Volume 49, 2018
Philosophy of Economics
Aleksandr V. Gevorkyan
Sketching the Dialectics in Economics
Social Totality and Inadequacy of Static Equilibrium
The most recent economic deterioration of late 2000’s, the Great Recession, has caught the world by surprise. The effect of the sudden tackle, akin to a Greco-Roman wrestling throw, appears to still obfuscate the critical essence of the ongoing dynamic social and economic phenomena. This paper suggests a methodological effort to assess this transformation in a qualitatively different form than may be inferred from popular economic policy discourse. From a philosophical view, many paper’s conclusions are based on the foundational concepts of dialectical materialism, as a cross-link between philosophy and political economy. Current profound shifts in finance and economy are logical, dialectical, and are components of a bigger social transformational dynamic corresponding to the given stage of human development. From an economic approach, this study takes a conceptual leap beyond technical static equilibrium solutions tapping into forward looking dialectical interpretation of the self-feeding contradiction of the economic-social totality.