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Economic Crisis: Challenge For Economic Theory And Policy

Author

Listed:
  • Azra Hadziahmetovic

    (University of Sarajevo, Bosnia and Herzegovina)

  • Jasmin Halebic

    (University of Zenica, Bosnia and Herzegovina)

  • Nerma Colakovic–Prguda

    (University of „Dzemal Bijedic“, Bosnia and Herzegovina)

Abstract

Crises are truly social phenomenon and that is why they have strategic importance and require increased state regulation. The global economic crisis of 2008 has rapidly mastered the world and significantly affected national economies. The aim is to show that economic crisis has always represented a great challenge for economic theory and policy, and that the theoreticians and practitioners demonstrated the need to create a new model of economic growth and change the dominant theoretical paradigm. There are many findings but the most important ones are as follows: The recent crisis has shown how unregulated market can lead capitalism to its disaster. Neoliberal doctrine had a strong negative impact on policy which helped spread of the crisis. It was a sign that it is necessary to create a new theoretical and macroeconomic paradigm and a new model of economic growth that would be the answer to the recent economic crisis because it has shown that the neoliberal mode of economic policy has been wrong and ineffective in terms of the global economic crisis. In process of continuous global changes, it is necessary to build a stable society, which is going to be humane and socially balanced

Suggested Citation

  • Azra Hadziahmetovic & Jasmin Halebic & Nerma Colakovic–Prguda, 2018. "Economic Crisis: Challenge For Economic Theory And Policy," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 6(4), pages 48-55.
    • Handle: RePEc:ejn:ejefjr:v:6:y:2018:i:4:p:48-55
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    References listed on IDEAS

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    1. Felton, Andrew & Reinhart, Carmen M. (ed.), 2009. "The First Global Financial Crisis of the 21st Century Part II: June–December, 2008," Vox eBooks, Centre for Economic Policy Research, number p199.
    2. Maurice Obstfeld & Kenneth S. Rogoff, 2009. "Global imbalances and the financial crisis: products of common causes," Proceedings, Federal Reserve Bank of San Francisco, pages 131-172.
    3. Rogoff, Kenneth & Obstfeld, Maurice, 2009. "Global Imbalances and the Financial Crisis: Products of Common Causes," CEPR Discussion Papers 7606, C.E.P.R. Discussion Papers.
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    Cited by:

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    2. Nick Harkiolakis, 2023. "The Cycle of Value The Cycle of Value -- A Conservationist Approach to Economics," Papers 2308.07185, arXiv.org.
    3. Anna Spoz & Grzegorz Kotlinski & Anna Mizak & Helena Zukowska, 2020. "Public Aid for Relieving the Effects of COVID-19 Pandemic," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 606-621.

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