Acta Oeconomica
Volume/Issue:
Volume 69: Issue s1
New times, new economics (why is the “old” economics failing?)
Author:
Maciej Baltowski Professor of Economics at the Department of Theory and History of Economics, Maria Curie-Sklodowska University (UMCS) in Lublin, Poland

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Pages:
155–173
Online Publication Date:
Jan 2019
Publication Date:
01 Jan 2019
Article Category:
Journal Article
DOI:
https://doi.org/10.1556/032.2019.69.s1.10
Keywords:
economic theory; weaknesses of economics; economics for the future
Restricted access

The purpose of the paper is to analyse the weaknesses, both epistemological and applicative, of the contemporary orthodox economics and, based thereon, to indicate the necessary changes it needs to undergo. Two groups of weaknesses are distinguished here – the intrinsic ones and the acquired ones. The former ones result from diversity and variability of its object of study and from the teleological nature of the economy. The latter ones, related to the methodological principles of economics stem from errors or omissions committed by the founders of economics in the historical development. The author identifies and analyses three such weaknesses – superficiality of cognition, overformalisation and the delusion of universalisation.

The analysis shows that globalisation processes and other varied civilisational transformations we have been experiencing over the last 15–20 years have brought into light and highlighted the weaknesses of economics. The author comes to the conclusion that consequently the economics for the 21st century, to meet the challenges of the new times, should undergo three basic shifts: a/ from positive, descriptive science to including also the evaluative and axiological one; b/ from homogeneous, universal science to a considerably contextual one and c/from pure, formalised science to a deeply interdisciplinary one.

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Cover Acta Oeconomica
Acta Oeconomica Periodical of the Hungarian Academy of Sciences
Print ISSN:
0001-6373
Online ISSN:
1588-2659

Senior editors

Editors-in-Chief: István P. Székely, Dóra Győrffy

Editor(s): Judit Kálmán

Associate Editors

  • Péter Benczúr, Joint Joint Research Center, European Commission
  • Dóra Benedek, International Monetary Fund
  • Balázs Égert, OECD
  • Dániel Prinz, World Bank
  • Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

Editorial Board

  • Anders Åslund, Georgetown University and Advisory Council of CASE, USA
  • István Benczes, Corvinus University of Budapest, Hungary 
  • Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
  • Fabrizio Coricelli, University of Siena, Italy
  • László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
  • Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
  • Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
  • Martin Kahanec, Central European University, Austria
  • David Kemme, University of Memphis, USA
  • Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
  • Péter Mihályi, Corvinus University of Budapest, Hungary
  • Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: judit.kalman@uni-corvinus.hu

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2024  
Scopus  
CiteScore  
CiteScore rank  
SNIP  
Scimago  
SJR index 0.201
SJR Q rank Q3

2023  
Web of Science  
Journal Impact Factor 0.7
Rank by Impact Factor Q3 (Economics)
Journal Citation Indicator 0.23
Scopus  
CiteScore 1.4
CiteScore rank Q3 (Economics and Econometrics)
SNIP 0.385
Scimago  
SJR index 0.218
SJR Q rank Q4

Acta Oeconomica
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Acta Oeconomica
Language English
Size B5
Year of
Foundation		 1966
Volumes
per Year		 1
Issues
per Year		 4
Founder Magyar Tudományos Akadémia
Founder's
Address		 H-1051 Budapest, Hungary, Széchenyi István tér 9.
Publisher Akadémiai Kiadó
Publisher's
Address		 H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Responsible
Publisher		 Chief Executive Officer, Akadémiai Kiadó
ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)

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