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ECONOMY
found its place also in the widely applied turn to Keynes in a new way, we would
dynamic stochastic general equilibrium easily find our path, say the Neo-Keynes-
(DSGE) modeling which is used by the ianists, who after the seventies and the
central banks in their prognosis. This rise of neoliberalism for a long time wait-
model, whose advocate, for example, is ed to be in the focus. In the past eight
Ben Bernanke, the former FED Governor, years there were several occasions where
is severely criticized by the economist the economists from one of the camps,
John Quay. The problem with DSGE is with more or less tact, measured what
that it rests on the idea that with a con- would happen in the world if the second
struction of numerous artificial worlds, approach won, however as time passes
which resemble the real world, by means by it seems that this discussion actually
of a computer, different outcomes can be becomes futile and that the successful
endlessly researched. This gives us the economic solution requires a jump into a
feeling that the world of the economy new paradigm. This is the field where the
resembles Tolkin’s Middle Earth or the process of review of the healing of the
Grand Theft Auto. When we transfer the economy includes philosophers, math-
model on the terrain of the public poli- ematicians, physicians, and historians.
cies and the macro-economy, it becomes
an inappropriate tool, if not for another The critics who under the auspices of
reason, because it is unable to predict their Institute for New Economic Think-
something as big as a financial crisis. ing were gathered by George Soros con-
sider that the first step in the search for
The search of knowledge, which in- a new platform must be the tearing apart
cludes use of modern methods, is an un- of the main textbook of economy that the
derstandable urge of the scientists, says students use in the first year of studies.
Quay, however he shows that many eco- In the time of the movement “Let’s Oc-
nomics who favor this method are actual- cupy Wallstreet”, now a past ancestor of
ly antisocial. Probably it is not by chance these string political movements which
that the economy is “the most male one” we witness, the economy students, in-
of all social sciences, he says. The world spired by the movement of Soros for a
maybe would be a happier place if there new economy, were leaving the classes
were more female economists in it. held by the famous economist and au-
thor of the appreciated introduction to
Maybe it is unreasonable, outrageous economy Gregory Mankiw, who was de-
or inappropriate to ask the question, why clared symbol of protrusion into the head
to present day, eight years after the cri- of the young economists of the axioms of
sis, we have no good answer about the the “invisible head”, the theory of ratio-
slow recovery of the economy or about a nal choice and eternal equilibrium. In his
peaceful termination of the growing so- answer, Mankiw, who is considered one
cial inequality. of the most influential world economist,
and he was also an economic advisor of
The last addition in the direction of the President Bush, said that he is sad
a possible answer was given by the dis- that the students who were leaving from
tinguished text of the economists in the his classes, were doing this as a result of
Research Department of the IMF, “Neo- complete lack of information and igno-
liberalism: Oversold?”, published in the rance, because in his book and during his
main edition of the IMF, “Finance and lectures he dedicated equal attention to
Development”, in June 2016. They reex- all sources of the economic science.
amine the success of the saving method
for healing of the global economy. The Are the economists second class physi-
applied methods of saving in the real life cians or vice versa?
produced negligible economic growth
and had almost no positive impact on Today there are no more such open
employment, it was shortly explained in protests, however the Institute of New
the analysis. Economic Opinion is persistent in the
publishing of texts and video-clips of
If we exclude the neoliberalism and re-
44 July-August 2016
