Reflections of the Global Crisis 2008-2009 upon Economic Theory: Attempt for Generalization

Zoya Mladenova

Economic Studies journal, 2017, issue 4, 3-40

Abstract: The paper aims at analyzing the impact of the global financial and economic crisis in 2008-2009 upon economic theory. The focus is on the dominant theoretical paradigm: the neoclassical theory (economics). The research consists of two parts. The first analyzes the effects of the crisis on the neoclassical theory. The main directions of criticism against economics in the light of the last crisis are presented. Within the context of the philosophy of knowledge the issue about the “failure” of economics to predict the crisis, is discussed. The second part of the paper deals with some new processes and phenomena in the field of economic theory – both orthodox and heterodox, which develop in the post-crisis period. The final conclusion of the author is, that there are deserving attention novelties in the sphere of economic ideas. They, most probably, outline new perspectives in front of economic theory: in front of the science, and in front of the teaching of economics.

JEL-codes: A20 B22 B41 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econst:y:2017:i:4:p:3-40

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