Journal articles: 'Theory of economic crisis'

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Mladenović, Igor, and Dragoslav Kitanović. "The Theory of Crisis after Crisis." Economic Themes 52, no. 1 (March 13, 2015): 1–12. http://dx.doi.org/10.1515/ethemes-2014-0001.

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AbstractThe global economic system and the world crisis are a reality, and hence the challenge for modern economic theory, which is to provide a valid response to its development and overcoming the crisis. The prevailing economic theory and methodology (neo-liberal paradigm) in this field demonstrates serious defects, so this paper attempts to show that the relative nature of economic theory is in expressing the social prejudices of its time. Demystification of the ideological and political foundations of what is today considered "objective knowledge" in the economy, is only possible with the affirmation of a new scientific methodology of economics, i.e. the new philosophy of economics. The aim of the paper is to stimulate thinking and different views on this subject.

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WEDER, MARK. "Economic Crisis and Economic Theory*." Economic Record 86 (August 15, 2010): 7–12. http://dx.doi.org/10.1111/j.1475-4932.2010.00676.x.

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Esline Adirosa, Clarissa. "Classical Economic Theory Testing on Economic Challenges in India Using Vector Analysis Method." ASIAN Economic and Business Development 3, no. 1 (July 21, 2021): 17–22. http://dx.doi.org/10.54204/2776133.

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This study is to investigate the direction of the relationship between inflation, population, and economic growth using vector analysis with a research period of 1995 to 2020 to investigate the impact of economic shocks on the validity of the classical theory in explaining economic phenomena starting from economic shocks to financial crises Asia in 1997, the global financial crisis in 2008 and the economic shocks caused by the pandemic in India. We find that economic shocks from the 1997 Asian financial crisis to economic shocks due to the COVID-19 pandemic have not been able to invalidate the classical theory as a theory that explains economic phenomena related to economic growth, inflation, and population growth in India.

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Kirman, A. "The Economic Crisis is a Crisis for Economic Theory." CESifo Economic Studies 56, no. 4 (November 19, 2010): 498–535. http://dx.doi.org/10.1093/cesifo/ifq017.

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Fine, Ben, and Dimitris Milonakis. "‘Useless but True’: Economic Crisis and the Peculiarities of Economic Science*." Historical Materialism 19, no. 2 (2011): 3–31. http://dx.doi.org/10.1163/156920611x573770.

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AbstractThe recent economic crisis has brought to the fore another crisis that has been going on for many years, that of (orthodox) economic theory. The latter failed to predict and, after the event, cannot offer an explanation of why it happened. This article sketches out why this is the case and what constitutes the crisis of economics. On this basis, the case is made for the revival of an interdisciplinary political economy as the only way for offering an explanation of the workings of the (capitalist) economy in general and of economic crises in particular.

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Rikowski, Glenn. "Critique of the Classical Theory of Education Crisis." Trabalho & Educação 29, no. 3 (January 7, 2021): 19–67. http://dx.doi.org/10.35699/2238-037x.2020.26662.

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The Classical Theory of Education Crisis is the default theory utilised by educational theorists for understanding the constitution and explanation of education crises in contemporary society. Following a brief outline of the concept of crisis, and the histiography of the notion of education crisis from the Second World War to the neoliberal recession of 1980-82, there is an outline of The Classical Theory of Education Crisis as most fully expressed in Madan Sarup’s classic Education, State and Crisis: A Marxist Perspective (1982). The key aspect of the Classical Theory is that education crises are derivative of economic crises. This is followed by the main event: critique of the Classical Theory. Its reliance on structuralist thought (with associated determinism, functionalism and reductionism) and the inflow of economics imperialism are some of its key deficiencies. The Conclusion outlines ground still to be covered and the need to move beyond the Classical Theory of Education Crisis.

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Rikowski, Glenn. "Critique of the Classical Theory of Education Crisis." Trabalho & Educação 29, no. 3 (January 7, 2021): 19–67. http://dx.doi.org/10.35699/2238-037x.2020.26662.

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The Classical Theory of Education Crisis is the default theory utilised by educational theorists for understanding the constitution and explanation of education crises in contemporary society. Following a brief outline of the concept of crisis, and the histiography of the notion of education crisis from the Second World War to the neoliberal recession of 1980-82, there is an outline of The Classical Theory of Education Crisis as most fully expressed in Madan Sarup’s classic Education, State and Crisis: A Marxist Perspective (1982). The key aspect of the Classical Theory is that education crises are derivative of economic crises. This is followed by the main event: critique of the Classical Theory. Its reliance on structuralist thought (with associated determinism, functionalism and reductionism) and the inflow of economics imperialism are some of its key deficiencies. The Conclusion outlines ground still to be covered and the need to move beyond the Classical Theory of Education Crisis.

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Petersen, Matias. "The epistemological crisis of Marxian economic theory." Prometeica - Revista de Filosofía y Ciencias, no. 20 (January 21, 2020): 18–33. http://dx.doi.org/10.34024/prometeica.2020.20.10021.

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In Ethics in the Conflicts of Modernity, MacIntyre argues that neo-Aristotelians have much to learn from Marx’s economic theory, not only for understanding the nature of capitalism, but also for thinking about alternative social and political institutions. This article outlines the arguments given by MacIntyre for embracing Marxian economic theory and argues that if Marxian economics is a tradition of enquiry, in the MacIntyrean sense of the term, we should take seriously the debates within this tradition in order to conclude whether it has been able to withstand internal and external criticism. I argue that Marxian economic theory, as a tradition of enquiry, has been defeated by its opponents and that a synthesis between Aristotelian moral philosophy and Marxian economics is an obstacle to the development of MacIntyre’s political philosophy.

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Clover, Joshua. "Value | Theory | Crisis." PMLA/Publications of the Modern Language Association of America 127, no. 1 (January 2012): 107–14. http://dx.doi.org/10.1632/pmla.2012.127.1.107.

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Much recent thought in the humanities has been devoted to understanding the contours and character of the global economic collapse approaching its fifth year (unless it is approaching its fortieth, a matter to which we will return). The interplay of social arrangements and political economy has of late taken on an urgency and inescapability impossible to overstate-not least because within higher education it is humanities programs that are most readily threatened with amputation, if not elimination, and are expected to prostrate themselves before economic rationales in their struggles for survival.

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Frolov, D. "Theory of Crises after Crisis: Technologies versus Institutions." Voprosy Ekonomiki, no. 7 (July 20, 2011): 17–33. http://dx.doi.org/10.32609/0042-8736-2011-7-17-33.

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The article is devoted to the methodological contradictions of modern theories of crises and economic development. The critical analysis is carried out and the inconsistency of technological conceptions of global crisis is revealed. The key role of institutions in progress of technologies is proved. The necessity of synthesis of technological and institutional paradigms for the evolutionary economic theory is given reason. The author discusses positive features of the increase in transaction costs in a phase of post-crisis restoration of economy.

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Hadziahmetovic, Azra, Jasmin Halebic, and Nerma Colakovic–Prguda. "ECONOMIC CRISIS: CHALLENGE FOR ECONOMIC THEORY AND POLICY." EURASIAN JOURNAL OF ECONOMICS AND FINANCE 6, no. 4 (2018): 48–55. http://dx.doi.org/10.15604/ejef.2018.06.04.005.

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Морозов, Сергей, Sergey Morozov, Михаил Погодин, and Mikhail Pogodin. "CRISIS: METAPHOR OR ESSENCE." Russian Journal of Management 4, no. 4 (December 8, 2016): 581–91. http://dx.doi.org/10.12737/22559.

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The purpose of this article is to establish the contextual environment of the concept of "crisis" in economic and socio-philosophical context. To achieve objectives the methods are used to estimate economic models and theories on the basis of socio-philosophical approach. As a result of the conclusions that are logically correct term "crisis" is only possible in local areas of knowledge, and a comprehensive interpretation of the crises is not productive. In the Russian context special direction of research crises dominates - in the framework of anti-crisis enterprise management. Partial conclusions and recommendations of economic science in relation to crises do not meet the criteria reentrancy for different socio – economic conditions or types of objects. Diagnosis of the crisis confirms the ambiguity of findings regarding a crisis situation. Relative to global economic theories given the conclusion that the challenges to anticipate and overcome the crisis cannot be solved within existing economic theory methods. Development of mathematical apparatus, the introduction in the model of logical and qualitative indicators, the construction of behavioral models developed understanding of socio-economic systems and processes. But it is not allowed to create a universal economic theory of sustainable development and crises. The effectiveness of local approaches and global insolvency is discovered. Conclusion: in the framework of economic theory there cannot be formulated the minimum and sufficient set of consistent axioms required for solving problems of crisis. Partial conclusion is made that the main issue of crisis management is the question of ownership of the company, as well as its obligations to external agents. The scope of the results – socio-economic system, crisis management.

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Stojković, Radomir. "Crisis in economic theory and practice." Serbian Journal of Engineering Management 2, no. 2 (2017): 54–60. http://dx.doi.org/10.5937/sjem1701054s.

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Tambovtsev, V. "The Financial Crisis and Economic Theory." Problems of Economic Transition 52, no. 4 (August 1, 2009): 42–48. http://dx.doi.org/10.2753/pet1061-1991520403.

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Arrow, Kenneth Joseph. "Economic Theory and the Financial Crisis." Procedia - Social and Behavioral Sciences 77 (April 2013): 5–9. http://dx.doi.org/10.1016/j.sbspro.2013.03.055.

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Arrow, Kenneth Joseph. "Economic theory and the financial crisis." Information Systems Frontiers 14, no. 5 (July 25, 2012): 967–70. http://dx.doi.org/10.1007/s10796-012-9370-0.

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Hoover, Kevin D. "The Crisis in Economic Theory: A Review Essay." Journal of Economic Literature 54, no. 4 (December 1, 2016): 1350–61. http://dx.doi.org/10.1257/jel.20151338.

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The Great Recession and the financial crisis of 2007–09 prompted calls for fundamental reforms of economic theory. The role of theory in economics and in recent economic events is considered in light of two recent books: the sociologist Richard Swedberg's The Art of Social Theory and the economist André Orléan's The Empire of Value: A New Foundation for Economics. (JEL A11, B40, Z13)

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Kocziszky, György. "What can Learn the Economic Science and Economic Policy form the Global Economic Crisis Generated by the Pandemia?" Erdélyi Társadalom 18, no. 2 (2020): 9–18. http://dx.doi.org/10.17177/77171.245.

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Mynard Keynes’s The General Theory of Employment, Interest and Money published in 1936, highlighted that the deep, global financial and economic crises have a profound effect on economic thinking and the economic policy-makers. The sage learns from this, and the fool recovers back to his previous flawed theories and practices. Today, it is also clear that the shocks that trigger these crises are living with us, breaking the growth trends of the economy from time to time, which raises again and again the question, what economics and economic policy practitioners have learned, and can learn from it, or the short-term economic policy interest overcomes the adjustments after the corrections? In his study, the author checks the effects of the recent global exogenous crisis caused by the pandemic and the desirable correction methods, without which the consequences of the current crisis may be protracted. Keywords: crisis, economic thinking, economic policy, pandemic, sustainability

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Stiglitz, Joseph E. "The Current Economic Crisis and Lessons for Economic Theory." Eastern Economic Journal 35, no. 3 (June 2009): 281–96. http://dx.doi.org/10.1057/eej.2009.24.

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Gylys, Povilas. "ANTIECONOMY, ECONOMY CRISIS AND CRISIS OF ECONOMICS." Ekonomika 90, no. 4 (January 1, 2011): 18–33. http://dx.doi.org/10.15388/ekon.2011.0.927.

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The gist of this article is the idea that the orthodox theory of economic crisis unduly reduces its subject to business crisis and that it is the outcome of the narrowness and limitedness of the individualistic economic approach to the problem, employed mostly by neoliberals and libertarians. As individualists (the individualistic camp) explicitly or implicitly identify economy with market, their perception of an economic crisis is reduced to business crisis, crisis of the production of private goods. However, the concept of economy is broader than that of the market; thus, an economic crisis cannot be reduced to a business crisis. In addition, the theory of economic crisis could be enriched by the concept of anti-economy, which does not fit the individualistic economic paradigm. Therefore, a correction of the theory of economic crisis is needed, and this correction should be done in a holistic cognitive framework. Holism opens the possibility (which doesn’t automatically guarantee cognitive success) to look at the economic crisis through a wider lens, to perceive it as a whole. The shift from individualistic reductionism to holism allows us to see a correlation between cognitive crisis and crisis in real economy, and to introduce the concept of systemic crisis.

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Deligiaouri, Anastasia. "Economic crisis and Greek crisis discourse." Journal of Language and Politics 18, no. 2 (April 18, 2019): 231–51. http://dx.doi.org/10.1075/jlp.17056.del.

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Abstract The 2008 economic crisis signalled a new era for European and global politics and introduced a new ‘economic crisis discourse’, which has emerged as an attempt to explain, justify, criticize and interpret economic crisis. It has introduced new terms and constructed new meanings to political life. Media economic crisis discourse has been a decisive factor in peoples’ understanding of economic crisis. The paper studies the construction and media narratives of economic crisis discourse through an analysis of articles published by The Economist during the ‘peak years’ of the early Greek economic crisis (2009–2011). The analysis follows Laclau and Mouffe’s (1985) discourse theory and reveals the ‘nodal points’ of Greek crisis discourse as they are presented in the articles of The Economist. The paper underlines the importance of media discourse during crisis periods, in which information dissemination and news framing may crucially affect citizens, policies and societies in general.

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Onchwari, Benard Agwata, and Julius Miroga. "Financial Crises and Economic Downturns of Commercial Banks in North Rift Region, Kenya." International Journal of Finance 9, no. 3 (May 14, 2024): 1–22. http://dx.doi.org/10.47941/ijf.1904.

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Purpose: General objective of the study was to explore the financial crises and economic downturn of commercial banks in North Rift Region in Kenya. The study specifically sought to establish the effects of interest rates crisis, currency crisis, corporate debt crisis and liquidity crisis on economic downturns of commercial banks in North Rift Region in Kenya. The study was anchored on Credit Crunch Theory, the Debt Overhang Theory, the Liquidity Preference Theory and the Credit cycle Theory. Methodology: A descriptive survey design was adopted. The study population consisted of all the 44 commercial banks in the North rift region in Kenya and in each commercial bank, branch managers were also targeted who gave a clear overview of financial crises and how it affected the economic downturns of their respective banks. Purposive sampling was employed to select the 44 branch managers. The primary data was collected by using a questionnaire that was pretested for reliability and validity. The study also analyzed the data using both descriptive and inferential statistics. Descriptive statistics including percentages, frequencies, means and standard deviations were adopted in analyzing the data. Linear Regression analysis and correlation analysis as the inferential statistics were used to show the relationship that existed between the variables. The findings were then presented using tables. Findings: The study findings indicated that interest rates crisis had a significant negative effect on the economic downturns of commercial banks (p = 0.027, <0.05). The findings also indicated that currency crisis had a significant negative effect on the economic downturns of commercial banks with p = 0.033, <0.05. corporate debt crisis had a significant negative effect on the economic downturns of commercial banks (p = 0.015, <0.05). Liquidity crisis had a significant negative effect on economic downturns of commercial banks where the regression model also indicated that p = 0.002, <0.05. The study concluded that interest rates crisis, currency crisis, corporate debt crisis and liquidity crisis had a negative effect on the economic downturns of commercial banks. Unique contribution to theory, practice and policy: The study recommends that the commercial banks should develop products with flexible interest rates to cater to borrowers during periods of high interest rates. The management should consider offering fixed-rate loans for a limited term to provide some stability to businesses. The policy makers such as the Central Bank of Kenya should implement measures to stabilize the national currency and promote foreign investment during crises.

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Jeong, Seongjin. "Globalisation and Economic Crises in the Korean Capitalism." Arthaniti: Journal of Economic Theory and Practice 17, no. 1 (June 2018): 31–49. http://dx.doi.org/10.1177/0976747918774084.

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This article explores the contradictory relation between globalisation and crisis in the Korean capitalism since the 1990s. After formulating the relation between globalisation and crisis from the perspective of Marxian theory of world market crisis, this article overviews the process of globalisation in Korea after the 1990s, focusing on foreign trade, capital export and global value chains. In addition, this article empirically examines the relation between globalisation and crises in the Korean capitalism by analysing the trend of Marxian ratios, including rate of profit. Based on the case study on the Korean capitalism, this article concludes that globalisation is not the cause of but the capitalist responses to the economic crises.

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Blokhin, Andrey A. "Global crisis as a crisis of economic dominance." Market economy problems, no. 1 (2023): 32–47. http://dx.doi.org/10.33051/2500-2325-2023-1-32-47.

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Based on the theory of economic dominance in a multi-level economy developed by the author and his colleagues and published in earlier works, the article provides an explanation of the processes taking place both in the global and Russian economies. It is argued that institutional transformations in the economy, as a rule, occur in the direction of increasing the opportunities for businesses to receive institutional rents, which arise under better than other institutional conditions of activity. This leads to a qualitative and quantitative stratification of business by levels, called in this theory alpha-business, betabusiness, gamma-business. The article shows that such differentation leads not only to a change in the incomes of economic participants, but also to serious changes in the entire economic turnover, as well as to the transition from weak dominance to systemic dominance. It is also argued that a significant role in the development of dominance in the economy is played by the transition of the intermediary system to an increasingly integrated mediation and intermediary monopoly. It is proved that with the transition of the economy to the stage of systemic dominance and intermediary monopoly, the risks of its crisis increase. Unlike the global economy, which is in exactly this state, the Russian economy is only partially infected with dominance and integrated mediation, which leaves it with serious chances to get through the upcoming global crisis better and faster.

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Yoon, Joewon. "Crisis Ordinary, Lauren Berlant, and Counter-Politics." Criticism and Theory Society of Korea 28, no. 1 (February 28, 2023): 133–56. http://dx.doi.org/10.19116/theory.2023.28.1.133.

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Optimism is cruel when it promises and yet does not deliver happiness. In the postwar proliferation of neoliberal economic order, the sense of crisis saturates everyday life and the bourgeois promise of a ‘good life’ is no longer attainable. Nevertheless, the fantasy of a ‘good life’ binds the subject to the life that exhausts him/her. The subject does not relinquish the attachment to that fantasy, for the sense of proximity engendered through that attachment serves to form a significant affective foundation for some form of sustainable everyday life. Such is the double bind of cruel optimism, which Lauren Berlant explores in her Cruel Optimism (2011). This essay explicates key notions and thoughts Lauren Berlant extends in Cruel Optimism and a few other works, and attempts to read some aspects of contemporary Korean society through Berlant’s thoughts as an hermeneutic tool. While critically testing and assessing Berlant’s work, this essay also turns to her multi-faceted understanding of “lateral agency” as a possible path for reinventing subjectivity and renegotiating citizenship. Ultimately, I suggest literature as a minoritarian site where a collective cultivation of lateral agency can take place for an affective counter-politics against the ongoing crisis and the double bind of cruel optimism.

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SHCHERBAKOV, G. A. "CONTRIBUTION OF RUSSIAN SCIENTIFIC THOUGHT TO THE THEORY OF ECONOMIC CRISES." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 2, no. 8 (2020): 4–10. http://dx.doi.org/10.36871/ek.up.p.r.2020.08.02.001.

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In the first quarter of the XIX century. the world economy was faced with a series of new periodically emerging economic phenomena - with crises of overproduction, which did not resemble the crisis shocks that shook the world economy in previous periods. The latter, as a rule, were associated with problems of the balance of payments that arose in the context of long-term wars, as well as as a result of crop failures, epizootics, or mass epidemics that undermined the normal economic rhythm. New crises, however, were not exclusively financial in nature; they arose in peacetime in a dynamically developing economy that outwardly did not show any tendencies towards economic decline. The emerging conditions for running the economy demanded a serious analysis on the part of economic science, which over time transformed its developments in this area into a separate area of economic theory that studies the dynamics and patterns of development of economic cycles (cycle theory) and considers crises as an integral part of the specified dynamics (crisis theory). This article examines the contribution of Russian economic thought to the formation and development of the theory of crises, which has been noted in this area by a number of serious achievements that have had a noticeable impact on further research in this area.

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Khudokormov, A. "Modern Western Economic Theory (The Survey of the Main Tendencies)." Voprosy Ekonomiki, no. 6 (June 20, 2008): 20–43. http://dx.doi.org/10.32609/0042-8736-2008-6-20-43.

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The author considers modern economic theory from the point of view of crisis phenomena inherent to it. He recapitulates various aspects and positions of different authors and concludes that there is obvious presence of crisis tendencies in different fields of economic research. Nevertheless it is not worth talking about the crisis as there is no real alternative to neoclassical mainstream economics. Basing upon the detailed analysis of the state of modern economic science the article classifies its major schools and currents putting emphasis on the philosophical, political and ideological orientation of their main representatives.

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Pamungkas, Cahyo. "Crisis in South Korea: From Social Theory to Practices." Journal of Indonesian Social Sciences and Humanities 7, no. 2 (December 28, 2017): 139–55. http://dx.doi.org/10.14203/jissh.v7i2.149.

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This article aims at describing the way the dimension of the social crisis is within the social sciences and humanities discourses, and the extent such a dimension is noticeable within the crisis reality in South Korea. Literature study of crisis for this study indicates that social crisis is, in theory, a general failure occurring in social life within a historical period, such a crisis produces collective distress generated by the incongruity between the ideas structure and the material structure. The crisis dimension consists of socio-political and socio-economic crises and natural disasters. Available data on the socio-political crisis reality in South Korea displays a fact that those theoretical dimensions are discernible within the Korean society's life since their colonial era until today.

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Martínez, Ignacio, and Gabriel Mursa. "From Orthodoxy to Heterodoxy: Financial Crisis Literature Compared." Scientific Annals of Economics and Business 63, s1 (December 1, 2016): 71–87. http://dx.doi.org/10.1515/saeb-2016-0136.

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Abstract In this paper we’ll attempt to explain the connection between interventionism in financial markets, financial crises and economic downturns, as the main cause of the financial crisis mainstream models; As well as the connection between the theories of Austrian and Minsky’s economic cycle as branches of heterodox economic theory. In order to achieve this target, we’ll begin with a brief introduction of mainstream financial crises models in the orthodox economic literature, then we’ll examine the statements of the Austrian Business Cycle Theory and the Financial Instability Hypothesis, and evaluate whether a connection between the two. We conclude that Financial Instability Hypothesis can be studied as a particular case of the Austrian Business Cycle Theory.

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Shapsugova, Marietta D. "Global crisis in the context of law, physical economy and energy value theory." Gosudarstvo i pravo, no. 6 (2023): 81. http://dx.doi.org/10.31857/s102694520025939-3.

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The transition to new technologies and the energy crisis provoked has become a source of a global economic, political, cultural and civilizational crisis. Against this background, studies of the correlation of energy and technological transitions, as well as their impact on the transformation of socio-economic systems, are of particular relevance. Understanding social, cultural, technological processes and phenomena based on traditional values and accumulated cultural and historical experience is one of the Foundations of the state policy for the preservation and strengthening of traditional Russian spiritual and moral values, approved by Decree of the President of the Russian Federation of November 9, 2022 No. 809. The object of research in the article is the global crisis, and the subject is its specific manifestations: energy, economic, social crises. The purpose of the study is to conduct an experiment on the application of the energy theory of value as a direction of physical economics to the analysis of the global crisis. Based on the goal, the main task of the study is to determine the direction of social development based on the energy theory of value. The article concluded that a civilizational shift is inevitable, the social structure of society is rebuilt, cultural values are rethought, and new universal equivalent - a value meter, as which the author offers the cost of energy.

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Wrenn, Mary, James Ronald Stanfield, and Michael Carroll. "Galbraith and Robinson’s Second Crisis of Economic Theory." Journal of Economic Issues 42, no. 1 (March 2008): 5–11. http://dx.doi.org/10.1080/00213624.2008.11507110.

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Cha, Jeonghwa, Kyungbo Park, Hangook Kim, and Jongyi Hong. "Crisis Index Prediction Based on Momentum Theory and Earnings Downside Risk Theory: Focusing on South Korea’s Energy Industry." Energies 16, no. 5 (February 23, 2023): 2153. http://dx.doi.org/10.3390/en16052153.

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(1) Background: The economic impact of supply and demand in the energy industry can be seen throughout raw material production, processing and distribution. The purpose of this study is to provide academic information to prepare for crisis management through prediction using indices. (2) Method: In order to predict a crisis of the energy industry, the Crisis Index presented by the Korea Institute of Science and Technology Information was utilized instead of the economic indicators that have hitherto been widely used. Specifically, we propose a new forecasting model based on the concept of economic momentum theory used in financial research and the proper weighting of the earning downside risk theory. Then, statistical empirical analysis was performed to verify the new prediction model. (3) Results: As the result of the empirical analysis, the risk index prediction model proposed in this study showed statistically significant results in predicting the future risk index. (4) Conclusions: This study proposed a risk prediction model using an index and thereby provides an academic analysis of the predictability of numerous indicators created for various purposes and, furthermore, provides implications for predicting crises in the Korean energy industry.

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Roland-Lévy, Christine, Ruxanda Kmiec, and Jérémy Lemoine. "How is the economic crisis socially assessed?" Social Science Information 55, no. 2 (February 8, 2016): 235–54. http://dx.doi.org/10.1177/0539018416629228.

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Based on the Social Representation Theory, the purpose of this article is to explore how lay-people consider both the economic crisis and risk, and to link these social representations to behavior. The article offers an original approach with the articulation of two studies about the social construction of risk and crises. It also contributes to the development of research methods for studying the connections between representations and practical implications. Based on this, the impact of the social representation of the crisis on the perceived ability to act is approached. The first study focuses on free-association tasks, with two distinct target terms: ‘risk’ and ‘crisis’. The structural approach, with a prototypical analysis, allowed the identification of two different representations: (1) for risk, ‘danger’ is the central element; (2) for crisis, ‘economy’ and ‘money’ constitute the main components of the representation. The second study investigates the links between the two previously detected structures and their relations with the perceived ability to act in a financial crisis context. Some aspects of social knowledge were found to have an impact on perceived ability to act.

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Mau, V., and A. Ulyukaev. "Global Crisis And Trends Of Economic Development." Voprosy Ekonomiki, no. 11 (November 20, 2014): 4–24. http://dx.doi.org/10.32609/0042-8736-2014-11-4-24.

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Global crisis forms new economic policy agenda which raises new questions for economic theory and economic thinking. The paper deals with these new intel- lectual challenges. Among them: growth theory and ricks of secular stagnation, unconventional macroeconomic policy and risk of financial stability, inequality and growth, new welfare state, prospects of globalization vs. deglobalization, and prospects of reindustrialization in advanced economies.

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Díaz Bustos, Yamil Omar, and José Luis Martínez Marca. "Minsky: Economic Cycle, Financial Instability, and Economic Policy." RDP Revista Digital de Posgrado, no. 5 (April 29, 2022): 8–27. http://dx.doi.org/10.22201/fesa.rdp.2022.5.02.

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Until the end of 2019, a little before the effects of COVID-19 would be felt globally, the world’s most developed capitalist economies did not show signs of recovery, on the contrary, it seemed that their destiny was a new recession. As is well known, after the 2007 crisis that began in the United States, the institutional and economic policy proposals of Hyman Minsky have been reexamined in a different context. In this paper, we make a description and an interpretation of the main Minskian proposals, which have been reexamined in order to explain the economic cycle, as well as the economic crises and economic policies. Minsky considered that financial instability is inherent to the capitalist system itself, because for him the very stability of the system is in itself destabilizing. It is important to understand the proposals of the Minskian approach, as it is an interesting and valuable contribution to the prevailing conventional theory that failed to foresee the recessionary problems or the economic crisis of the first decade of this century.

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Rois, Adib Khusnul, and Didik Sugianto. "Kekuatan Perbankan Syariah di Masa Krisis." Musyarakah: Journal of Sharia Economic (MJSE) 1, no. 1 (April 18, 2021): 1–8. http://dx.doi.org/10.24269/mjse.v1i1.3850.

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Time keeps turning and times of economic crisis will continue to be repeated with various causes that may be different and require different solutions to problems. In Indonesia, at least three times have experienced crises, namely in 1998, 2008 and most recently in 2020 because of the Covid-19 pandemic. Nobody expects an economic crisis anywhere and anytime. But on the other hand, Islamic banking again proves that the system used is truly resilient to crises, not just a theory and a coincidence because it has been proven three times through the economic crisis and the strength of Islamic banking is very strong to beat conventional banking.

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Achmad, Achmad. "Volatility of World Oil Prices Towards Venezuela's Economic Crisis." Kybernology : Journal of Government Studies 3, no. 2 (November 2, 2023): 78–93. http://dx.doi.org/10.26618/kjgs.v3i2.12863.

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The drop in world oil prices, especially in 2014, caused Venezuela to experience a crisis. This is because oil is the country's main commodity and 95% of Venezuela's exports come from oil commodities. This study uses a qualitative descriptive research method. By using the theory of International Political Economy, International Organization, and Price Liberalization, the author tries to find out the causes of the decline in world oil prices and efforts to stabilize world oil prices in this case OPEC and market mechanisms. The results of this study indicate that Venezuela's financial inability to deal with falling oil prices due to inappropriate government policies such as the Venezuelan Social Program has caused Venezuela to experience an economic crisis. This then causes further impacts in the form of a humanitarian crisis, namely poverty, hunger, unemployment, crime, and an increase in the number of Venezuelan refugees. The series of crises resulted in Venezuela becoming one of the countries that failed to overcome domestic crises.

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Vukotic, Veselin. "Quantum economics." Panoeconomicus 58, no. 2 (2011): 267–76. http://dx.doi.org/10.2298/pan1102267v.

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The globalization is breaking-down the idea of national state, which was the base for the development of economic theory which is dominant today. Global economic crisis puts emphasis on limited possibilities of national governments in solving economic problems and general problems of society. Does it also mean that globalization and global economic crisis points out the need to think about new economic theory and new understanding of economics? In this paper I will argue that globalization reveals the need to change dominant economic paradigm - from traditional economic theory (mainstream) with macroeconomic stability as the goal of economic policy, to the ?quantum economics?, which is based on ?economic quantum? and immanent to the increase of wealth (material and non-material) of every individual in society and promoting set of values immanent to the wealth increase as the goal of economic policy. Practically the question is how we can use global market for our development!

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Kostka, Mestwin Stanisław. "After Crisis? – The Only Way: Economics for Sustainable Development." Equilibrium 6, no. 1 (March 31, 2011): 41–56. http://dx.doi.org/10.12775/equil2011.002.

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The aim of the paper is to justify why contemporary economics must be reoriented from the direction of Economic Growth to the direction of Sustainable Development. Human society is at a deadly curve. The Economic crisis is only one slice of Gordon’s Knot of Crises of our Civilization. The Economy is facing system challenges without precedence. Reasons for this situation are different fetishes of present positive and normative economics. The author explores the main aspects of diagnoses, prognoses, analyses, assessments, and present solutions concerning economy. Of fundamental importance are: the essence of the global crisis, new challenges facing Western civilization in the near future, and fundamental misunderstandings in the proposed solutions of crucial problems. The one chance for an adequate solution to the critical situation is the Strategy of Sustainable Development. In Poland this strategy is absent in mainstream economics as a theory of economy and as the foundation of rational policy. It concerns a very broad front of economic sciences and economic technologies. Economic academic education is also not adequate to the very serious situation facing graduates in the future. Consciousness, knowledge and abilities of economic professionals are good for the past, not for the nearest future. In Poland, an additional problem is a lack of common economic academic education in English. Present economics and economy must be verified with many original (not translated) settlements and conclusions concerning sustainable development from economics and from other sciences and from reality outside economy. Of crucial importance have been settlements and conclusions of ecology and of sociology on the basis of information technologies.

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Bastien, Carlos, and Ana Bela Nunes. "Explaining the Economic Crisis: Portuguese Perspectives on Marxist Theory." History of Economics Review 75, no. 1 (January 2, 2020): 31–49. http://dx.doi.org/10.1080/10370196.2020.1759220.

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Schettkat, Ronald. "Something unforeseeable happened? Natural rate theory and economic crisis." Intereconomics 45, no. 5 (September 2010): 297–304. http://dx.doi.org/10.1007/s10272-010-0349-0.

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Naumenko, T. V. "Paradigmal Foundations for Overcoming the Crisis of Economic Theory." IOP Conference Series: Materials Science and Engineering 463 (December 31, 2018): 042092. http://dx.doi.org/10.1088/1757-899x/463/4/042092.

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Yao, Shujie, and Jing Zhang. "On Economic Theory and Recovery of the Financial Crisis." World Economy 34, no. 5 (May 2011): 764–77. http://dx.doi.org/10.1111/j.1467-9701.2011.01347.x.

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Panico, Carlo. "Liquidity, solvency and regulation in the Classical–Keynesian theory of crises*." Review of Keynesian Economics 12, no. 2 (May 28, 2024): 197–219. http://dx.doi.org/10.4337/roke.2024.02.05.

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This essay sets forth a Classical–Keynesian theory of crises, derived from the joint works of Keynes and Sraffa, including the latter’s 1922 Economic Journal article on the Italian banking crisis and the Lectures on Continental Banking that he gave in Cambridge, which relate the analysis of liquidity to the organisation of financial markets, of regulation and of the policy of the monetary authorities. The Classical–Keynesian approach is shaped by the conflicts over income distribution that mould the institutional organisation of financial markets. The paper uses it to interpret the 1929 and 2007 financial crises. More specifically, it asserts that the pressures of the banking industry on the political authorities were the main cause of the two crises. These pressures succeeded in changing regulation and transforming the US financial system from ‘specialised’ into ‘universal’ before the crisis of 1929 and also prior to the crisis of 2007.

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Kachalov, Roman М., and Yulia A. Sleptsova. "Business ecosystems under crisis conditions: Identifying risk factors." Russian Management Journal 20, no. 2 (2022): 155–71. http://dx.doi.org/10.21638/spbu18.2022.201.

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Goal: the purpose of this study is to identify new risk factors due to changes in the external conditions of the functioning of business ecosystems. Methodology: the methodological tools in this work are the system economic theory in terms of the development of ecosystem economics, and the operational theory of risk management, supplemented by a phenomenological approach to risk management. Findings: we have identified the risk factors of object, process, project and environmental subsystems in the activities of business ecosystems and compared them for the conditions of the pandemic and sanctions from foreign countries. We have proposed such a structuring of the economic space within the business ecosystem, which allows analyzing, clarifying and specifying the range of possible risk factors for the given conditions of activity from a systematic standpoint, not to skip significant and not to include unnecessary factors in consideration. Originality and contribution: the originality and novelty of the approach to the identification of risk factors is characterized by the use of systemic economic theory, which allows to distinguish four types of basic socio-economic systems (object, project, process and environmental) on a spatiotemporal basis.

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Heimerl, Nikolaus. "Crisis theories: Tendential fall in the rate of profit, underconsumption and economic crises in the 21st century." Wirtschaft und Gesellschaft 49, no. 1 (May 15, 2023): 121–51. http://dx.doi.org/10.59288/wug491.162.

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Marxist crisis theory is concerned with uncovering the underlying causes of recurring economic crises in capitalism. This paper’s contribution is to compare the theoretical assessments and implications of theories of a tendential fall in the rate of profit and underconsumptionist theories as well as to assess their relevance for recurring economic crises in a short descriptive empirical analysis of the economic crisis in 2001, the Great Recession after 2007 and the crisis of 2020. Theories of a tendential fall in the rate of profit focus on the production process, asserting that reducing the share of living labour in production through the mechanization of production eventually leads to a declining profit rate. As the profit rate is the main driver of accumulation, this leads to an interruption of accumulation, i.e. crisis. In contrast, underconsumptionist theories focus on the sphere of circulation, identifying the inevitably recurring lack of aggregate demand as the main cause of crisis. Profit rates in the U.S. fell before the crises of 2001, 2007 and 2020, while the data does not show declining consumption before the respective crises. This suggests that falling rates of profit rather than declining consumption caused the crises of 2001 and 2007. The shutdown of production due to the Covid-19 pandemic caused the 2020 crisis, but the data suggests that declining profitability was already an issue before the onset of the crisis.

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Rudy, L. Yu, and T. Tropnikova. "On the role and university status of economic theory: transformation in modern russia." Siberian Financial School, no. 3 (November 30, 2023): 191–98. http://dx.doi.org/10.34020/1993-4386-2023-3-191-198.

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The stages of transformation of the system of theoretical economic knowledge in general and economic theory, in particular, for the period since the 90s of the last century are shown. The stages of transformation are linked to the adoption of state educational standards (SES), federal state standards (FSES) of higher professional (higher) education, which led to the destruction of this system, the loss of economic theory of its main functions, the transformation of its content in the direction of traditional economics. The objective process of digitalization of the economy also had a significant impact on the content of economic theory. Based on their own experience of teaching economic theory at a university, the authors give a critical assessment of the period of its transformation and draw attention to the fact that the crisis of economic theory as an academic discipline is a consequence of its crisis as a branch of scientific knowledge.

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Fadhil, Ghasaq A., and Abbas M. Burhan. "Investigating the Effects of Economic Crisis on Construction Projects in Iraq." E3S Web of Conferences 318 (2021): 02005. http://dx.doi.org/10.1051/e3sconf/202131802005.

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Construction is a complex activity performed in an almost uncontrolled environment. Although, in theory, projects can be well planned in advance, there is a possibility that unexpected events and crises will disrupt these plans, which will affect the progress of projects. Construction companies can be easily affected by crises because the initial investment costs are very high in construction projects, which may lead to huge financial damages. One of the most prominent crises that Iraq faced was the financial crisis in 2014, which had a significant impact on various activities and the construction industry. This research aims to explore the most important causes of the economic crises in Iraq in general, investigate the impact of this crisis on the construction industry in Iraq particularly, explore the most important factors that contributed to the aggravation of the crisis in this area. Finally, explore the most important strategies adopted by higher authorities and construction companies during the economic recession that followed the crisis to mitigate its impact. One hundred fifty-one closed questionnaires were distributed for this purpose. The results showed that financial and administrative corruption is one of the most important causes of crises with (RII) 0.93. Also, 82% of the respondents answered that the projects had increased their duration significantly so that it was difficult to set a date for their completion due to the insolvency or inability of the Iraqi state to pay the financial dues to the contractors. This insolvency negatively impacted the construction industry during the crisis with RII (0.832).

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McGrath, Liam F. "Insuring Against Past Perils: The Politics of Post-Currency Crisis Foreign Exchange Reserve Accumulation." Political Science Research and Methods 5, no. 3 (February 18, 2016): 427–46. http://dx.doi.org/10.1017/psrm.2016.9.

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In the aftermath of financial crises, governments can use economic policy to minimize the risk of future recurrence. Yet not all do so. To explain this divergence in responses I develop a theory of economic policy choice after financial crises. I argue that past financial crises provide information to future governments about the political costs of financial crises. This subsequently informs the need to use economic policy to insure against such crises. Focusing on the accumulation of foreign exchange reserves after currency crises, I find that when past currency crises led to political changes future governments accumulate higher levels of reserves to prevent another crisis from occurring. This effect is stronger when political change occurred in situations where governments would not expect to be held accountable, and when reserve sales were shown to be effective in preventing political change. The theory and empirical results provide an answer as to why countries experiencing a similar form of financial crisis can, nevertheless, vary in their attempts to prevent future recurrence.

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Tkaczenko, Olena, and Mariia Drobiazko. "DEVELOPMENT OF ECONOMIC CYCLES IN THE CONTEXT OF GLOBAL CHANGES." Scientific Journal of Polonia University 28, no. 3 (April 10, 2018): 78–85. http://dx.doi.org/10.23856/2809.

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In this article, a retrospective analysis of the theory of cyclicity is carried out and approaches to the study of cycles and crises are systematized. The scientists’ observations regarding the identification of the global crisis of 2008-2009 as global are revealed and summarized. It is noted that the latest crisis of 2008-2009 was a consequence of the accumulation of both traditional problems of economic cyclicality and new emerging paradigmatic changes in world development in the conditions of globalization. The focus is on such contradictions of globalization as: technoglobalism, global stratification, global financial liberalization and market fundamentalism.

Journal articles on the topic 'Theory of economic crisis'

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