Why Only Discover? Lessons From the Current Crisis for Economics and Economic Policy-Making Cover Image

Dlaczego tylko odkrywać? Lekcje z obecnego kryzysu dla ekonomii i polityki… gospodarczej
Why Only Discover? Lessons From the Current Crisis for Economics and Economic Policy-Making

Author(s): Marek Belka
Subject(s): Politics, Supranational / Global Economy, Economic policy, Government/Political systems, Financial Markets, Fiscal Politics / Budgeting
Published by: Instytut Nauk Ekonomicznych Polskiej Akademii Nauk
Keywords: financial and economic crisis; macroeconomics; government; financial sector;

Summary/Abstract: The sources of the current crisis are very diverse and quite complex in nature, but they certainly include both gaps in economic theory and mistakes in macroeconomic and regulatory policy. This diagnosis gives rise to postulates for extending and modifying the economic theory as well as introducing changes in the institutional structure and strategies of central banks. As far as the second issue is concerned, the discussion of the proposed remedies goes even deeper as it is suggested that the rules governing state intervention in the activities of the financial sector, both domestically and on international scale, should be amended. In all of these areas – theoretical changes, institutional changes and changes in economic and regulatory policy – economists should play and already have played a role not only of observers but also constructors of the reality.

  • Issue Year: 2014
  • Issue No: 2
  • Page Range: 181-191
  • Page Count: 11
  • Language: Polish
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