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Why does mainstream economy not explain the causes of contemporary negative socio-economic phenomena?

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  • Misiński Wojciech

    (Wroclaw University of Economics, Komandorska 118/120, Wroclaw, Poland)

Abstract

This article is a continuation and extension of the lecture ‘Causes and effects of incompleteness and non-inclusion of ownership structures of contemporary capital companies’ delivered at the conference in Wrocław in 2017 and published in the Scientific Notebooks of the University of Economics (No. 493). The aim of the article is to answer the question: why the Neoclassical Theory of Markets (Main Current Economics) does not explain the causes of a number of contemporary socio-economic phenomena, in particular, huge price fluctuations, breakdowns of individual markets and as a consequence of economic crises on a global scale? This required a new, different from the neoclassical view of the series of processes and market phenomena occurring in contemporary economies as well as the verification of the Neoclassical Market Theory paradigm constituting the main core of the Mainstream Economics. These include, in particular: 1) theoretical (classical) and real ‘object (s)’ analysis of market transactions; 2) rejection of one-dimensional, neoclassical analysis of exchange processes (transactions), accepting two or even three-dimensional analysis of the exchange process (transaction); 3) analysis of exchange processes (transactions), the ‘subject’ of which are complete, incomplete or partial (and their bundles) property rights; 4) analysis of exchange processes (transactions) by complete and exclusive and incomplete and non-exclusive decision-makers; 5) analysis of exchange processes (transactions), whose ‘subject’ are partial (and their bundles) property rights in relation to virtual (non-material) ‘goods’. Taking into account that the above verification (acceptance of a different from the neoclassical paradigm of market theory) allows to break out of the circle of elegant and logical neoclassical analysis of theoretical, never and nowhere existing markets (exchange processes), and more importantly, the explanatory reasons for a series of negative, contemporary socio-economic phenomena.

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Handle: RePEc:vrs:wsbjbf:v:53:y:2019:i:1:p:92-106:n:1010
DOI: 10.2478/wsbjbf-2019-0010
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  1. Marc R. Tool, 1990. "An Institutionalist View of the Evolution of Economic Systems," Palgrave Macmillan Books, in: Kurt Dopfer & Karl-F. Raible (ed.), The Evolution of Economic Systems, chapter 15, pages 165-174, Palgrave Macmillan.
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