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Economic Theory and Economic Reality: A Continuously Dialectic Relationship

Economic Theory and Economic Reality: A Continuously Dialectic Relationship
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Author(s): Kyriaki I. Kafka (Department of Economics, National and Kapodistrian University of Athens, Greece)
Copyright: 2021
Pages: 26
Source title: Bridging Microeconomics and Macroeconomics and the Effects on Economic Development and Growth
Source Author(s)/Editor(s): Pantelis C. Kostis (National and Kapodistrian University of Athens, Greece)
DOI: 10.4018/978-1-7998-4933-9.ch001

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Abstract

The necessity of searching for deeper roots plays a significant role in the evolution of the economic development and growth. This issue arises from the complex globalized world, the understanding of which requires an in-depth analysis. This issue is born again in the aftermath of the Great Depression of 2008, which highlighted the inability of economics to address it. The need to turn to the deeper roots is reinforced by the individual empowerment and the increasing need to understand economic and social phenomena. Thus, the relationship between economic theory and reality is under new foundations. The cultural and institutional background stand out as the deep roots affecting the way economies operate and raise questions of effectiveness in implementing economic policy when applied in the same way across all economies. For these two factors to be taken into account in economics, a more general and integrated view of economic development and growth is required. It is an attempt at an evolutionary perspective of economic science that illuminates the meso- and meta-economics approach.

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