Theoretical and Applied Economics
No. 8 / 2013 (585)
Neoclassical economic orthodoxy and the need for a new post-crisis economic paradigm
The Bucharest University of Economic Studies
Cristina (COVACI) VOICU
The Bucharest University of Economic Studies
Abstract. Capitalism is a social adaptive system that evolve, change and grow in response to the challenges of a rapidly changing economic environment. When capitalism is seriously threatened by a systemic crisis, a new version much better adapted to existing conditions appears. Critical analysis of the fundamental ideas underlying neoclassical economic theory shows that the capitalist system is fundamentally a dynamic and therefore static neoclassical models proved to be unsuitable for studying it. Contrary to neoclassical economic vision, the capitalist economy is not governed by immutable economic laws. Global systemic crisis of capitalism that began in 2007 has highlighted the need for a new economic paradigm on which to be built and to be performed a new version of capitalism, in line with the increasingly complex realities of a globalized and quick changing world.
Contents
A regional model for labour demand in Romania
Romania’s accession to the Eurozone – a simulation using a simple DSGE model
Occupational mobility networks of female and male higher education graduates
Creating competitive poles – the sustainable model for obtaining the competitive advantage
Financial development and economic growth in Central and Eastern Europe
Neoclassical economic orthodoxy and the need for a new post-crisis economic paradigm
Territorial analysis of discriminated groups
The causal relationship between Foreign Direct Investment and Current Account: an empirical investigation for Pakistan economy
Interdependence between labor market and unemployment in the post-crisis economy
The internet is changing our world
Improvement of labor flexibility in Romanian companies using practices in the field in some EU countries
International monetary system – between crisis and reform