A New Dimension of Political Economy Through the Prism of тhe Economic Thought Development Cover Image

Нова димензија политичке економије кроз призму развоја друштвене теорије
A New Dimension of Political Economy Through the Prism of тhe Economic Thought Development

Author(s): Tatjana Dragićević Radičević, Milica Nestorović
Subject(s): Human Rights and Humanitarian Law, Economic policy, Political economy
Published by: Институт за политичке студије
Keywords: economics; political economy; politics; sociology; society; distribution; alienation; individuals; goals; human rights

Summary/Abstract: The challenges of new economic thought, such as the industrial revolution, internationalisation of business, led to the alienation in economic relations, class layering, the establishment of different goals and interests of individuals, and the definition of an innovative approach in the consideration of economic thought. From the economy of an individual, where materialization played a minimal role, through economies of scale, economics of information and knowledge, the brain economy emerged, which was necessarily a dialectical “negation of negation”. On the one hand, there has been a high level of socio-economic development, while on the other hand there has been neglectection of individuals in economic relations and subordination of their existence to general collective interests. In this way, we return to the well-known postulates of the political economy, the relations of the individual and his work and compensation, as well as the questions of the fair distribution of the newly created value, the foundations which were set by Smith, Ricardo and later upgraded by Maltus, Mill, Jevons, Marx and Engels. Thus, the new prism of economic thought presented in this research paper deals with the issues of humanization of todayʼs economy through economic sociology, but also the renaissance of the new political economy, primarily considering new values, its more equitable distribution, class divisions, materialism, the complementarity of goals and interests of individuals in society, as creators of a new values. The point of view of the new prism of economic thought is that economy as a science must be complementary to sociology, since every economic entity, its goals, interests have a major role in the advancement (development) of society as a whole.

  • Issue Year: 2018
  • Issue No: 4
  • Page Range: 323-340
  • Page Count: 18
  • Language: Serbian