Ograniczenia starych paradygmatów polityki makroekonomicznej. Czym je zastąpić lub jak korygować?
Limitations of the Old Paradigms of the Macroeconomic Policy. How to Replace or Correct Them?

Summary/Abstract: The article deals with the limitations of the old paradigms of fiscal and macroeconomic policy and the way of replacing or correcting them. The first part discusses the limitations of fiscal and macroeconomic policy in general in the context of the contemporary mainstream economics. The second part includes an analysis of the interdependence of the criteria of fiscal policy and the respective nominal values and it indicates some problems involved in complying with them in the conditions of a decelerating economic growth. The third part discusses the changing attitude of mainstream economics to the state interventionism due to the new challenges faced by the contemporary economy. The fourth part presents the problem of public debt in the conditions of a permanent underutilization of production factors and the erroneous approach of both mainstream economics and modern monetary theory to this question. The author also undertakes a polemics with some postulates of the modern monetary theory, including the concept of a common basic income. In the last part, the author addresses the question how to correct the existing paradigm of fiscal and macroeconomic policy.

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