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Theoretical Economics Faces a Serious Challenge

Author

Listed:
  • Jaroslav Daňhel
  • Eva Ducháčková
  • Jarmila Radová

Abstract

The authors of the article point out that the theory of economics has failed to yield a solid theoretical background in such critical situations as the transformational period of post-communist economies and the period of the current financial and economic crisis. While classical liberal or Keynesian concepts are failing, theorists cannot look to mathematical modeling for help. The challenge for today's theoretical economists is to find a new concept for today's global era.

Suggested Citation

  • Jaroslav Daňhel & Eva Ducháčková & Jarmila Radová, 2010. "Theoretical Economics Faces a Serious Challenge," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2010(3), pages 7-14.
    • Handle: RePEc:prg:jnlefa:v:2010:y:2010:i:3:id:52:p:7-14
    DOI: 10.18267/j.efaj.52
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    More about this item

    Keywords

    Decision making of economic subjects; Determinism of stage of the Word; Multifunction of mathematical models; Regulatory on financial market;
    All these keywords.

    JEL classification:

    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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