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Issue № 56. June 2016

A New Paradigm of Economic Science

Sergei Y. Glazyev

Ph.D., Academician, Russian Academy of Sciences; Professor, School of Public Administration, Lomonosov Moscow State University, Moscow, Russian Federation.

This article examines the urgent problem of the transition to a new paradigm in economic science, replacing the unsound neoclassical economic theory, which cannot give accurate estimations and recommendations in modern conditions. The author illustrates the crisis of the mechanistic model of market equilibrium and the inability of the neoclassical paradigm to explain the infinite multitude of economic phenomena. Economy as a living system, evolving towards greater complexity and diversity of production and consumption, is never in equilibrium. It develops non-entropicaly in the direction of more complex and less likely States. The process of development of the economy and its underlying NTP remains the biggest mystery and anomalous phenomenon for the neoclassical paradigm. All this demonstrates the need for the development of a new scientific paradigm. The approach proposed by the author allows understanding the mechanisms of long-term development of the economy, with alternating stages of stable growth and qualitative changes, which are manifested in the form of economic crises.

Special attention is paid to the substantiation of a hypothesis about the periodic changes of global economic structures as an integrated institutional systems that ensures the reproduction of the economy, which explains the discontinuous nature of long-term economic and political evolution. The author develops a theory of long-term economic development as a process of sequential change of cycles of technological structures, which reveals the regularities of this nonlinear and non-equilibrium process. The new paradigm creates a scientific framework for aligning macroeconomic policies with new technological trajectories and institutions of reproduction of the economy and the policy of priority development of the Russian economy. This article is written to initiate a broad interdisciplinary discussion on this topic.


The new economic paradigm, change of technological structures, world economic way, scientific and technological progress, the technological revolution, the theory of long-term technical and economic development, strategic management, government regulation of the economy.

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