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The World Financial Crisis: the Need to Extend the Bounds of Economic Theories

Author: Yury M. Beryozkin, Dr. Sc. (Ec.), Prof., Head of Finances Dept.; Viktor P. Ivanitsky, Dr. Sc. (Ec.), Prof. of Financial Markets and Banking Dept.

Abstract: The paper analyzes the situation in economic literature after the world financial crisis of 2008−2010. Fundamental reasons for inefficiency of mainstream economic theories are revealed. The authors justify the need for extending the bounds of such theories and accepting the activity approach paradigm as well as economic engineering to respond to the challenges of the time.

Key words: world financial crisis; economic science; crisis of economic theories; economics; human activities; activity approach; praxiology; economic engineering.