The Change of the Economic Paradigm: Is There a Possibility to Resist Crisis while Remaining within the Neoclassical Paradigm?
Journal Title: Бізнес Інформ - Year 2016, Vol 5, Issue
Abstract
The article is aimed at proving the need for revision of the neoclassical paradigm concerning the regulation of the financial world market in the context of transformational changes in the world economy. The conceptual question about the possibility of preventing the global financial crisis 2007-2009 has been considered in terms of the existing neoclassical paradigm. Studying the problems of regulation of the financial market has shown the inevitability of the most recent economic crisis and the need to review its causes. To analyze the causes of the crisis, a study on the financial bubbles was undertaken, whereby the need to concentrate on the endogenous causes of the crisis, rather than on the consequences of poor management of financial market, was identified. A detailed analysis of provisions of the neoclassical paradigm has displayed its ineffectiveness in the face of emergence of the new economy and the inability to ensure sustainable development in the context of globalization and the internationalization of the economy.
Authors and Affiliations
Kostyantyn Stryzhychenko
Keywords
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