Mykhaylo Dovbenko

Economic theory of early XXI century: crisis or development
Journal of European Economy, Volume 9, Issue 1, March 2010, pp. 3-18

 

JEL:    B00, F02

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Abstract During recent decades, the range of assessments of the condition of the modern economic science has greatly increased – from very optimistic to extremely pessimistic ones. Increasingly frequent are opinions about decay and crisis of economics science calling its condition «a cancer disease» and referring it as «a victim of formalism» etc. Such rhetoric is casting despair on the intellectual community. And what is happening in reality? The author shows a reserved optimism in his assessment of the development of economic thought. His arguments are based on the results of the pioneer research conducted by economists who are Nobel Prize winners. And though the talented Swedish inventor Alfred Nobel did not initiate Nobel Prize in economics, the corresponding initiative by a group of Swedish scientists and bankers appeared to be a very successful experiment developing his ideas (this year is the year of its 40th  anniversary). That is why the comprehension of that phenomenon is an impetus to important changes both in economic science as a whole and in economic theory as its fundamental part.   Key words: Modern economic science, crisis of economic science, range of acquired knowledge, economic nobeleology.