THE GLOBAL ECONOMIC CRISIS AND ECONOMIC SCIENCE

Abstract

Considering the traditional fundamental process as an alternative of economic theory is increasingly insufficient in today›s reality; deficiencies of the supply and demand interconnections, as well as the complex character of their relationship that cannot be fully explained by traditional mainstreaming that is confirmed.

In the aftermath of the global crisis, countries have been occurred in an eternal stagnation. The development of world economy progresses slowly. The restoration of macroeconomic stabilization and sustainable development by the old traditional monetary methods - inflation and exchange rate changes - were impossible, while by Keynesian methods the increase in stimulation of budget interventions on the supply remains limited.

Economic science has been able to explain events far more than to predict the future. The issue of new industrial structural reforms only brings new questions.

Today new challenges impose new tasks to economic science. Academic approaches are being used that combines historical, logical, technological, institutional, and other methodologies. Everything starts with explaining how the economy is working and how it should work. The model of economy that is efficient and balanced is a current challenge and this model has its own limitations.

Introducing pluralist theories has begun, including at the universities. Development of economic science requires fundamental approach together with promoting neo-liberal course and institutional approaches, as well as explaining macro-economic events not based on Keynesian and classic methodologies, but based on combination of institutional, behavior, psychological, political, social and other sciences. It gives rise to new challenges for economics. It should also be reflected in university studies.