New Economic Reality as a Subject Matter of Research

Abstract

The article reveals the trends of modern crisis processes in the economy, which more and more clearly highlight the signs of a new reality. The authors note that in recent years, political and economic contradictions have been growing at an accelerated pace, integration interactions are slowing down, social paradigm is aggravating, the environmental crisis is taking on global proportions, and the stagnation of the economy is increasing. These crisis processes alternate, intersect, are being resolved, however, the range of opportunities for solving accumulated problems and conditions for further development becomes critical. The authors explore many specific manifestations of the new economic reality, including the deepening gap between economic theory and practice, identifying the contradictions that arise here and attracting the possibilities of political economy theory, system economics, and the potential of interdisciplinary knowledge. These manifestations are considered in a continuous set of space and time of the subject matter of research. The authors demonstrate the necessity to comply fundamental developments in the field of economic theory with the need to develop the foundations of state economic policy, risk management assessment, and creative approach to human capital. Based on this, conclusions are drawn on the need for a holistic theoretical and methodological description of the new economic reality, the definition of its subject area, the use of the achievements of scientific and technological progress for the intensive development of the economy and the correct definition of methods and tools for solving the problems of the new reality. The authors believe that the new reality that emerged in the socio-economic system after the financial crisis of 2008–2009 and clearly manifested in strong shocks that hit the world community in 2020–2022 is pushing economic theory to move as quickly as possible to the level of development, meeting practical requirements. In the process of research, the authors used the possibilities of a dialectical method, systemic and evolutionary approaches, as well as such theories as: the mode of production; socio-economic transformations; creative and innovative economy; threshold measures in phenomenon development.