The new stage of economic development

Rossitsa Chobanova ()

Economic Thought journal, 2021, issue 2, 3-31, 32-60

Abstract: Argumentation is presented for the emergence of a new stage in the development of national economies along with the global technology change and the new social and economic performance challenges. Theoretically, this notion is developed applying Hegel’s ideas of economic and social development. In this regard, economic development is defined as a continuous process of change, the quantitative accumulation of which leads to a new stage with à qualitatively different goal, subject and mechanism for achieving it. Arguments for transition to a new stage of economic development are drawn from the analysis of contemporary concepts of innovative development, knowledge economy, circular economy and digitalization of the economy. They are associated with the application of new indicators for targets of economic development and new methodologies for collecting and interpreting new appearances in the real economy. The article also provides arguments for the transition to a new stage of economic development from the practice of the EU concerning the development and monitoring policies for achieving new goals. This is accompanied by rethinking the strategy and developing new alliances. The presented data show an unsatisfactory performance of the development of the Bulgarian economy among the EU member states. Following the above statements, it is assumed that it is necessary to rethink national strategy taking into account the challenges of transition to a new stage of economic development and opportunities, they provide for progressive development based on specifics national economy and identity of the society.

JEL-codes: A13 O1 O33 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econth:y:2021:i:2:p:3-31,32-60

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