Izazovi ekonomske politike u uslovima velike recesije
The Challenges Of Economic Policy In The Great Recession

Summary/Abstract: If we look back, we can say that the 20th century was one of the most prolific periods for the modern science of economics, especially during the years following the Great Depression, when attempts to show what had happened, explore alternative crisis policy and provide better theories first appeared. Different theories of economic growth have emerged and alternated over time, providing the basis for the creation of different econometric models. It was logical to expect that in the 21 century, a time of intense technological progress and modern knowledge, economic growth and economic development would achieve their expansion by applying the knowledge gained by the modern economic theory throughout the 20th century. However, it happened so that in 2008 the world reached a new economic crisis of enormous consequences, labelled as the Great Recession.The quest ion of the causes of the financial crisis is as open as the very phenomenon of the crisis. For economic theory, crises are still unexpected phenomena; therefore, the inability of economic models to predict a crisis is quite expected. Every crisis brings new criticism of economic theory with it, so the period after the Great Recession will also be marked by attempts to come up with new economic models which will have the ability to foresee the crisis, but also provide specific solutions regarding the ways to overcome the crisis. This paper briefly describes the historical legacy of the 20th century economic models and points to some essential elements that should be incorporated into the new economic policy that will mark the period after the Great Recession.

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