View More View Less
  • 1 Maria Curie-Sklodowska University (UMCS) in Lublin, Poland
Restricted access

Purchase article

USD  $25.00

1 year subscription (Individual Only)

USD  $700.00

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.

  • Acemoglu, D.Robinson, J. A. (2012): Why Nations Fail: The Origins of Power, Prosperity, and Poverty. New York: Random House.

  • Acemoglu, D.Robinson, J. A. (2015): The Rise and Decline of General Laws of Capitalism. Journal of Economic Perspectives, 29(1): 328.

    • Search Google Scholar
    • Export Citation
  • Blaug, M. (1997): Economic Theory in Retrospect. 5th ed., Cambridge: Cambridge University Press.

    • Export Citation
  • Blaug, M. (2003): The Formalist Revolution of the 1950s. Journal of the History of Economic Thought, 25(2): 145156.

  • Bremmer, I. (2010): The End of the Free Market: Who Wins the War Between States and Corporations? New York: Portfolio.

    • Export Citation
  • Caplin, A.Schotter, A. (eds): (2008): The Foundations of Positive and Normative Economics: A Handbook. Oxford, New York: Oxford University Press.

    • Export Citation
  • Cassidy, J. (1995): The Is-Ought Problem and the Ground of Economic Ethics. Humanomics, 11(1): 92149.

  • Coyle, D. (2011): The Economics of Enough: How to Run the Economy as if the Future Matters. Princeton: Princeton University Press.

    • Export Citation
  • Espinosa, M.Rondon, C.Romero, M. (2012): The Use of Mathematics in Economics and its Effect on a Scholar’s Academic Career. MPRA Paper, No. 41363.

    • Export Citation
  • Kołodko, G. W. (2010): Świat na wyciągnięcie myśli (The World at the Extent of Thought). Warszawa: Prószyński i S-ka.

  • Kolodko, G. W. (2011): Truth, Errors and Lies. Politics and Economics in a Volatile World. New York: Columbia University Press.

    • Export Citation
  • Kolodko, G. W. (2014a): Whither the World: The Political Economy of the Future. New York: Palgrave Macmillan.

    • Export Citation
  • Kolodko, G. W. (2014b): The New Pragmatism, or Economics and Policy for the Future. Acta Oeconomica, 64(2):139160.

  • Kolodko, G. W. (2018): Capitalism, Socialism or Chinism? Communist and Post-Communist Studies, 51(4): 285298.

  • Kolodko, G. W.Postula, M. (2018): Determinants and implications of the Eurozone Enlargement. Acta Oeconomica, 68(4): 477498.

  • Krugman, P. (2014): Why Economics Failed? The New York Times, May 1.

    • Export Citation
  • Landreth, H.Colander, D. D. (2002): History of Economic Thought. 4th ed., Boston MA: Houghton Mifflin.

    • Export Citation
  • Lawson, T. (1997): Economics and Reality. London and New York: Routledge.

    • Export Citation
  • Lawson, T. (2015): Essays on: The Nature and State of Modern Economics. London and New York: Routledge.

    • Export Citation
  • McCloskey, D. (2010): Bourgeois Dignity: Why Economics Can’t Explain the Modern World. Chicago: The University of Chicago Press.

    • Export Citation
  • Mussachio, A.Lazzarini, S. G. (2012): Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond. Cambridge, Mass: Harvard University Press.

    • Export Citation
  • Myrdal, G. (1976): The Meaning and Validity of Institutional Economics. In: Dopfer, K. (ed.): Economics in the Future. London: Palgrave Macmillan, pp. 82–89.

    • Export Citation
  • Redman, D. A. (1993): Adam Smith and Isaac Newton. Scottish Journal of Political Economy, 40(2): 210230.

  • Rist, G. (2011): The Delusions of Economics: the Misguided Certainties of a Hazardous Science. London: Zed Books Ltd.

    • Export Citation
  • Sedlacek, T. (2013): Economics of Good and Evil: The Quest for Economic Meaning from Gilgamesh to Wall Street. New York: Oxford University Press.

    • Export Citation
  • Stiglitz, J. E. (2010): Freefall: America, Free Markets, and the Sinking of the World Economy. New York, London: W. W. Norton & Company.

    • Export Citation
  • Stiglitz, J. E. (2015): Reconstructing Macroeconomic Theory to Manage Economic Policy. In: Fruitful Economics. London: Palgrave Macmillan, pp. 20–56.

    • Export Citation
  • Tirole, J. (2017): Economics of the Common Good. Princeton: Princeton University Press.

    • Export Citation