Specifika teoretické ekonomie 21. století

Specifics of therotecial ecomics in the conditions of 21st century

conference paper

Czech

The paper gives an account of a recent attempt to rebuild economics along the lines of increasing returns. The current orthodoxy is criticized for overemphasizing the role of decreasing returns. Under decreasing returns, exogenous shocks are easily absorbed by the system and economists equipped with sophisticated tools are able to predict the result. For the nowadays economists try to make.

The paper gives an account of a recent attempt to rebuild economics along the lines of increasing returns. The current orthodoxy is criticized for overemphasizing the role of decreasing returns. Under decreasing returns, exogenous shocks are easily absorbed by the system and economists equipped with sophisticated tools are able to predict the result. For the nowadays economists try to make correct picture of the modern world which is largely dominated by increasing returns. It is a typical, that mall events, however unimportant they may seem, are magnified by the positive feedback. The system is thus set on a path and cannot shake off its history. This casts serious doubts upon the ability of market forces to reach efficient solutions, as well as upon the laissez-faire policy recommendations.

economics

economics

MELUZÍN, T.; LUŇÁČEK, J.

2007

12. 9. 2007

FP VUT v Brně

Brno

978-80-214-3482-0

FESTIVE SCIENTIFIC CONFERENCE ON THE OCCASION OF 15TH ANNIVERSARY OF THE ESTABLISHMENT OF FACULTY OF BUSINESS AND MANAGEMENT BRNO UNIVERSITY OF TECHNOLOGY

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