The Evolving Landscape of Economic Inquiry: Historical Paths, Theoretical Shifts, and Future Directions
Keywords:
Comparative economic history, institutions, culture, classical economics, neoclassical economics, political economy, post-growth economics, sustainable growth, economic independence, transition economiesAbstract
This paper examines the historical trajectory of world economic development, critiques the evolution of economic science, and explores contemporary challenges to the paradigm of perpetual growth. It argues that the complexities of the modern global economy, characterized by diverse institutions, cultural influences, ecological constraints, and multifaceted goals beyond mere output maximization, have increasingly diverged from the simplified object of study envisioned by classical and early neoclassical economics. The paper traces shifts in economic thought, from early comparative economics focused on system differences, through the rise of institutional analysis, to contemporary discussions on the quality of growth and alternative models that prioritize sustainability and well-being. It highlights how a revival of broader political economic perspectives, incorporating insights into complex human behavior and institutional diversity, is necessary to understand and navigate the challenges of the 21st century.
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