How Common Methodology Problems Affect the Unsatisfactory Status of Economic Science

The authors of the article point out that the theory of economics has failed to yield a solid theoretical background in such critical situations as the period of the current fi nancial and economic crisis and the transformation period of post-communist economies. Mainly present crisis opens the question of unsatisfactory status of economic science. While classical liberal or Keynesian concepts are failing, theorists cannot look to mathematical modelling for help. It seems that traditional concepts are malfunctioning. Financial market is particularly predisposed for this process. The use of mathematical model is overvalued. The article calls attention on asymmetry of information problem and possible influence and adequacy of regulatory attitudes on return to equilibrium level, particularly in EU. The challenge for today's theoretical economists is to find a new concept for today's global era.

Keywords: general methodology of science, paradigm of economic science, determinism of stage of the word, decision making of economic subjects, malfunction of mathematical models, regulatory on financial market