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Economic Science Going Through a Painful Time Confronted with Societal Evolution
[Ekonomická věda v konfrontaci se společenským vývojem prochází neuralgickým bodem]

Author

Listed:
  • Jaroslav Daňhel
  • Eva Ducháčková
  • Jarmila Radová

Abstract

In the globalised world of the past decade, the characteristic movement of the real economy in Europe has been in the lower amplitudes of the economic cycle and has been complicated by the low effectiveness of fiscal and monetary policy tools and instability on the financial markets, which, in relation to the real economy, display features of autonomy and virtuality. The exchange rates of the euro, rouble and Czech crown display exceptional volatility, while the yields from financial instruments are at a historic minimum. These phenomena are the result of the stagnation of the European economy, a high level of indebtedness and an inability to effectively solve escalating political problems, such as military conflicts, terrorism, mass migration, economic sanctions, etc.

Suggested Citation

  • Jaroslav Daňhel & Eva Ducháčková & Jarmila Radová, 2016. "Economic Science Going Through a Painful Time Confronted with Societal Evolution [Ekonomická věda v konfrontaci se společenským vývojem prochází neuralgickým bodem]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2016(3), pages 68-77.
    • Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:3:id:537:p:68-77
    DOI: 10.18267/j.aop.537
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    References listed on IDEAS

    as
    1. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    long-term transformation and metamorphosis of global economic conditions; need to correct economic paradigms; ineffectiveness of the classic tools of fiscal and monetary policy; growing income gap; quantitative easing; state regulation; empirical and behavioural approaches; free market;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D69 - Microeconomics - - Welfare Economics - - - Other
    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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