Lessons from the World Crisis for the Economic Theory Cover Image

Lessons from the World Crisis for the Economic Theory
Lessons from the World Crisis for the Economic Theory

Author(s): Ivan Angelov
Subject(s): Economy
Published by: Стопанска академия »Д. А. Ценов«
Keywords: Keynesianism; neo-Keynesianism; neoclassicism; monetarism; economic crisis; catch-up development

Summary/Abstract: The study makes an analysis of the role of neoclassical theory in the last decades of the 20th century and its responsibility for the current world economic crisis. It shows the fast revival of Neo-Keynesian theory and the anti-cyclical policy based on it, as well as its role for the world to exit the recent crisis. The emphasis is on the positive role which this theory can play over the next years and decades. The study tries to draw the outlines of the new theoretical synthesis sought for the functioning of economy by using the positive ideas of the economic theories prevailing hitherto and introducing new original theoretical ideas. On the basis of the above considerations the need of a theoretical framework for the state’s role in the economy management in countries like Republic of Bulgaria is substantiated and some concrete recommendations are made in this sphere.

  • Issue Year: 1/2011
  • Issue No: 2
  • Page Range: 3-35
  • Page Count: 33
  • Language: English