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Financial Analytics: Science and Experience
 

Overviewing and clarifying the concept of crisis management in macroeconomics

Vol. 8, Iss. 37, OCTOBER 2015

PDF  Article PDF Version

Received: 22 June 2015

Received in revised form: 2 July 2015

Accepted: 13 July 2015

Available online: 16 October 2015

Subject Heading: SCHOLAR DISPUTE

JEL Classification: 

Pages: 51-64

Manushin D.V. Institute of Economics, Management and Law, Kazan, Republic of Tatarstan, Russian Federation
predmet22@mail.ru

Importance As crisis management becomes more important in the macroeconomic context, the relevant terminology should be specified.
     Objectives The research summarizes, evaluates and specifies views of scholars studying the concepts of crisis management, anti-crisis measures, macroeconomic system and crisis management in macroeconomics.
     Methods The research applies methods of analogy, comparison, generalization, analysis and synthesis. Using the analogy method, I attributed properties of crisis management to crisis management in macroeconomics. The comparison method helped reconcile the final definition with identical concepts. The final concept was coined through synthesis of the specified terms crisis management and macroeconomic system.
     Results I attained the objectives set in the research and formed, systematized and improved anti-crisis measures as part of crisis management. Crisis management and relevant measures are proved to rely upon the relevant theoretical, methodological and regulatory frameworks, rather than their fragmented components. A macroeconomic system was specified by considering the principal items of institutional economy. The article demonstrates the transition from production, exchange, allocation and consumption of material benefits to the social order prevailing in the country (agricultural, export and raw materials, industrial or information). All the types of the social order are given as their significance ascends for leaders of the global powers, i.e. information order should prevail. I distinguished typical and non-typical properties of the system.
     Conclusions and Relevance Entities using the definitions should reach a common understanding of them in line with the current circumstances. The results prove that it is necessary to revise the substance of crisis management on macroeconomics.

Keywords: crisis management, macroeconomics, system, management

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