Crisis of economic science: causes and remedy

EZRA DAVAR
PhD in Economics, Independent Researcher, Netanya, Israel

TERRA ECONOMICUS, 2015, Vol. 13 (no. 2),

p. 73-83

The paper shows that modern economic science is in deep crisis. Also, it was shown that one of crucial causes of contemporary financial-economic crisis is an abandonment of the classic and Walras’s theories, in particular the monetary theory; in turn, these theories are close to the economic reality as possible. Modern economic theory does not always respect and often violates this principle. Therefore, in order to go out from the crisis, it is necessary to restore mutual feedback between theory and the real economy.

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Keywords: crisis of economic science; classical and neoclassical theories; money commodity; fiat money

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Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606