FROM THE REVISION OF THE ECONOMIC THEORY TO THE REVISION OF THE ECONOMIC POLICY: THE TRAPS OF THE NEW MACROECONOMIC CONSENSUS

Abstract

Following on from categories of theoretical and empirical levels of learning, the revision of the modern economic policy instruments is made for the purpose of their compliance with the directions of the (macro)economic theories, determination of the objectives of its actualization, and also revealing its stabilizing and allocative functions in the process of its acquisition of the international economic policy attributes. It’s established that economic theory, which is per se a dynamic, open, and unstable system of the economic knowledge that is based on corresponding assumptions and presumes simplified modeling of the economic processes because of the limitations of the offered methods, demonstrates low explicative ability in the course of analysis requested when choosing one or another economic policy according to the challenges of times. It’s proved that although different economic theories can be an effective tool in the rivalry for unfair intellectual arguments in favor of one or another political decision in particular cases, the economic policy typically doesn’t look like a way of mechanistic implementation of theoretical generalization. Although the rivalry with the help of the analytical arguments between the followers of the fiscal and monetary instruments of the macroeconomic policy allowed to get the intermediate result within the New macroeconomic consensus (NMC) with regard to recognition of the monetary policy precedence in the realization of the low rate of the price advance, the experience of the global financial crisis in 2008 – 2010 and global recession in 2020 threw into question the ability of the stabilization programs developed on the basis of NMC recommendations to achieve the expected results. The experience of the last decade marked with combination of the instability of both cyclical and structural and systemic nature, formed the demand for recognition of the fiscal policy as the stabilization programs’ component of the full value. In a bid for interpretation of the ways and aftermaths of the realization of the international economic policy the demand is made for the forming of the new scientific consensual evaluations and theoretical generalizations.