New Times, New Economics (Why is the “Old” Economics Failing?)

Maciej Baltowski ()
Additional contact information
Maciej Baltowski: Department of Theory and History of Economics, Maria Curie-Sklodowska University (UMCS) in Lublin, Poland

Acta Oeconomica, 2019, vol. 69, issue supplement1, 155-173

Abstract: The purpose of the paper is to analyse the weaknesses, both epistemological and applicative, of the contemporary orthodox economics and, based thereon, to indicate the necessary changes it needs to undergo. Two groups of weaknesses are distinguished here – the intrinsic ones and the acquired ones. The former ones result from diversity and variability of its object of study and from the teleological nature of the economy. The latter ones, related to the methodological principles of economics stem from errors or omissions committed by the founders of economics in the historical development. The author identifies and analyses three such weaknesses – superficiality of cognition, overformalisation and the delusion of universalisation. The analysis shows that globalisation processes and other varied civilisational transformations we have been experiencing over the last 15–20 years have brought into light and highlighted the weaknesses of economics. The author comes to the conclusion that consequently the economics for the 21st century, to meet the challenges of the new times, should undergo three basic shifts: a/ from positive, descriptive science to including also the evaluative and axiological one; b/ from homogeneous, universal science to a considerably contextual one and c/from pure, formalised science to a deeply interdisciplinary one.

Keywords: economic theory; weaknesses of economics; economics for the future (search for similar items in EconPapers)
JEL-codes: A10 A12 B10 B41 B50 (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.akademiai.com/doi/pdf/10.1556/032.2019.69.S1.10 (application/pdf)
subscription

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aka:aoecon:v:69:y:2019:i:supplement1:p:155-173

Ordering information: This journal article can be ordered from
Akadémiai Kiadó Zrt., P. O. Box 245, H-1519 Budapest, Hungary
https://akjournals.com/

Access Statistics for this article

Acta Oeconomica is currently edited by Mihályi, Péter

More articles in Acta Oeconomica from Akadémiai Kiadó, Hungary
Bibliographic data for series maintained by Kriston, Orsolya ().