The Economic Crisis And The State Of Economics

The assessment of the current status of economics must take into consideration the intellectual and historical context. Such an approach enables the understanding of the causal relationship between the evolution of economic ideas and theories and the major financial and economic crises. The current impasse of economics is caused by the inability of the dominant theory to identify the forces that contribute to the destabilization of the economic system and to provide adequate solutions. Economic crises are essentially crisis of ideas. The impact of the orthodox economic theory on the global crisis is indisputable and requires considerable theoretical and methodological efforts to reform the economy. Change of vision, openness to a non-conformist thinking, realistic and practical approaches represent fundamental dimensions of a deeply humanistic economic science.