Neoclassical economic orthodoxy and the need for a new post-crisis economic paradigm

Andrei Josan and Cristina (COVACI) Voicu
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Andrei Josan: The Bucharest University of Economic Studies
Cristina (COVACI) Voicu: The Bucharest University of Economic Studies

Theoretical and Applied Economics, 2013, vol. XX, issue 8(585), 69-84

Abstract: Capitalism is a social adaptive system that evolve, change and grow in response to the challenges of a rapidly changing economic environment. When capitalism is seriously threatened by a systemic crisis, a new version much better adapted to existing conditions appears. Critical analysis of the fundamental ideas underlying neoclassical economic theory shows that the capitalist system is fundamentally a dynamic and therefore static neoclassical models proved to be unsuitable for studying it. Contrary to neoclassical economic vision, the capitalist economy is not governed by immutable economic laws. Global systemic crisis of capitalism that began in 2007 has highlighted the need for a new economic paradigm on which to be built and to be performed a new version of capitalism, in line with the increasingly complex realities of a globalized and quick changing world.

Keywords: economics; neoclassical economics; the economic crisis. (search for similar items in EconPapers)
Date: 2013
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