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Contemporary Economics Dilemma: High Ethics or More Extensive Governing?

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  • Jaroslav Daňhel
  • Eva Ducháčková
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    Abstract

    The authors of the article point out that economic theory has failed to yield a solid theoretical background in critical situations such as the current financial and economic crisis and the transformation of post-communist economies. Mainly the present crisis opens the question of the unsatisfactory status of economic science. While classical liberal or Keynesian concepts are failing, theorists cannot look to mathematical modelling for help. It seems that traditional concepts malfunction, and the financial market is particularly predisposed for this process. The application of mathematical models is overvalued. The article calls attention to the possible influence and adequacy of regulatory attitudes on a return to equilibrium. It seems that the part of ethics must be upgraded decidedly. The challenge for today´s theoretical economists is to find a new paradigm of economic science for today´s global era.

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    Bibliographic Info

    Article provided by University of Economics, Prague in its journal Acta Oeconomica Pragensia.

    Volume (Year): 2012 (2012)
    Issue (Month): 1 ()
    Pages: 3-12

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    Handle: RePEc:prg:jnlaop:v:2012:y:2012:i:1:id:354:p:3-12

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    Related research

    Keywords: regulatory projects; paradigm of economic science; new architecture of regulation of financial markets; financial and economic crisis; ethics of economic interaction; debt problems of the Euro area; crisis of the welfare state model;

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    References

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    1. Ross, Stephen A, 1973. "The Economic Theory of Agency: The Principal's Problem," American Economic Review, American Economic Association, American Economic Association, vol. 63(2), pages 134-39, May.
    2. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
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