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TERRA ECONOMICUS

Everyone needs economic theory. Everyone. Except from economists?

TERRA ECONOMICUS, , Vol. 12 (no. 3),
p. 8-14

The article examines how economic theory that had been in fact banished, as the academic discipline, from the university auditoriums, is now reviving as a scientific system; fundamental trends in modern economy in the coordinates of economic theory are described; development of economics is analyzed. The author shows that cognition in humanities is far more complex process than in the natural sciences; the development of economic theory is viewed as the scramble of fundamental paradigms. Problems related to search of modern economic theory search are defined; the author reflects on the reasons why «inferiority complex» emerges among modern economists; in the end, the author concludes that it is better not to have any economic theory at all than to have the bad one.


Keywords: modern economic theory; fundamental trends of the modern economy in the coordinates of the economic theory; development of economic theory; complexity of social knowledge; development of economic thought viewed as the scramble of fundamental paradigms; problems related to modern economic theory search; the causes of economists’ «inferiority complex»

References:
  • Keynes J.M. (1939). Professor Tinbergen’s Method. Economic Journal, vol. 49, no. 195, pp. 558–577. Review of A Method and its Application to Investment Activity, by Jan Tinbergen, Geneva: League of Nations, 1939.
  • Mamedov O.Y. (2003). Unbidden empiricism is worse than scholastics! Terra Economicus (Economic Herald of Rostov State University), vol. 1, no. 3, pp. 20–23. (In Russian.)
  • Mamedov O.Yu. (2008). The crisis, the economists and ... the people. Terra Economicus (Economic Herald of Rostov State University), vol. 6, no. 3, pp. 5–10. (In Russian.)
  • Mookherjee D. (2005). Is There Too Little Theory in Development Economics Today? Revised, August 28 / In Banerjee A., Bardhan P., Basu K., Kanbur R. (ed.), Mookherjee D. (2005). New Directions in Development Economics: Theory or Empirics? A Symposium in Economic and Political Weekly. Available at: http://www.arts.cornell.edu/poverty/kanbur/NewDirectionsDevEcon.pdf
Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606