Synthesis of Mainstream and Political Economy as an Emerge from the Economic Theory Crisis

Abstract

The prospects for the further development of economic theory are not fully defined due to the crisis in its main course and the lack of a consensus on promising directions of development in the scientific community. The main discussion is growing around the question of the necessity to synthesize the concepts of the mainstream with the foundations of political economy. It is necessary to determine the reasons for the rejection of synthesis and the conditions under which such a synthesis will be possible to resolve the dilemma. It can be argued that such a synthesis is possible in principle, taking into account the fact that the foundations of modern economic theory are laid within the framework of political economy. Evolutionary and dialectical methods make it possible to determine that the main condition for synthesis is the necessity to apply the fundamental research methods for the development of mainstream concepts. Considering the general state of the modern mainstream, a change in the methodological apparatus can contribute to recover from the crisis, and synthesis with political economy seems to be the most optimal way to solve the growing problems.