The Economic Paradigms Need to Be Updated

Jaroslav Daňhel, Eva Ducháčková and Jarmila Radová

European Financial and Accounting Journal, 2016, vol. 2016, issue 2, 69-76

Abstract: This contribution deals with the current problems of the stagnating European economy: a high level of debt, political instability and a lower level of ethics. The growth of the income gap in society is viewed as one of the most pressing problems. Reference is made to the ineffectiveness of traditional fiscal and monetary policy, the problematic nature of solutions based on new tools, such as quantitative easing, and the low level of the effectiveness of implemented regulatory projects, which reduce the efficiency of regulated business. In a quest for new approaches to correcting economic paradigms, the authors recommend greater anticipation of empirical and behavioural approaches, or, possibly, even a return to the beginning - ie. to the ideas of the free market.

Keywords: Behavioural approaches; Economic paradigms; State regulation (search for similar items in EconPapers)
JEL-codes: A11 B41 D69 D74 G02 G22 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.18267/j.efaj.158

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