Search for a modern political-economic paradigm and updating the ideas of classical political economy
Year: 2024
Type: article
Abstract: The article highlights issues related to rethinking the paradigmatic features of modern strategies for studying economics and developing a new paradigmatic vision of it. The author shows that common eclectic strategies for understanding the economy have developed within the framework of a general paradigm that was proposed by the German historical school and according to which economic entities are guided by private interests and they do not have common economic interests. The German school used a cognitive scheme: values - institutions - behavior - results.This scheme began to be used by heterodox economists, who also attracted the ideas of classical political economy, and its “truncated” versions were used by neoclassicists, neo-institutionalists and followed the Austrian school. As a result, mainstream theories are created on the basis of borrowing ideas from classical political economy, the historical school and heterodox political economy. Modern changes in political-economic thought contributed to the fact that heterodox economists formulated the Berlin Consensus, which purported to replace the Washington Consensus. The work emphasizes that in order to transition to a new cognitive paradigm, it is important to proceed, in accordance with the methodology of classical political economy, from the dual nature of economic entities as bearers of public and individual economic values and interests. On this basis, the need to recognize the state as the supreme subject of the economy, the purpose of which is to use power in the interests of the people, is justified. To describe the economic activities of the state, it is proposed to rely on a substance-activity approach to the analysis of economic, value and institutional changes occurring in the economy. The work shows the importance of using the ideas of classical political economy to study the role of public time as a unique measure of results and costs, a regulator of the interaction of subjects and the proportions of the economy. The proposed perspective focuses on the construction of fair and effective methods of regulating the economy, promoting the creation of adequate mechanisms for interaction between the real and financial sectors.
Source: Theoretical economics
Author: Vitaliy Biryukov
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4408778535