New Data On the «Third Crisis» of Economics

<p>The article analyses the general state of modern economic theory which is characterized as a crisis. The author emphasizes that the theoretical crisis of economic science is a painful, dramatic process of its renewal, adaptation to the changing realities of life. The author studies the manifestations of the crisis in the field of economic methodology and macro-theory. The article deals separately with James Galbraith's concepts of the crisis of economics and V.M. Polterovich's concepts of ‘permanent crisis’ (since the 1950s) of Western economic theory. The author claims that the theoretical crisis of the Western mainstream has also affected the practice of the 2019–2020 Nobel awards. The author emphasizes that the main problem is to change the social content of mainstream economics, and to transform it from a conservative theory of maintaining the status quo into a left-reformist theory of ‘welfare for all’. The author concludes by proposing his own version of the way out of the crisis situation in the world economic theory.</p>