretical point of view. Since economic communications are closely related to the behavior of economic agents, which affects, in turn, the results of economic activity, their study is an urgent task. The subject of research in the article is the relationship of economic paradigms and ideas about the essence of economic communication. The purpose of the article is to study the influence of the evolution of economic paradigms on the development of scientific ideas about economic communication. The authors have applies following research methods in the scientific paper: the method of rational reconstruction of science, the method of comparative analysis, the method of scientific abstraction and others. The relationship between the evolution of economic paradigms, theories of behavior of economic agents and the understanding of the role of economic communications in economic activity have been revealed. The authors investigated economic communications in the context of the theory of full, limited, procedural rationality, organic irrationality, as well as in the context of the theory of productive consumption. The main scientific results consist in identifying features in the understanding of the essence of economic communications from the point of view of various theories. The results obtained are the basis for the study of the systemic and humanistic foundations of economic communications, as well as the development of recommendations for improving economic communications.

scholarly journals ЕКОНОМІКО-МАТЕМАТИЧНЕ МОДЕЛЮВАННЯ В СИСТЕМІ ЕКОНОМІЧНИХ ДОСЛІДЖЕНЬ

2019 ◽  
Vol 129 (6) ◽  
pp. 48-55
Author(s):  
Наталія Сергіївна Ручинська
Keyword(s):  
Economic Theory ◽  
Economic Models ◽  
Economic Research ◽  
Economic Science ◽  
Research Approach ◽  
Economic Modelling ◽  
Mathematical Economic ◽  
Mathematical Methods ◽  
Unique Identifier ◽  
Functional Changes

Contemporary realia of transformational processes in Ukraine's economy drive the need for implementation of a specific toolkit that seamlessly integrates a range of mathematical methods to solve economic problems. Mathematical economic models are increasingly becoming indispensable tools for modern theoretical and applied economics. However, the self-sufficiency of this research approach has been repeatedly questioned due to a number of organizational and institutional challenges in the economic science and education domains, as well as in the context of functional changes in the economy as a whole. The purpose of this study is to substantiate the concept of the role and significance of mathematical economic modelling within the framework of theoretical and applied economic research, along with providing insights into the role of mathematical economic modelling as a separate area of study and applied economic research viewed as a connecting link in the triad of "economic theory – economic policy – business practice". It is argued that a mathematical economic model has to be legitimized as a separate research subject (to some extent similar to the concept of a legal entity in the economy) that complies with certain requirements of economic theory and economic information. For this purpose the model should entail specific inherent characteristics including the model datasheet which is a unique identifier of a model, contributing to clear differentiation of one model from another. Alongside with the need to enhance the methodology and application of mathematical economic models, an overdue challenge is the demand for inventory of existing model park, the preparation of a comprehensive Handbook on mathematical economic modelling tools providing specific outcomes of their application which is consistent with published scholarly literature and applied studies on modelling methods and models of real objects and systems.

scholarly journals ECONOMIC PROBLEMS OR CRISIS OF ECONOMIC SCIENCE

2018 ◽  
pp. 81-85
Author(s):  
ROMAN KHARBEDIA
Keyword(s):  
Economic Theory ◽  
Soviet Union ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Economic Science ◽  
Real Economy ◽  
Economic Theories ◽  
Economic Problems ◽  
Socialist System ◽  
Crisis Situation

The collapse of the socialist system in the 90s of the last century and the break-up of the Soviet Union put the issue of transition from the administrative-command economy to the market economy on the agenda. It was necessary to carry out a proper economic policy based on a certain theoretical basis, but the events have clearly demonstrated the limitations of the current level of economic science; it was impossible to predict the economic problems faced by these countries, while at the same time it did not have theoretical justification for their solution. The global financial crisis that began in 2008 has actually turned down the viewpoints of the visible representatives of economic science and greatly damaged the reputation of economic science. These circumstances have raised some questions about economic science and gave some researchers the grounds for assessing such a situation of economic science as a crisis situation. The situation of economic science can be called crisis in that case when serious problems arising in real economy and the tasks facing the economy cannot be solved by the methods existing in the arsenal of economic science, or economic science has no answers to the ways and methods of solving these tasks. Consequently, economic science had been in crisis periods in 1929-1932, so called “Great Depression”, the collapse of the socialist system or the 2008-2009 financial crisis periods. Some researchers link the dangers of economic science to the diversity of economic theories and consider the latter to be one of the forms of crisis detection, which is not valid. The existence of different versions of economic theories is not due to the crisis situation of economic science, but because of the peculiarities of the emergence of each new economic theory. Unlike the exact and technical sciences, economic theory does not eliminate previous theories, but expands its borders on the development and diversification of economics. So the hard economic situation of a particular country is caused by other factors, not by the diversity of economic theories or the crisis situation of economic science.

On the prospects for the evolution of the problematics of economic theory in the period after the COVID-19 pandemic

2021 ◽  
pp. 3-14
Author(s):  
V. E. Dementiev
Keyword(s):  
Economic Theory ◽  
Economic Development ◽  
Scientific Development ◽  
Economic Systems ◽  
Economic Science ◽  
Close Attention ◽  
Economic Agents ◽  
Socio Economic Development ◽  
National Economies ◽  
Structural Solutions

The article is devoted to the prospects of the evolution of the problematics of economic theory in the post-COVID period. At the same time, the author proceeds from a number of methodological assumptions, including the following two. First, one of the general and enduring tasks of this theory is to anticipate the next challenges on the path of socio-economic development. Secondly, the reconstruction of history is considered in economic science as a tool not only for solving current problems, but also for predicting new challenges. For example, is it advisable to maintain the increased influence of the state on the economy in the context of COVID-19 after the end of the pandemic? This is one of the questions facing economic theory. It is given a non-trivial nature by the tendency of increasing various risks faced by socio-economic development. The challenges associated with the artificial overflow of information channels and manipulation of the behavior of economic agents require close attention. As a particularly important task of economic science, the author sees the search for ways to adapt national economies and their agents in the increased turbulence of the economic environment as a «new normality». As a result, the importance of scientific development of institutional and structural solutions that ensure the adaptability of socio-economic systems increases dramatically.

The Use of Mathematics in Economics

2006 ◽  
pp. 53-72
Author(s):  
S. Dow
Keyword(s):  
Mathematical Modeling ◽  
Economic Theory ◽  
Economic Science ◽  
Mathematical Research ◽  
Methodological Issues ◽  
Mathematical Methods ◽  
History Of ◽  
Modern Economic

The article examines the history of mathematical methods in economic science and their impact on the structure and factors of development of the modern economic theory. The author considers different features of mathematical modeling in it, giving some examples and analyzing theoretical and methodological issues arising in the process of economic and mathematical research.

The Symbiosis of Economic Science and Practice in Reforming (On the Book by S. Ya. Chernavsky “Reforms of the Energy Regulated Branches in Russia”)

2014 ◽  
pp. 114-124
Author(s):  
V. Makarov
Keyword(s):  
Mathematical Modeling ◽  
Economic Theory ◽  
Mathematical Models ◽  
Economic Science ◽  
Successful Implementation ◽  
Policy Recommendations ◽  
Economic Agents ◽  
Modern Economic ◽  
Econometrics Analysis

The book by S. Chernavsky is devoted to the reform of the Russian energy sector and the economy as a whole. The author assesses in detail carried out reforms and develops policy recommendations in the interest of the society. In some chapters of this book the author plays the role of an analyst, in the others - that of one of the participants directly involved in the reform or its main developer. In all cases, the analysis is combined with the use of modern economic theory, mathematical models of the behavior of economic agents and empirical data. Many mathematical models presented have been developed and evaluated in cooperation with the leading Russian experts in the field of mathematical modeling and econometrics analysis that determines their validity. The obtained results and policy recommendations allow us to count on lower transformation costs and higher probability of successful implementation of reforms.

scholarly journals Challenges of rational choice theory in contemporary economic science

Revizor ◽  
2020 ◽  
Vol 23 (91-92) ◽  
pp. 7-21
Author(s):  
Miloš Krstić
Keyword(s):  
Economic Theory ◽  
Political Science ◽  
Rational Choice ◽  
Rational Choice Theory ◽  
Choice Theory ◽  
Economic Behavior ◽  
Point Of View ◽  
Economic Science ◽  
The Core ◽  
Scientific Disciplines

In the focus of the paper there are some basic insights and ideas of rational choice theory, that is the "core" of contemporary economic theory. Also, rational choice theory is the "center" of modern political science and is used in various other scientific disciplines, such as: sociology, philosophy, political science, psychology, and the like. There are two main goals of this paper. One is to point out the limitations of rational choice theory as one of the theories of economic behavior (and decision making). The second goal is to analyze certain problems detected during the application of the rational choice theory in economics and to adequately consider the importance of alternative concepts, models, and theories from the point of view of improving the understanding of economic, social, political, and other processes in the economy and society as a whole.

scholarly journals On the Influence of Metamodernity on Institutional Economic Theory

2021 ◽  
pp. 69-76
Author(s):  
Svetlana L. Sazanova
Keyword(s):  
Economic Theory ◽  
Interdisciplinary Approach ◽  
Emotional Reactions ◽  
Economic Behavior ◽  
Economic Research ◽  
Economic Science ◽  
Economic Agents ◽  
Institutional Economic ◽  
The Times

The article analyses the influence of the philosophy of metamodernism on the institutional economic theory. The author considered the philosophy of metamodernism as a complex of ideas that form the “spirit of the times” – ​the “era of metamodernity”, which is an external environment in relation to institutional economic theory. Having analyzed the key characteristics of modernity and postmodernity, the author proved that metamodernity is not only a synthesis of the philosophical ideas of modernity and postmodernity, but also a new worldview that embraces the entire socio-economic reality. The author formulated the features of the era of metamodernity in the context of economics-society-institutions. The author found that under the influence of the ideas of metamodernity, there have been changes in the motivation of economic agents: from the satisfaction of subjective preferences to the search for new emotional reactions. This, in turn, led to changes in collective (social) economic behavior: rejection of traditional values in favor of values of self-expression, rejection of long-term relationships in favor of long-term ones. According to the author, changes in individual and collective economic behavior occur in parallel with institutional changes at the micro, meso and macro levels: hierarchical institutional structures are being replaced by socio-economic and business ecosystems. Exploring the evolution of economic science in the context of evolution from modern philosophy to postmodern and metamodern philosophy, the author revealed the influence of the ideas of metamodernity on modern economic theory in general and institutional economic theory in particular. The author found that under the influence of the ideas of metamodernity, changes occur in the object and subject of economic research, which requires the improvement of the methodology of institutional economic theory based on an interdisciplinary approach.

The Idea of a Meaningful Synthesis of Marxist and Non-Marxist Systems of Political Economy as a Mirror of Intellectual Turmoil (About V.T. Ryazanov’s Book «Modern Political Economy: Prospects of Neo-Marxist Synthesis»)

2019 ◽  
pp. 74-98
Author(s):  
A.B. Lyubinin
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Economic Status ◽  
Economic Science ◽  
Objective Reality ◽  
Commodity Production ◽  
Subjective Assessments ◽  
The Subject ◽  
The Difference ◽  
Political Economic

Review of the monograph indicated in the subtitle V.T. Ryazanov. The reviewer is critical of the position of the author of the book, believing that it is possible and even necessary (to increase the effectiveness of General economic theory and bring it closer to practice) substantial (and not just formal-conventional) synthesis of the Marxist system of political economy with its non-Marxist systems. The article emphasizes the difference between the subject and the method of the classical, including Marxist, school of political economy with its characteristic objective perception of the subject from the neoclassical school with its reduction of objective reality to subjective assessments; this excludes their meaningful synthesis as part of a single «modern political economy». V.T. Ryazanov’s interpretation of commodity production in the economic system of «Capital» of K. Marx as a purely mental abstraction, in fact — a fiction, myth is also counter-argued. On the issue of identification of the discipline «national economy», the reviewer, unlike the author of the book, takes the position that it is a concrete economic science that does not have a political economic status.

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