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A Paradigmatic Transition in the General Economic Theory (for the Conditions of Bulgaria)

Author

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  • Vasil Todorov

    (Economic Research Institute – BAS, Sofia, Bulgaria)

Abstract

From the criticisms and discussions lasting decades, and from the correlation of the theory with the reality, a conclusion follows: the neoliberal neoclassical is at variance with the reality, it is inadequate to it. This is increasingly being realized, not only in academia, but also outside of it, and as a result, there is a large-scale loss of confidence in neoliberal neoclassicism and its qualities as a theory for the real economy. In this context, it is necessary to make a paradigm shift in general economic theory, to a new paradigm that will limit or overcome the dominance of the neoliberal neoclassical paradigm. The transition begins. It is less pronounced in the Anglo-Saxon world (USA, Great Britain) and more noticeable in Continental Europe (in Germany, France, Russia, Austria). The key word in it is „pluralism“: replacing the monopolistic dominance of one theory (neoliberal neoclassicism) with a pluralistic body of knowledge (in which neoclassicism will also participate).

Suggested Citation

  • Vasil Todorov, 2024. "A Paradigmatic Transition in the General Economic Theory (for the Conditions of Bulgaria)," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 13-45, May.
  • Handle: RePEc:nwe:natrud:y:2024:i:1:p:13-45
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    File URL: https://unwe-research-papers.org/bg/journalissues/article/11545
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    More about this item

    Keywords

    paradigm; paradigmatic transition; neoliberal neoclassics; general economic theory;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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