European Financial and Accounting Journal 2010, 5(3):7-14 | DOI: 10.18267/j.efaj.52

Theoretical Economics Faces a Serious Challenge

Jaroslav Daňhel1, Eva Ducháčková2, Jarmila Radová3
1 Prof. Ing. Jaroslav Daňhel, CSc. - professor; Department of Banking and Insurance, Faculty of Finance and Accounting, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic; ..
2 Prof. Ing. Eva Ducháčková, CSc. - professor; Department of Banking and Insurance, Faculty of Finance and Accounting, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic; .
3 Doc. RNDr. Jarmila Radová, Ph.D. - assistant professor; Department of Banking and Insurance, Faculty of Finance and Accounting, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic; .

The authors of the article point out that the theory of economics has failed to yield a solid theoretical background in such critical situations as the transformational period of post-communist economies and the period of the current financial and economic crisis. While classical liberal or Keynesian concepts are failing, theorists cannot look to mathematical modeling for help. The challenge for today's theoretical economists is to find a new concept for today's global era.

Keywords: Decision making of economic subjects, Determinism of stage of the Word, Multifunction of mathematical models, Regulatory on financial market
JEL classification: D74, D81, D82, G22

Published: October 1, 2010  Show citation

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Daňhel, J., Ducháčková, E., & Radová, J. (2010). Theoretical Economics Faces a Serious Challenge. European Financial and Accounting Journal, 5(3), 7-14. doi: 10.18267/j.efaj.52
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    References

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