THE ECONOMICS IN CRISIS AND THE MAIN DIRECTIONS FOR TRANSFORMATION OF ECONOMIC SCIENCE

Abstract

The article analyzes the crisis in the field of economics, its primary causes and its manifestations. It shows how traditional economics “turns a blind eye” to many significant aspects of economic reality. Within this crisis, the economics lags behind the economic reality. Some of the clearest examples of economies falling outside of reality are seen in the transition economies of the post-Communist period on their way to a market economy as well as the events of the global financial and economic crisis in 2007-2009. The most recent example of the crisis in economics is cryptocurrency which has already spread over almost the entire world over the past several years but which has not yet become a topic of systematic study in economics. In order to overcome the crisis situation, it will be of utmost importance as to how well the human factor is reflected in economic studies and to what extent it will be approximated to the behavior that is characteristic of human beings in reality. For this purpose, economists must apply the knowledge about human nature that has been amassed in the field of social sciences such as philosophy, psychology, law and political science. For the development of economics and for its relevant transformation, the conditions referred to in the traditionally used phrase “ceritas paribas” need to be minimized in economic studies. This will be possible if an economic study relies not only (and in certain cases not to a greater extent) on mathematics but also on the above-mentioned fields of the social sciences. Given the variety of economic theories, seeking possible ways to synthesize them becomes of great importance and this will assist economists in perceiving a given economic reality in a comprehensive way.