Economic Science Going Through a Painful Time Confronted with Societal Evolution

Ekonomická věda v konfrontaci se společenským vývojem prochází neuralgickým bodem

Jaroslav Daňhel, Eva Ducháčková and Jarmila Radová

Acta Oeconomica Pragensia, 2016, vol. 2016, issue 3, 68-77

Abstract: In the globalised world of the past decade, the characteristic movement of the real economy in Europe has been in the lower amplitudes of the economic cycle and has been complicated by the low effectiveness of fiscal and monetary policy tools and instability on the financial markets, which, in relation to the real economy, display features of autonomy and virtuality. The exchange rates of the euro, rouble and Czech crown display exceptional volatility, while the yields from financial instruments are at a historic minimum. These phenomena are the result of the stagnation of the European economy, a high level of indebtedness and an inability to effectively solve escalating political problems, such as military conflicts, terrorism, mass migration, economic sanctions, etc.

Keywords: long-term transformation and metamorphosis of global economic conditions; need to correct economic paradigms; ineffectiveness of the classic tools of fiscal and monetary policy; growing income gap; quantitative easing; state regulation; empirical and behavioural approaches; free market (search for similar items in EconPapers)
JEL-codes: A11 B41 D69 D74 D81 D82 G02 G22 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.18267/j.aop.537

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