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NEW Pragmatism NEW PRAGmATISm New Pragmatism: In quest of economics and development policy in the 21st century Prof. Grzegorz W. Kolodko outlines the concept as presented at the Annual Congress in Warsaw ew pragmatism is an In recent years, one can behind economy, and intrinsic original observe a deepening gap effectiveness of the unregulated Nparadigmatic and between the fast changing market mechanism. At present, heterodox theoretical economic reality and the all these assumptions have concept of the economic capacity for scientific become disputable. science, which attempts to investigation of it. Cognitive Secondly, the “old” economy address the current economics basically concerns the was shaped by national civilizational challenges and past, while the problems it is economies. Consequently, the the future determinants of expected to solve emerge in the state’s economic functions were the functioning of economic present time and affect the also limited to the scale of systems. future, hence the current state of national economies. Hence, what GRzEGoRz W. koLoDko New pragmatism strives to economic knowledge was the major object of Economist; Former Deputy Prime develop the economic theory in a permanently lags behind the macroeconomic studies was Minister and Minister of Finance, Poland, 1994-97 and 2002-03 direction that allows a more in- challenges that need to be national economies and depth and accurate cognition of intellectually tackled. The economic policies pursued within the economic reality than the principal difference between the national states, and the economic one offered by orthodox theories. traditional economy addressed relationships between states. It At the same time, it is an outline by the “old” but still applicable was not until several decades ago, of a theory that is strongly economics, especially the due to the increasing applicative in nature and neoclassical or Keynesian theory, globalisation and regional immanently combines the and the modern economy and integration processes, that more scientific cognition (positive economy of the future, which attention started to be given to perspective) and formulating need a “new” economics, stems supranational and global aspects indications and from two reasons. of economy. recommendations for application Firstly, in the “old” economy (normative perspective). This, both the rules of its functioning modern non-economic indeed, is the base on which to and the criteria for evaluating its determinants shape the economic policy and quality were strictly economic in strategy for development, both of nature, as defined by neoclassical These days, the situation is which determine the world’s economics. Non-economic changing. Firstly, though civilizational development. factors – though sometimes taken financial and technological into account in theoretical factors are still of great The limits of orthodox analyses, to a relatively greater significance, the functioning and economics extent in institutional and the expansion of economies are behavioural economics, and to a strongly determined by non- Economics in its present small degree in mainstream economic factors: cultural, orthodox form (mainstream economics – were not treated as political and social ones. economics) exhausts its cognitive something substantial. Determinants of this type and applicative capabilities. Even Economics was mostly focused have a great impact – often though critical voices have on issues such as efficiency and comparable to the one exerted by already been heard earlier, these competitiveness of the economy purely economic determinants days, especially ever since the and its balance and economic the orthodox economic theory financial crisis of 2009-09, the growth factors. At the same time, mostly deals with – on the quality view that traditional economics is the theoretical foundations of the of the economy and on its not able to properly explain the predominant trends of economic capacity for durable and contemporary economic sustainable development or, Share your views! theory were based on three key phenomena and processes, let assumptions: rationality of looking at it from a different alone propose effective solutions decisions made by economic perspective, they are major for economic policy, has been entities, principle of profit causes of economic crises, both gaining more and more ground. maximisation as the driving force their financial and social aspects. 28 | WINTER 2017/18 NEW PRAGmATISm Therefore, in order to New pragmatism as a understand the driving forces heterodox theoretical concept fits behind the present-day changes squarely in the sequence of views it’s not enough to examine the of philosophers and economists economic aspects of their (Adam Smith, John M. Keynes, functioning. One needs to look at John K. Galbraith, Douglass C. a broader picture and reach North, Edmund S. Phelps, deeper, for cultural, political, Joseph E. Stiglitz) who believed social, historical and the meaning and purpose of geographical determinants. economics as a science is to find Furthermore, the barriers the rules governing the between national economies and functioning of a good economy the borders between countries in specific temporal and spatial are becoming blurred. Even if conditions rather than to look for they still remain in place here universal timeless economic laws. and there, new technologies and Thus, in the new pragmatism, institutions enable an easy and economics is seen as a science fast global capital transfer that is: different situations. independently from formally 1. Descriptive, explanatory and The new pragmatism can existing borders, and both evaluative; and should co-shape the spreading and accessing 2. Contextual; economic future of the world information is becoming 3. Complex; based on the principle of “ increasingly easy for billions of 4. Multidisciplinary; and moderation and triply – THE VIEW THAT consumers and producers. 5. Comparative. economically, socially and Hence, the economic policy environmentally – sustainable TRADITIONAL New pragmatism sees conducted at the level of national development. The fundamental globalisation – the historical and ECONOMICS IS states must adapt to external message of new pragmatism spontaneous process of circumstances. seems deeply humanistic and NOT ABLE TO liberalising and integrating embedded in the best tradition PROPERLY old theories versus various markets into one of modern thought. The new reality interconnected worldwide system surrounding reality in all of its EXPLAIN THE – as an irreversible process. dimensions: natural, cultural, CONTEMPORARY These two qualitative differences Hence, what becomes the social, political, economic and between the “old” and the “new” fundamental economic problem technological, can be grasped ECONOMIC economy cause the orthodox of modern times is an effective intellectually to a great extent. macroeconomic theories to lose coordination of economic policy PHENOMENA AND raison d’être This grasp will be the greater, the their as tools for and developmental strategies at broader and deeper look we have PROCESSES HAS economic system description and global level and at this reality: interdisciplinary BEEN GAINING analysis. These differences are so reinstitutionalisation of global and unorthodox, critical and substantial that they make it economy. progressive, brave and I MORE AND MORE virtually impossible to adapt the unconventional. old theories to the new reality. Good versus bad GROUND From the point of view of economics Further reading: • Bałtowski (2017). Evolution of economics and the neoclassical theory, it is Economics as defined by new new pragmatism of Grzegorz W. Kolodko, “TIGER impossible to defend the Working Paper Series” pragmatism is a science that is • Kolodko, Grzegorz W. (2011). Truth, Error and assumption of a narrowly defined deeply embedded in humanist Lies: Politics and Economics in a Volatile World, rational behavior of economic Columbia University Press: New York and anthropocentric axiology, a • Kolodko, Grzegorz W. (2014a). Whither the agents (homo oeconomicus), and science that is not indifferent to World: The Political Economy of the Future, from the point of view of Palgrave Macmillan: New York great problems and ailments of • Kolodko, Grzegorz W. (2014b). The New ” Keynesian theory – the the contemporary world and in Pragmatism, or Economics and Policy for the Future, assumption of effectiveness of an “Acta Oeconomica”, Vol. 64 (2), pp. 139-160 which a prescriptive approach is • Kolodko, Grzegorz W. (2017). New Pragmatism economic policy conducted at the equally important as the versus New Nationalism, “TIGER Working Paper national state level. Series”, No. 136 (http://www.tiger.edu.pl/ descriptive one. Thus defined KOLODKO_NewPragmatismversusNewNatio Consequently, one needs to economics, in its descriptive nalism.pdf) change the paradigmatic aspect, can evaluate and economic theory. New economics distinguish between “good” and must create a new “bad” economies (economic epistemological perspective for systems), and in its prescriptive analysing economic phenomena aspect, it can indicate solutions and present new and enriched leading to “good” economies and methods, and research and suggest active development analytical tools. And that’s exactly programs that are effective in the purpose of new pragmatism. WINTER 2017/18 | 29.
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