Economics in Times of Crisis. In Search of a New Paradigm

Joanna Dzionek-Kozłowska ()

No 5/2014, Lodz Economics Working Papers from University of Lodz, Faculty of Economics and Sociology

Abstract: The relationship between the development of economics and economic performance is not reducible to any set of simple rules. Among the historians of economic thought there is even a handful of those who perceive the progress in economics mostly as an outcome of the attempts to solve the problems, inconsistencies and paradoxes within economic theory itself. Seen from this perspective, economic reality has minor (or no) importance. On the other hand, the endeavours to modify a mainstream approach are significantly greater in times of economic downturns. Seeing that economics is in such a state of ‘intellectual ferment’ nowadays, it is worth reconsidering the connection between economics and the economy. Thus the main aim of the paper is to analyse the current state of economic science in relation to the last economic slump. Although it is of course not possible to predict the future trajectories of economic theorising, taking into consideration the nature of the crisis the most feasible and potentially most fruitful areas are indicated.

Keywords: economic methodology; economics imperialism; economic performance; economic crisis; homo economicus; value judgements (search for similar items in EconPapers)
JEL-codes: B41 B50 (search for similar items in EconPapers)
Date: 2014-12
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-pke
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