Izvorni znanstveni članak

CIRCULARITY OF ECONOMIC THEORIES

Jovan Đurašković ; Ekonomski fakultet, Sveučilište Crne Gore, Podgorica, Crna Gora
Milivoje Radović ; Ekonomski fakultet, Sveučilište Crne Gore, Podgorica, Crna Gora
Žarko Božović ; Ekonomski fakultet, Sveučilište Crne Gore, Podgorica, Crna Gora

Sažetak

The paper analyzes the development of economic theory in a crisis period. Emphasis is placed on two crises: the Great Depression and the Global Economic Crisis. The paper aims to test the assumption of the circularity of economic theories through an analysis of the global crises as periods of transformation within the overall economic environment. The paper describes in some detail the Keynesian model originating after the period of the Great Depression. The second part of the paper explains the trends in the development of economic theory between the two crisis periods, as well as the theoretical context in which the Global Economic Crisis started. The research shows that during periods of global economic fluctuations and disturbances the leading theoretical framework for economic policy and changes in the economic paradigm are questioned. Inadequate government intervention in the period of the Great Depression, especially in the United States, was an important lesson for economic policy makers during the Global Crisis. In the world's economies affected by the crisis, anti-cyclical monetary and fiscal policies of the Keynesian type were implemented. After years of domination by the new liberal ideology in economic policy, there has been a sudden reaffirmation of the Keynesian approach.

Ključne riječi

Economic crises; Keynesian explanation; new monetary and economic policy

Hrčak ID:

161896

URI

https://hrcak.srce.hr/161896

Datum izdavanja:

15.7.2016.

Podaci na drugim jezicima: hrvatski

Posjeta: 1.167 *