№ 4/2017

Fìnansi Ukr. 2017 (4): 55–74https://doi.org/10.33763/finukr2017.04.055

THEORY AND HISTORY OF FINANCES

LEONENKO Petro ¹, FEDOSOV Viktor ², YUKHYMENKO Petro ³

¹State Educational and Research Organization “Academy of Financial Management”
²SHEE “Kyiv National Economic University named after Vadym Hetman”
OrcID ID : https://orcid.org/0000-0003-1092-4218
³Bila Tserkva Institute of Economics and Management of the University “Ukraine”

Milestones of financial science development: problem methodology

The article is a kind of introduction to a series of publications united by one ideology and the idea of revealing the genesis, evolution and formation of financial science, general and national specifics in its development. The authors make an attempt to recreate in general form a single integrated panorama of financial science from its beginnings to the present. The article in focus is devoted to general methodological problems of periodization of financial science. The authors analyze the latest national and international research approaches to such periodization. The classification and scientific limitations of the division of their development into two stages (classical and neoclassical theories) are revealed. It is proved that this approach offers the possibility of one-sided concentration of research effort on the development of financial concepts of the neoclassical mainstream and their application as a theoretical basis for the financial policy of the state. The authors determine and substantiate criteria for a new periodization of formation, development and evolution of financial idea, according to which five stages of its historical development are identified. The proposed periodization is based on general criteria (the stage of the state’s development, commodity-monetary and financial relations, etc.) and specific criteria (the distinction between the concepts of “financial idea”, “financial theory”, “financial analysis”, theoretical concepts of J. A. Schumpeter’s classical periods and classical situations, T. Kuhn’s scientific revolutions and scientific paradigms, I. Lakatos’ competing research programs, changes in the understanding of key categories). It is shown that these stages are characterized by a certain correlation of the directions of economic and financial sciences, the formation of paradigmatic basis for research and development of practical recommendations, successive changes in scientific paradigms (research programs), competitiveness and “synthesis” tendencies.

Keywords:financial idea, financial concept, financial analysis, scientific directions, paradigmatic changes.

JEL: E60, H00.

LEONENKO P. . Milestones of financial science development: problem methodology / P. . LEONENKO, V. . Fedosov, P. . YUKHYMENKO // Фінанси України. - 2017. - № 4. - C. 55-74.

Article original in Ukrainian (pp. 55 - 74)

Download

Downloads :1457

1. Akerlof, G. A., Shiller, R. J. (2009). Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism. Princeton: Princeton University Press.
2. Bazeckaya, A. I. (2015). The historical aspect of the formation and development of the financial system. Khar`kov: KhNUGKh [in Russian].
3. Bernstein, P. (2009). Capital Ideas Evolving. Moscow: Al`pina Biznes Buks [in Russian].
4. Bec, O., Lisovenko, V. (2014). Evolution of the scientific concepts of public debt. Stock Market of Ukraine, 1–2, 11–20 [in Ukrainian].
5. Holubka, S. M. (2013). Institutionalization of the financial sector of Ukraine (historical retrospective). Ky`yiv: DNNU “Akademiya finansovoho upravlinnya” [in Ukrainian].
6. Iefymenko, T. I. (2015). Actual problems of transformation of the financial and economic theories in the conditions of global change. In O. H. Bilorus, T. I. Iefymenko (Eds.). Financial globalization and European integration (pp. 13–29). Ky`yiv: DNNU “Akademiya finansovoho upravlinnya” [in Ukrainian].
7. Lopukh, K. V., Feshhenko, V. M., & Yukhy`menko, P. I. (2015). Modern monetarism. Ky`yiv: CUL [in Ukrainian].
8. Nebrat, V. V. (2013). Evolution theory of public finance in Ukraine. Ky`yiv: Insty`tut ekonomiky` ta prohnozuvannya [in Ukrainian].
9. Reinhart, C., Rogoff, K. (2009). This Time is Different: Eight Centuries of Financial Folly. Princeton: Princeton University Press.
doi.org/10.2307/j.ctvcm4gqx
10. Sy`nchak, V. P. (2006). The evolution of scientific thought in taxation and its implementation in the tax systems. Ky`yiv; Khmel`ny`c`ky`j: KhUUP [in Ukrainian].
11. Spens, M. (2011). The Next Convergence: The Future of Economic Growth in a Multispeed World. New York: Farrar, Straus and Giroux.
12. Stiglitz, J. E. (2010). Freefall: America, Free Markets and the Sinking of the World Economy. New York: W. W. Norton.
13. Stiglitz, J. E. (2012). The Price of Inequality: How Today’s Divided Society Endangers Our Future. New York: W. W. Norton.
14. Stiglitz, J. E. (2016). The Euro. How a Common Currency Threatens the Future of Europe. New York; London: W. W. Norton. Retrieved from www.amazon.com/Euro-Common-Currency-Threatens-Future/dr/03932540zx.
15. Iefymenko T. I., Myarkovs`ky`j A. I. (Eds.). (2013). Finances. Budget. Taxes: national and international terminology (Vol. 1, 2nd ed.). Ky`yiv: DNNU “Akademiya finansovoho upravlinnya” [in Ukrainian].
16. Fedosov, V. M. (Ed.). (2010). Financial studies in Ukraine (Vol. 1). Ky`yiv: Kondor [in Ukrainian].
17. Khokhulyak, V. V. (2014). Milestones of formation of financial law science. Odesa: Feniks [in Ukrainian].
18. Chukhno, A. A. (2012). Selected writings (Vols. 1–2). Ky`yiv: DNNU “Akademiya finansovoho upravlinnya” [in Ukrainian].
19. Schumpeter, J. A. (2001). History of economic analysis (Vols. 1-3). St. Petersburg: E`konomicheskaya shkola [in Russian].
20. Hausman, D. M. (Ed.). (2008). The Philosophy of Economics: An Anthology (3rd ed.). New York: Cambridge University Press.
21. Simonenko, G. F. (1900). Political economy in its newest directions: review and critical assessment of the teachings of the main representatives of modern economic science, especially the new-historical school. Warsaw [in Russian].
22. Baskin, J. B., Miranti, P. J., Jr. (2005). A History of Corporate Finance. Cambridge: United Kingdom University Press. Retrieved from www.google.gom.ua/?lon=18espv=2#q=Baskin+s+A+History+ofcorporate+finance+Cambridge%2c+2003.
23. Yanzhul, I. I. (2002). The basic principles of financial science: the doctrine of state revenues. Moscow: Status [in Russian].