Peculiarities of dominant economic theory in crisis management

Authors

  • David Jalaghonia
  • Iuri Papaskua
  • Givi Makalatia

Keywords:

Economic Development Strategy, Spontaneous Order, Competition, State Economic Policy, Economic Crisis

Abstract

The paper discusses the issues of economic interaction between spontaneous order and state planning.

According to the authors, during the economic crisis caused by the pandemic, „mind“ takes precedence between „instinct and mind“. In normal mode, their ratio is, on average, almost equal. In governance processes, the state is not an „appendage“ but an immanent part of the economy. Like the „invisible hand“ of the market, the economic policy of a state of economic development can be effective or less effective.

International experience proves that the long-term development plan of the country is an important economic orientation for its sustainable development, especially in a crisis situation.

The article substantiates the need to develop such a plan for Georgia.

Author Biographies

David Jalaghonia

Academic Doctor of Economics, Professor of Sokhumi State University

Iuri Papaskua

Academic Doctor of Economics, Associate Professor, Sokhumi State University

Givi Makalatia

Academic Doctor of Economics, Associate Professor of Tbilisi Humanities University

References

ჰაიეკი, ფ. „საბედისწერო თავდაჯერებულობა: სოციალიზმის შეცდომები“, თბ., 2000, გვ. 263;

Polterovich, V., & Popov, V., 2005, Appropriate economic policies at different stages of development. http://rrojasdatabank.info/appropriate.pdf ;

იტალიის განვითარების სტრატეგია 2030

იაპონიის მეცნიერებისა და ტექნოლოგიების განვითარების სტრატეგია 2020 – 2050 http://www.scj.go.jp/en/vision2050.pdf ;

იაპონიის მწვანე ეკონომიკის განვითარების გრძელვადიანი სტრატეგია https://gj-eedf.org/sites/gj-eedf.org/files/documents/1_kihara_meti.pdf ;

www.tradingeconomics.com;

www.countryeconomy.com;

www.economy.ge ;

www.geostat.ge .

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Published

2021-07-22

How to Cite

Jalaghonia, D. ., Papaskua, I., & Makalatia , G. . (2021). Peculiarities of dominant economic theory in crisis management. Business and Legislation, 14(1), 9–12. Retrieved from https://ojs.b-k.ge/index.php/bk/article/view/713

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