A Few Words About the Paradigms of Economics and Entrepreneurship in the Face of the 21st Century Challenges
Purpose: The aim of this article is to answer the question, what is the evolution and contemporary significance of the paradigms of economics and entrepreneurship in the context of the 21st century challenges . The author attempts to synthesize orthodox and heterodox perspectives, analysing their adaptation potential to the new realities and indicating the directions of further research into a model of economy based on values, innovation and responsibility. The article is an invitation to a discussion on what kind of economy and what kind of entrepreneurship we need to meet the challenges that are becoming more and more global, systemic and existential. Design/Methodology/Approach: The main method of research is a critical analysis of the literature which concerns mainstream (orthodox) and heterodox economics approaches to scientific research as the foundations for economic policy in the context of different economic, social, climate turbulences in the 21st Century. Findings: The analysis allows to understand relations between the theories of economics and the 21st century reality, in particular, to formulate a range of useful conclusions for a further development of economics as a science. On the threshold of the third decade of the 21st century, economics and entrepreneurship are faced with the need for a fundamental reflection on their identity, social function and scope of responsibility. Challenges such as the climate crisis, deepening inequalities, the digital revolution, ageing populations or geopolitical instability often make the current paradigms of analysis and action insufficient. Practical Implications: The discussion and analysis concern different approaches to the paradigms and methodology of economic phenomena, and economic research is important in laying foundations for economic policy in the times of different turbulences in the 21st century Originality/Value: The discussion and the critical analysis of the different methodological approaches especially concerning attempts at formulating new paradigms in economics is the value added of this article.