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Theoretical and Applied Economics
No. 2 / 2008 (519)

The Economical Tribar

„I consider that the economists have done in the past years an immense harm - to society in general and to our profession in particular - by pretending that we can offer more than we are capable of.”
Milton Friedman

It is said that when a theory no longer pays attention to the evolutions of reality, it is in crisis. Economics has been showing for a few decades symptoms of the insufficiency of the explanations regarding the tendencies of the economic processes and phenomena. The coexistence of growth with inflation and unemployment, for instance, has forced the relativization of the logical senses of the correlated processes in order to lend credibility to the explicative models. The limits of natural unemployment have slipped upwards, the inflation has drawn for itself zones of acceptability and growth had insured itself an endogenic pedestal. The change of behavior followed by assertive modification was the only solution of an epistemic nature.

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The Economical Tribar
Marin Dinu

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016

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