Year: 2024
Type: article
Abstract: Modern economic theory is represented by two main directions (orthodox and heterodox), fundamentally different approaches to the analysis of market relations. The modern multipolar world is characterized by the absence of linear unidirectional development. The liberal-economic mainstream, which is the basis of market globalization, finds more and more critics in its address. In this regard, the theoretical critique of econometrics is of particular relevance. The aim of the article is to study the main directions of heterodox economics and its critique of the main provisions of econometrics. The objectives of the study are aimed at: studying the main directions of alternative economic theory, finding out the features of each direction of heterodox economics in the context of criticism of liberal economic theory, determining the positive content of alternative economic theory for solving urgent problems of modern economics, analyzing the interaction between the currents of heterodox economics and the prospects of its development. The following directions of alternative economic theory are studied: the new Austrian school, radical political economy, modern institutionalism, post-Keynesianism, traditionalist economics, natural-scientific economics, economic economics, feminist economic theory. It is shown that alternative economics reveals real problems of liberal-market doctrine. At the same time, each current of heterodox economics criticizes not only economics, but also other directions of modern economic theory. Based on this, it is concluded that alternative economics, in general, has a high level of problematic and prioritizes the critical approach. At the same time, each theory develops its own original approach to solving modern economic problems. Within the framework of economics, it is not possible to give a reasoned answer to most of the problems posed by heterodox economics. This indicates the need to create a new economic theory synthesizing orthodox and unorthodox doctrines.
Source: Theoretical economics
Author: Igor' Geraschenko
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4408778809