Neoclassical Economic Theory and the Problems of Economic Development

Rajko Bukvić () and Radica Z. Pavlovic

Ekonomika, Journal for Economic Theory and Practice and Social Issues, 2014, vol. 60, issue 3

Abstract: Paper considers the characteristics of contemporary dominant neoclascical economic theory and theie relation to economic development. It was showed that it, with presumptions of the same value and significance of all economic activities, and borderless power of selfregulated market, not have possibilities and force to explain factors of economic development, genesis and widening of poverty, as in one separate country as in international relations. As new paradigm, that should to change neoclascical, it is emphasized Other canon, that is on many centuries tradition and biological metaphors grounded. That dates back to the Renessaince, was proved through experience of the now developed economies, through the use of policies that in contemporary world are vorbidden for the underdeveloped coutries, while the developed that use. Contrary to neoclassical policies, realized in (neo)liberal politics of Washington consensus, that lead to deindustrialization, policies of the Other canon, on policies like Marshall plan grounded, lead contrary to industrialization as the condition to leave the underdeveloped countries from crisis and poverty. Change of neoclassical economic paradigm in this sense is the condition for the growth of the quality of macroeconomic education and should to ensure better understanding of economic problems and processes.

Keywords: Production; Economics (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:ags:sereko:289165

DOI: 10.22004/ag.econ.289165

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