Journal of Emerging Trends in Economics and Management Sciences: Home

Article Title:
Today's Social Dilemma: Does a New Paradigm in Economics Demand Higher Ethics or Wider Regulation
by Jaroslav Danhel and Eva Duchackova

Abstract:
The authors of the article, processed with the contribution of funds from the institutional support to long-term conceptual development of research, development and innovation at the Faculty of Finance and Accounting of the University of Economics, Prague in 2013, point out that the theory of economics has failed to yield a solid theoretical background in such critical situations as the period of the current financial and economic crisis and the transformation period of post-communist economies. Mainly presents crisis open the question of unsatisfactory status of economic science. While classical liberal or Keynesian concepts are failing, theorists cannot look to mathematical modeling for help. It seems that traditional concepts malfunction; financial market is particularly predisposed for this process. Function of mathematical models is overvalued. The article calls attention on possible influence and adequacy of regulatory attitudes on return to equilibrium, particularly in the EU and in the Eurozone. It seems that the part of ethics (relation goods) must be upgrade decidedly. The challenge for today?s theoretical economists is to find a new paradigm of economic science for today?s global world.

Keywords: Key words: paradigm of economics, crises of the Welfare State model, regulatory projects, ethics of economic interaction, eurozone debt problems.

Download full paper