scholarly journals ECONOMIC CRISIS THEORY OR ECONOMIC THEORY CRISIS?

2018 ◽  
pp. 28-35
Author(s):  
ELGUJA MEKVABISHVILI
Keyword(s):  
Economic Theory ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
Stationary Regime ◽  
High Quality ◽  
Crisis Theory ◽  
Neoclassical Economic Theory ◽  
The Global Financial Crisis ◽  
Problematic Aspect

The global financial crisis has brought a new impulse to the discussion of the problem of economic crisis. Economists have divided into two groups - one group believes the main reason for the crisis is the failure of economic theory. The second group thinks that economists have not been charged in the formation of economic crisis. The most problematic aspect of the economic crisis is their prediction. Mainstream neoclassical economic theory completely excludes the possibility of predicting crises. In the analysis of this issue, we use the concepts: “point prediction”, “prediction corridor”, “stationary regime” of economy functioning, and N. Kondratiev’s Great Cycles Conjunction Theory. There is possible to define the “prediction’s corridors” within the stationary regimes of economy functioning. In these periods the economy is characterized with high quality of volatility. By observing the main economic indicators in these periods, we think, it is possible to predict the approximate date of the economic crisis.

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.

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.

The Greek Economy before and during the Crisis—and Policy Options Going Forward

2017 ◽  
Author(s):  
Costas Meghir ◽  
Christopher A. Pissarides ◽  
Dimitri Vayanos ◽  
Nikolaos Vettas
Keyword(s):  
Social Protection ◽  
Global Financial Crisis ◽  
Business Environment ◽  
Market Regulation ◽  
Policy Options ◽  
Greek Economy ◽  
Good Provision ◽  
The Global Financial Crisis ◽  
System Access

This chapter reviews the performance of the Greek economy before and during the global financial crisis. It also presents policy options for Greece going forward, drawing to a significant extent on the conclusions of subsequent chapters. The chapter first studies Greece's economic performance in the decades before the crisis. It discusses the evolution of gross domestic product (GDP) per capita and productivity, debt, consumption, investment, wages and prices. The chapter then turns to the quality of the institutions pertaining to the business environment (product market regulation, justice system, access to finance, and labor market regulation), and to social protection and public good provision (pensions, welfare system, health care, and education). It also identifies interconnections between institutional quality and macroeconomic outcomes.

Interoperability of XBRL Financial Statements in the U.S.

2012 ◽  
pp. 129-144
Author(s):  
Hongwei Zhu ◽  
Harris Wu
Keyword(s):  
Global Financial Crisis ◽  
Financial Statements ◽  
Securities And Exchange Commission ◽  
Public Companies ◽  
Generally Accepted Accounting Principles ◽  
Data Elements ◽  
The Global Financial Crisis ◽  
Practical Implications ◽  
The U.S

In the wake of the global financial crisis, a pressing need exists for improving investor friendliness, especially the transparency and interoperability of the financial statements of public companies. eXtensible Business Reporting Language (XBRL) and XBRL taxonomies can accomplish this objective. In the U.S., the Securities and Exchange Commission (SEC) has mandated that all public companies must file their financial statements using XBRL and the U.S. Generally Accepted Accounting Principles (GAAP) taxonomy according to a phased-in schedule. Are the XBRL-based financial statements interoperable? This question is addressed by analyzing all of the annual XBRL financial statements filed to the SEC as of February 26, 2010. On average, 63% of data elements are not comparable between a pair of statements. The incomparability is partly caused by issues related to the GAAP taxonomy and misuse of the taxonomy by companies. The results have practical implications that will help improve the quality of financial data.

Framing and blaming in times of economic crisis

2014 ◽  
Vol 13 (4) ◽  
pp. 814-836 ◽  
Author(s):  
Jill C. Murray
Keyword(s):  
Life Cycle ◽  
Financial Crisis ◽  
Economic Crisis ◽  
Prime Minister ◽  
Global Financial Crisis ◽  
Diffusion Resistance ◽  
Critical Periods ◽  
Critical Approach ◽  
Content Type ◽  
The Global Financial Crisis

This article takes a critical approach to the language used by Australian politicians during the global financial crisis of 2007–8. Critical periods in history provide a rich substrate for the appearance of new expressions with the potential to frame the debate, influencing the ways events are interpreted and blame attributed. Passing unnoticed into usage, such memes have the potential to become part of unexamined background knowledge and covertly co-opt hearers and users into shared systems of value and belief. The study focusses on one specific neologism deployed by opposition politicians, firstly in an attempt to create the erroneous impression that a recession was occurring and secondly that it was the fault of the Australian Prime Minister, Kevin Rudd. Patterns of occurrence were tracked against local and international events, indicating a life cycle with several distinct phases: chance emergence, a strategic deployment, cross-genre diffusion, resistance and eventual rejection.

Framing and blaming in times of economic crisis: The rise and fall of the “Rudd Recession”

2015 ◽  
Vol 13 (4) ◽  
pp. 814-836
Keyword(s):  
Social Media ◽  
Critical Discourse Analysis ◽  
Economic Crisis ◽  
Prime Minister ◽  
Global Financial Crisis ◽  
Critical Discourse ◽  
Diffusion Resistance ◽  
Critical Periods ◽  
Critical Approach ◽  
The Global Financial Crisis

This article takes a critical approach to the language used by Australian politicians during the global financial crisis of 2007–8. Critical periods in history provide a rich substrate for the appearance of new expressions with the potential to frame the debate, influencing the ways events are interpreted and blame attributed. Passing unnoticed into usage, such memes have the potential to become part of unexamined background knowledge and covertly co-opt hearers and users into shared systems of value and belief. The study focusses on one specific neologism deployed by opposition politicians, firstly in an attempt to create the erroneous impression that a recession was occurring and secondly that it was the fault of the Australian Prime Minister, Kevin Rudd. Patterns of occurrence were tracked against local and international events, indicating a life cycle with several distinct phases: chance emergence, a strategic deployment, cross-genre diffusion, resistance and eventual rejection. Keywords: Alliteration; critical discourse analysis; economic crisis; blame; political discourse; slogans; social media; memes.

2011 Review of Conditionality - Outcomes of Fund-Supported Programs

Policy Papers ◽  
2012 ◽  
Vol 2012 (44) ◽  
Author(s):  
Keyword(s):  
Economic Crisis ◽  
Government Spending ◽  
Global Financial Crisis ◽  
Program Review ◽  
Social Variables ◽  
Social Outcome ◽  
Outcome Indicators ◽  
Macroeconomic Variables ◽  
The Global Financial Crisis ◽  
The Impact

This paper examines the effects of Fund-supported programs initiated during 2002-11, with special emphasis on programs started after the onset of the recent global economic crisis. The paper investigates the effects of Fund-supported programs on key macroeconomic variables and, data restrictions permitting, on social variables (social government spending, unemployment and social outcome indicators). Further, it analyzes the contribution of fiscal and external accommodation in helping program countries get through the recent global crisis. The assessment of the impact of Fund-supported programs is necessarily incomplete to the extent that the global financial crisis is ongoing and the most recent crisis programs such as the March 2012 program for Greece are not included. The Crisis Program Review provides detailed analysis of recent GRA-supported programs.

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