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AnettaČaplánová
UniversityofEconomicsinBratislava
CONTRIBUTIONOFPUBLICCHOICELITERATURE
TOTHESEARCHFORANEWPARADIGM*
1.Introduction
Inbotheconomictheoryandpolicygreatattentionisoftenpaidtotheories
belongingtothewidelydefinedmainstreamofeconomicthought.Duringthe
20thcentury,anumberofapproacheswereformedineconomictheory.Some
wereofaninterdisciplinarynature,andprovidedanalternativeperspectiveon
thecurrentfunctioningofeconomies.Ingeneral,theseapproachescanbeclas-
sifiedasheterodoxeconomictheories,althoughsomeoftheconceptsinvolved
alsobecameanintegralpartofmainstreameconomicthought.Followingdevel-
opmentsinthecurrentglobaleconomyandtheinabilityofeconomictheoryto
respondadequatelytothesedevelopments,itcanbeexpectedthatinthenear
futurethemainstreamofeconomicswillberedefined,newtheoreticalapproaches
willariseandknowledgedevelopedbyheterodoxschoolsofthoughtwillbemore
widelyapplied.Thecurrentglobaleconomicanddebtcrisisisofteninterpreted
asamoralcrisis,asthefailureofformalandinformalinstitutions,whetheratthe
globallevel,inindividualcountries,orinintegrationblocks.InthispaperIlook
atoneoftheseschoolsofthought,publicchoicetheory,andthecontributionit
hasmadetothedevelopmentofeconomics,whichwillhelpusunderstandcurrent
economicdevelopments.
*ThispaperistheresultoftheprojectofOperationalProgrammeScience&Research:
“Creationofexcellentworkplaceofeconomicresearchforsolvingthechallengesofcivilization
inthe21stcentury(ITMS26240120032).WesupportresearchactivitiesinSlovakia”.Projectis
co-fundedbyEUfunds.
