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Convergence of macro-and microeconomic theories as a means of forming a unified Economics

Journal: Collection of Scientific Works of Kirovohrad National Technical University. Economic Sciences (Vol.24, No. 1)

Publication Date:

Authors : ;

Page : 31-36

Keywords : convergence in economic theory; neoclassical synthesis; the new neoclassical synthesis; neokeynsianism; economic mainstream; economic orthodoxy; economic heterodoxy;

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Abstract

The issue of convergence is considered in terms of mutual adjustment of economic theory for the formation of economic mainstream within the unified Economics. The article describes the precedents of convergence of economic theories, mainly through the prism of IS-LM model, Philips curve and various other instruments of scientific investigation, but mainly due to the emergence and development of such phenomena as the neoclassical synthesis and the new neoclassical synthesis. The attempts have been made to define the kit of tools that enables unification concessions, compromises and adjustments to form a theoretical mainstream, which would make the "Economics" more methodologically monistic and organic, that can certainly affect the normative economics and practical benefits of economic science to help real world economy function more effectively at both micro - and macro levels. The hope is expressed that this study will contribute little further search for instruments of convergent processes in Theoretical Economics.

Last modified: 2017-06-20 15:29:44