Theoretical Economics Faces a Serious Challenge

Jaroslav Daňhel, Eva Ducháčková and Jarmila Radová

European Financial and Accounting Journal, 2010, vol. 2010, issue 3, 7-14

Abstract: The authors of the article point out that the theory of economics has failed to yield a solid theoretical background in such critical situations as the transformational period of post-communist economies and the period of the current financial and economic crisis. While classical liberal or Keynesian concepts are failing, theorists cannot look to mathematical modeling for help. The challenge for today's theoretical economists is to find a new concept for today's global era.

Keywords: Decision making of economic subjects; Determinism of stage of the Word; Multifunction of mathematical models; Regulatory on financial market (search for similar items in EconPapers)
JEL-codes: D74 D81 D82 G22 (search for similar items in EconPapers)
Date: 2010
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DOI: 10.18267/j.efaj.52

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