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Issue № 74. June 2019

Specifics of Economic Theory for Globalized Economic Relations

Arman E. Arakelyan

Postgraduate student, RANEPA, Moscow, Russian Federation; Coordinator of MBA «Business to Government» programme, School of Public administration, Lomonosov Moscow State University, Moscow, Russian Federation.

This article is devoted to a problem of economic balances and mechanics of economic growth in terms of the development of economic science. Furthermore, the problems people face due to the modernization processes are discussed, public relations and public institutions development are being reconsidered. The future for Russian economy as well as the future of the world economy are discussed.

The discussion on these matters is based on the latest development in social aspects of life, specifics of economic theory development and the peculiarities of economic modeling. Besides, the attention in this article is focused on current application of macroeconomic models that take into the account the objective laws of economics. These laws are also the basis for future digital economy. Without this experience of modeling the verification process is obsolete and econometric modeling is helpless. Without profound modeling technologies the new data driven economics can become just a catalyst for the process that deepens the crisis.

The public sector, companies and the society are forced to adapt to this new reality. There is no progress possible without the new upcoming model that will marry the new economic sciences with the old ones. This is going to change the civilization that we know today towards the imbalances to be stabilized. This place can be taken by the cybernetic economics. The idea here is to have a management system that will allow the resources to be concentrated at the lowest costs for the economy. In the conclusion a perspective on strategic planning for technological development based on the progress made in the world economy considering the strengths of the national economic theories is given.


Economic theory; Economic relationships; classical political economy; political economy of globalization; modeling; globalization; strategic; digital economy.

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