Economic theory in the studies of the XXI century

Abstract

Background. The study of the process of evolution of the subject of economic theory is primarily due to the need to identify the subject of the contemporary economic theory, which requires correction in connection with the rising problems of the modern economy and the need for their adequate assessment and analysis.
The aim of the article is to study the evolution of the subject of economic theory and its coverage in contemporary economic studies of domestic and foreign scientists.
Materials and methods. The research is based on the works of domestic and foreign scientists on theoretical analysis of changes in the modern economy and its reflection in the scientific economic literature. The methods of analysis and synthesis, the system approach and historical approach in the study of changes in the economy and the economic theory of modernity have been applied.
Results. The article analyzes the evolution of the subject of the study of economic theory on the basis of the historical method, and outlines three main directions of contemporary economic thought: neoclassicism, Keynesianism, and institutionalism. Subject of the study of the contemporary economic theory has been proposed, which is the process of development of open dynamic economic systems, which are based on network links between economic subjects operating in an adaptive way, combining limited economic resources.
The distinctions of modern knowledge economy from the economy of industrial society are distinguished. The modern researches of domestic and foreign economists on changes in the economy of the XXI century and its reflection in economic science are analyzed and systematized.
The crisis of economic theory and the neoclassical paradigm of economic researches are stated, and the causes of such a crisis are determined.
Conclusion. It is established that the dominant neoclassical paradigm is obsolete and does not correspond to the modern knowledge economy. Today’s economy is a complex adaptive system that is constantly changing, which differs significantly from the model analyzed within the neoclassical paradigm, by the following parameters: the economy is an open dynamic system, that is not in equilibrium; the economy consists of heterogeneous economic subjects who do not make optimal decisions, but are able to learn and adapt over time; economic subjects interact using different networks; macro models arise from the interaction of economic entities in the micro level, which in turn influence the construction of macro model; information and knowledge change the production process, becoming one of its main factors.