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.

From Relevant to in Demand?

2018 ◽  
Vol 2018 (3) ◽  
pp. 3-22
Author(s):  
Andrey Shastitko
Keyword(s):  
Economic Theory ◽  
Economic History ◽  
Capital Accumulation ◽  
Karl Marx ◽  
Subsequent Development ◽  
Fundamental Question ◽  
Economic Research ◽  
Institutional Economic ◽  
Production Relations ◽  
Key Aspects

The article offers a survey of some of the ideas of Karl Marx in the context of the subsequent development of the new institutional economic theory in the 20th - early 21st centuries. It discusses various aspects of the unity of the historical and the logical in Marx’s Capital in the light of various ways of combining the historical and the theoretical in economic research, including a new economic history. The article considers the issues of the linkages between the problems of import and transplantation of institutes and the export of production relations, as well as the interaction of institutes and technologies, but in the context of the contradiction between productive forces and production relations, and possible parallels between the initial ideas of transaction costs and costs of circulation in the second volume of Marx’s Capital. It discusses the fundamental question of the absolute law of capital accumulation in the context of two key aspects of institutes - coordination and distribution.

scholarly journals The System Paradigm and the Prospects for “Institutional Synthesis” in Economic Theory

2021 ◽  
pp. 17-32
Author(s):  
Svetlana G. Kirdina-Chandler
Keyword(s):  
Economic Theory ◽  
Holistic Approach ◽  
Interdisciplinary Cooperation ◽  
Economic Research ◽  
Distinctive Features ◽  
Changing Practice ◽  
Theoretical Synthesis ◽  
First Time ◽  
System Paradigm

The constant adaptation of economic theory to changing practice at certain stages requires a theoretical synthesis, during which various (sometimes competing) research  programs are combined in order to develop a more adequate methodology. In orthodox economic theory the two most important syntheses were: the neoclassical synthesis of the 1940–1960s and the new neoclassical synthesis of the 1990s. Both were intradisciplinary in nature. However, the developed toolkit of neoclassical orthodoxy still does not allow the study of the “risks of the system as a whole” and making confident long-term forecasts of economic development. This current situation determines the relevance of research within the framework of the system paradigm, with the help of which such problems can be solved. This paper discusses the characteristics of the system paradigm and analyzes why this paradigm is poorly represented in neoclassical orthodoxy. The paper considers barriers to the spread of the system paradigm, associated with the  worldview of modern economists-theoreticians The paper also analyses the methodological prerequisites of neoclassical orthodoxy, the specifics of which also act as a barrier to the development of the system paradigm in economic research.  This paper outlines, for the first time, the general shape of the interdisciplinary institutional synthesis, the formation of which has been observed in Russia since the beginning of the 2010s. Its distinctive features are as follows. First, it develops outside economic orthodoxy, in the course of research cooperation between heterodox economists and representatives of social, humanitarian and natural disciplines – that is, it is an interdisciplinary (polydisciplinary) synthesis. Second, the main subject of research within its framework are institutions or, more broadly, meso-level structures that ensure the integrity, reproduction, and development of socio-economic systems. Third, the methodological basis of interdisciplinary cooperation within the framework of the institutional synthesis is provided by a system paradigm and holistic approach which are different from the neoclassical orthodoxy. Some examples of the institutional synthesis presented in Russian economic literature and its practical  results are shown. The prospects for the further development of the theoretical interdisciplinary institutional synthesis are outlined.

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 ECONOMIC THEORY, STATE POLICY AND PUBLIC ADMINISTRATION

2019 ◽  
Vol 2019 (11-12) ◽  
pp. 3-33 ◽  
Author(s):  
Mykhailo ZVERYAKOV ◽  
◽  
Andrii GRYMALYUK ◽  
Keyword(s):  
Economic Theory ◽  
Economic Development ◽  
Public Management ◽  
Critical Mass ◽  
Economic Research ◽  
Scientific Management ◽  
Economic Science ◽  
Object Model ◽  
Economic Management ◽  
Modern Development

Currently, Ukraine is in a kind of “bifurcation point”, which opens up the possibility of further historical movement in several mutually exclusive directions. Under these conditions, the importance of economic science, which is called upon to actively influence social choice by means of a theoretical justification of such a variant of the state economic strategy that would meet the objective needs of developing the country’s productive forces to the greatest extent, is sharply increasing. The main goal of the article is to use the categorical apparatus of economic theory to scientifically determine the contours of such an economic management model that could become an effective alternative to the old management system, which is the main cause of Ukraine’s economic failure. International practice has accumulated a critical mass of empirical material showing that under modern conditions the subject-object model of driven development is becoming dominant. Within the framework of this model, society, acting as a single collective subject, consciously uses the objective economic laws of capitalism to develop its productive forces. The success of volitional transformations beginning in our country will ultimately largely depend on whether they lead to the creation of a modern development model, identical in its economic content to state capitalism. These specific historical conditions determine the necessary relationship between economic theory and public policy in the framework of the new model of economic management, which involves not just managed, but scientifically-driven development. Such scientific management of economic development is especially necessary for Ukraine, which under the guise of neoliberal deregulation stubbornly imposes a long-obsolete neoliberal model of spontaneous market transformation. Therefore, under modern conditions, political economy is called upon to become, first of all, a theory of action, a theory of public management of the economy. This opens up new broad opportunities at all levels of economic research, including: (i) the further development of the proposed methodology itself; (ii) the development of economic theory on its basis; and (iii) the consistent application of this theory to solve the extremely complex practical problems associated with the process of creating a subject-object model of driven economic development in Ukraine.

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 DEVELOPMENT OF MARGINALISM IDEAS AND THEIR REFLECTION IN DOMESTIC ECONOMIC THOUGHT

2021 ◽  
Author(s):  
Liudmyla Krot
Keyword(s):  
Economic Theory ◽  
Economic Thought ◽  
Economic Behavior ◽  
Economic Research ◽  
Wide Field ◽  
Labor Theory Of Value ◽  
Labor Theory ◽  
World Economic ◽  
Modern Economic ◽  
Theory Of Value

In the conditions of transformational shifts and construction of the national competitive economy of Ukraine, society is a particularly attractive object for socio-economic research. The necessity of deep theoretical comprehension of the processes that take place and determination of the directions of further development of the domestic economy through the reference to the historical experience of studying market transformations by domestic economists is substantiated. There is a tendency of revival of scientific interest in historical and economic research in modern economic theory, where Ukrainian economic thought opens a wide field for scientific research. The aim of the article is to study the development of the ideas of marginalism and their reflection in the domestic economic thought in the works of representatives of the Kyiv School of Economics. The article presents the evolution of the theoretical and methodological foundations of the stages of the marginal revolution. It is noted that in Ukraine there were also powerful scientific centers of marginal orientation. It is claimed that the Kyiv School of Economics, headed by M. H. Bunge and D. I. Pikhno, initiated the subjective-psychological direction of political economy in Ukraine. It is determined that the peculiarity of O. Bilimovich's scientific thought was the complete denial of the labor theory of value. The article states that MI Tugan-Baranovsky has the primacy in the deep substantiation and creation of the synthesis of the labor theory of value and theories of marginal utility. It is noted that the combination of objective and subjective approaches on a methodological basis allowed him to avoid one-sided economic research. It is emphasized that the views of M. Tugan-Baranovsky in this problem were characterized by both undeniably powerful and theoretically weak aspects. Based on the study, it was concluded that marginalism as a powerful direction in the development of world economic theory had its own peculiarities of perception and development in Ukrainian economic thought of the second half of the nineteenth - early twentieth century. Research has revealed a critical perception of methodological individualism as a characteristic feature of the scientific tools of marginalism. It is noted that the fundamental ideas of marginalism in the Ukrainian economic thought of the second half of the XIX - early XX centuries. combined with the methods of the new historical and social schools. The article notes that at that time Ukrainian scientists took into account the influence of non-economic factors on the economic behavior of economic entities,

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.

Modern Western Economic Theory (The Survey of the Main Tendencies)

2008 ◽  
pp. 20-43 ◽  
Author(s):  
A. Khudokormov
Keyword(s):  
Economic Theory ◽  
Detailed Analysis ◽  
The State ◽  
Point Of View ◽  
Economic Research ◽  
Economic Science ◽  
Mainstream Economics ◽  
Modern Economic

The author considers modern economic theory from the point of view of crisis phenomena inherent to it. He recapitulates various aspects and positions of different authors and concludes that there is obvious presence of crisis tendencies in different fields of economic research. Nevertheless it is not worth talking about the crisis as there is no real alternative to neoclassical mainstream economics. Basing upon the detailed analysis of the state of modern economic science the article classifies its major schools and currents putting emphasis on the philosophical, political and ideological orientation of their main representatives.

Naturalizing the Subject of Economics: From Following the Norms of Natural Science to Owning the Laws of Nature

2020 ◽  
Vol 30 (3) ◽  
Keyword(s):  
Economic Theory ◽  
Subject Matter ◽  
Natural Science ◽  
Laws Of Nature ◽  
Economic Research ◽  
Economic Science ◽  
Research Strategies ◽  
The Subject ◽  
Moral Certainty ◽  
Empirical Foundation

One of the central threads in the historical development of economic science since the 18th century is the search for ways to turn the economy into a discipline resembling natural science, to put it on a solid empirical foundation expressed in mathematical language completely devoid of subjectivity while it apprehends the laws of nature. The article reviews the epistemological history of economics as a discipline through confrontations between epistemic virtues (“moral certainty” and “mechanical objectivity”), research strategies (empiricism and mathematical rationality) and institutional status (science or art). In this regard, the authors analyze the transitions from understanding economics as a “moral science” through the marginalist and formalist revolutions to taking economics as a field for formal ontologies and abstract mathematical models and tools. They then focus on tracing economic theory’s consistent adherence to the epistemological standard of scientific knowledge which was set by classical mechanics — the historical core of science in the modern era — together with the costs incurred by mathematical presentation and rejection of the ideal of “moral certainty”. The authors show how the loss of the empirical component and the growing issue of the substantive component of formal models have resulted in the “empirical turn” in economics. Using the example of neuroeconomics as the most radical attempt to naturalize the subject matter of economics, they outline the modern attempts to saturate economic research with empirical content and return to the project of a “physicalist” economics that will discover the laws of nature as the natural sciences have done. The authors argue from the ambivalent nature of the purposes and results of neuroeconomics to show that the empirical path of neuroeconomics, which was adopted in order to link the formal concepts of neoclassical economic theory with the experimental data and material models of neuroscience, leads instead to further degradation of the subject matter of economics as social objects are replaced with their presumed material infrastructure (neurophysiological correlates of social facts) without solving the problem of the empirical foundation for economic theory.

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