New Pragmatism: In the Quest for Economics and Development Policy in the 21st Century

Abstract

New pragmatism is an original, paradigmatic and heterodox theoretical concept within the feld of economic science, which attempts to address current civilizational challenges and factors that will determine the future functioning of economic systems. It strives to advance economic theory in a direction that allows a more in-depth and accurate cognition of the economic reality than is possible through the prism of orthodox theories. At the same time, it provides an outline of a theory that is strongly applicative in nature and immanently combines scientifc cognition (positive perspective) and the formulation of guidelines and practical recommendations (normative perspective). This, indeed, forms the foundation on which to build the economic policy and strategy for development, as they both determine the world’s civilizational advancement.