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УДК: 05.12.10
Bakieva I.A.
Shavkatbekov F.
Mirzaev M.
TFI, Uzbekistan
DIRECTIONS IN MACROECONOMICS
Abstract: This article discusses methods for implementing macroeconomic policy and the process of macroeconomic development.
Keywords: Macroeconomics, direction, process, development, method, neoclassical direction, Keynesianism, monetarism, institutionalism
Among modern it is customary to attribute economic theories that were formed at the end of the 19th and at the beginning of the 20th centuries. They are represented by a wide variety of positions, attitudes, concepts.
Select the main directions of modern economic thought and describe them in the most general terms. These include: neoclassical; Keynesian; institutional sociological.
Neoclassical direction arose as a reaction to the economic theory of Karl Marx, as its critical understanding. It prevailed until the 30s of XX century. and glorified free competition. The crisis and the Great Depression showed the impossibility to overcome contradictions by free competition, to solve all the socio-economic problems of society, in connection with which a new economic teaching, Keynesianism, appears. requiring serious state intervention in the economy. In the 1970s-80s. when excessive state intervention in the economy began to slow down the development of social production, neoclassical teaching becomes relevant again and remains so up to the present. In Western economic literature, this trend has been called the "new classic economy".
Modern political economy, known as Economics, is based on marginal economic theory and is an attempt to synthesize classical political economy and marginalism.
The course "Economics" first started reading at Cambridge University A. Marshall in 1902, he changed the course of political economy of the classical school of J.St. Mill. In 1890, the book by A. Marshall (1842-1924) "Principles of Economics" was published, which we translated as "Principles of Political Economy".
The appearance of the term "economics" is not accidental. First, this is explained by the rationalism of Americans, their tendency to cuts. Secondly, there were deeper reasons. The economic crisis at the end of the XIX century. and almost 20-year-old depression showed the inconsistency of state intervention in the economy, and A. Marshall, who praised the idea of free competition and the market, could not limit the role of the state in a market economy, which was reflected in the new term, where the first part of the former name of science disappeared .
Today under this title numerous textbooks on economic theory are published.
One of the most popular is the textbook of P. Samuelson "Economics", which was first published in 1948 and published in 13 editions. Its author emphasizes that "economic theory, or political economy, as it is commonly called, is in close contact with the social sciences, economics of economics, and enterprise management, but it has a specific subject".
Thus, economics and political economics in Anglo-American literature are considered synonymous. Some Western scholars understand political economy not as economic theory as a whole, but as economic policy as an independent branch of science.
Until recently, in our economic literature the term "economy" was considered as the name of bourgeois economics. Denial of this science was demanded not only by excessive ideologization based on class approaches to all economic problems, but also by the practice of managing the administrative-command system.
A more careful study of the course "economy" can be noted that the "economy" - a multi-valued concept that characterizes:
•special science on the principles of market functioning of the economy at the micro, meso and macro level;
•a science that is more applied in comparison with Marxist political economy, which is more abstract;
•cycle of academic disciplines in universities in the US and Western Europe, which also includes economic history, the history of economic studies and a number of special courses on economic issues.
The current change in the name of the discipline "political economy" to "economic theory" does not mean giving up political economy as a science. Some explain the changes by the fact that "political economy today has long ceased to be a science, but has turned into a shamanology." The manifestation of the other extreme is the desire to preserve the term "political economy". Although there is a rather serious argument in favor of this position, the change of the name of the academic discipline should not be taken as a rejection of science. The evolution of the terms "economy", "political economy", "economy" and "economic theory" is due to historical reasons, but all of them are essentially the names of the same constantly evolving science that explores economic phenomena, economic processes at various levels, interrelationships and interdependence. Accents and approaches change, but science remains the same - the science of the economic life of individuals, groups and society as a whole. The development of any branch of knowledge, including knowledge of economics, is a succession of scientific directions, the input of which is the revision of the basic theoretical concepts.
The neoclassical direction of economic theory is mainly formulated in the works of the English economist Alfred Marshall.
A. Marshall (1842-1924) is widely known as the founder of the price theory. His student J.M. Keynes called Marshall the greatest economist of the nineteenth century. Trying to combine the theory of marginal utility and the theory of
production costs, he came to the conclusion that neither demand nor supply have priority in determining prices, these are equal elements of the market pricing mechanism. A. Marshall used the concept of market equilibrium to characterize the balance of supply and demand, developed the concept of elastic demand, which are still relevant to explain market phenomena.
The theory of A. Marshall was distinguished by a static construction, which J. Schumpeter tried to overcome for the first time (1883-1950). He created a dynamic model for the development of capitalism in The Theory of Economic Development (1911). The continuation of this work was the monograph "Economic Cycles" (1939), devoted to theoretical, historical and statistical analysis of the process of cyclical development of the market economic system.
The neoclassical direction of economic science is represented by modern theories of monetarism and neoliberalism.
Monetarism - the theory of stabilization of the economy, in which the dominant role is played by monetary factors. Monetarists reduce the management of the economy primarily to state control over the money supply, the issuance of money, the amount of money in circulation and stocks, the achievement of a balanced state budget and the establishment of high credit bank interest.
The American economist M. Friedman (1912-2006) is one of the leading authorities in modern economics, the recognized head of the "new monetarist school," the Nobel Prize winner in economics for 1976. His economic recommendations were used in Chile during the reign of Pinochet and in the economic policy of R. Reagan in the USA. On the cover of M. Friedman's book "Freedom of Choice," Reagan wrote: "It must be re ad by anyone interested in America's future." According to M. Friedman, all the major economic shocks are explained by the consequences of the monetary policy, and not by the instability of the market economy, therefore the state should interfere as little as possible in market relations.
Neoliberalism is a theory according to which it is necessary to reduce (minimize) state intervention in the economy (A. Smith's principle of classical political economy), because only private enterprise can take the economy out of crisis and ensure its growth and population well-being. Hence it is important to provide the greatest possible freedom for entrepreneurs and merchants in economic activities.
The main theorists of the concept of liberalism of the XX century. are an American economist of Austrian origin J1. von Mises (1881 - 1973) and his brilliant student F. von Hayek (1899-1992).
According to L. Mises, socialism, i.e. A centrally managed economy with a government-regulated market cannot exist for a long time, because prices do not reflect supply and demand, do not serve as an indication of the direction in which production should develop. "The regulated economy of socialism," according to Mises, turns into a kingdom of the arbitrariness of the planners, becomes a planned chaos. The only reasonable economic policy is liberalism; the absolute foundations of civilization are the division of labor, private property and free
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exchange. The main work of J1. Mises are: "Liberalism", "Human activities: a treatise on economics", "Foundations of economic science: essays on methodology" and others.
Keynesian direction of economic theory, the founder of which is Lord J.M. Keynes (1883-1946), serves as the most important theoretical rationale for state regulation of a developed market economy by increasing or decreasing demand through changes in cash and non-cash money supply. With the help of such regulation, it is possible to influence inflation, employment, eliminate uneven supply and demand of goods, suppress economic crises. J.M. Keynes - a native of the scientific environment, his father was an English scientist and economist. For several decades, he introduced a number of new ideas into the development of the economy and politics of the first half of the twentieth century. The influence of Keynes on public opinion was the strongest after A. Smith and K. Marx. In his main work "The General Theory of Employment, Interest and Money" (1936) sets forth his theory and program of state regulation of the economy.
J.M. Keynes investigated the quantitative functional aspects of the laws of reproduction in a crisis and a giant level of socialization of production, in order to ensure the smooth functioning of the economy with the help of state regulation. He formulated a macroeconomic analysis (as opposed to the microeconomic approach) of interdependent aggregate indicators of national income, investment, consumption, savings, and others. J. Keynes was declared the "savior of capitalism" and his theory "the Keynesian revolution in political economy". However, a number of theoretical positions Keynes borrowed from the arsenal of classical political economy A. Smith and D. Ricardo, as well as from the economic theory of Marxism (in particular, from the Marxist theory of reproduction), which gave rise to the statement about the possibility of "throwing a bridge" between and marxism. The main, key problem, according to Kins, is the capacity of the market, the principle of effective demand, which includes the concept of multiplier, the general theory of employment, the marginal efficiency of capital and the interest rate.
The third direction of modern economic theory is the institutional-sociological direction, representatives of which are T. Veblen, J. Commons, W. Mitchell, J. Galbraith. The name of the concept comes from the Latin word institutum - establishment, device, institution. All its supporters see the economy as a system where relations between economic entities are influenced by economic and non-economic factors, among which technical and economic factors play an exceptional role. The concept of "institution" is interpreted very broadly: as a state, a corporation, trade unions, and as competition, monopoly, taxes, and as a stable way of thinking, and as legal norms. In this direction of economic theory, there are shortcomings of capitalism: the violence of monopolies, the evils of free market forces, the growing militarization of the economy, some negative features of the "consumer society" (such as lack of spirituality, etc.).
This direction of economic theory appears in various modifications: socio-psychological institutionalism (T. Veblen), social and legal (John R. Commons),
proclaiming legal relations as a basis for economic development, conjunctiveness (Wesley C. Mitchell), who formulated methods for predicting quantitative changes in the economy.
Neoinstitutionalism is characterized by a departure from the absolutization of technical factors, great attention to man, and social problems. Thus arose the economic theory of property rights (R. Coase, USA), the theory of public choice (J. Byokenen, USA), etc. On the basis of these views, the economic policies of developed countries also change, the results of which suggest the "socialization of capitalism". The main idea of modern institutionalism is to affirm not only the growing role of man as the main economic resource of the post-industrial society, but also to substantiate the conclusion about the general reorientation of the postindustrial system to the all-round development of the individual, and the 21st century. here proclaimed the centenary of man.
Globalist economists who study the process of economic evolution assume that evolution is a joint, interdependent transformation of different economies not into one (according to the theory of convergence), but into different systems that will provide new industrialization as a form of economic socionism, where people will finally appropriate to him the main, decisive place. Until recently, our country had an arrogant attitude towards Western economic thought in the second half of the nineteenth century. and the whole XX century. as to something erroneous, vulgar, suitable only for criticism and revelations. This led our political economy to an acute crisis, to the inability to properly assess the economic processes taking place in the surrounding world. It turned out that Western economic theories in many ways more accurately reflect the general economic laws that we, for fear of convergence, were so afraid to admit to our political economy.
For our transitional time, the discrepancies and the unequal understanding of the economic processes taking place in the country and in the world are quite natural, because everything obsolete in economic theory quickly dies away, but it did not die completely. All this leads to significant changes in the understanding of the tasks, the subject of their research, the content of economic theory, to the abandonment of many dogmas, within the framework of which only recently the development of economic thought in Russia was possible.
