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Is, Could Be or Will Be There Globalisation Economics?

  • László Tóth

    (University of Miskolc)

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    In the globalising world economy the framework of neoclassical economics is more and more elusive. Such basics of neoclassical economics are being questioned - like the corporation personified by the rational decision maker, the idea that macro economy’s only unit of analysis is the nation economy, and that the world economy is some sort of conglomerate of the nation economies -, which previously were thought to be unshakeable. Therefore the models built on these assumptions are more and more difficult to operationalise. The assumption of institutional economics to focus on the analysis and comparison of real economic systems could prove useful for neoclassical economics. It could help in finding the existing entities of neoclassical modelling. A neoclassical-neoinstitutional synthesis could contribute to the emergence of global economics, a discipline that not only helps in better understanding the world economy of today but can also support the formation of desperately important strategies concerning the future. The paper on the one hand sketches those global tendencies and problems, those questions left unanswered by science, which justify the emergence of global economics, and tries to identify the place of the new discipline within the system of economics on the other hand.

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    Article provided by Faculty of Economics, University of Miskolc in its journal Theory Methodology Practice (TMP).

    Volume (Year): 1 (2002)
    Issue (Month): 01 ()
    Pages: 75-80

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    Handle: RePEc:mic:tmpjrn:v:1:y:2002:i:01:p:75-80
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