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A fresh look at the concepts of economic and macroeconomic crises: General, priority, and institutional approach

Vol. 27, Iss. 10, OCTOBER 2021

Received: 23 July 2021

Received in revised form: 6 August 2021

Accepted: 20 August 2021

Available online: 29 October 2021

Subject Heading: THEORY OF FINANCE

JEL Classification: Е02, Е30, G01, H12

Pages: 2282–2313

https://doi.org/10.24891/fc.27.10.2282

Dmitrii V. MANUSHIN Kazan Innovative University named after V.G. Timiryasov (IEML), Kazan, Republic of Tatarstan, Russian Federation
predmet22@mail.ru

https://orcid.org/0000-0002-2799-9235

Subject. The article addresses approaches to understanding the economic and macroeconomic crisis.
Objectives. The aim is to study and update the concepts of macroeconomic crisis and economic crisis, taking into account modern crisis phenomena and processes, for easier identification and timely anti-crisis measures.
Methods. The study draws on the abstract-logical method.
Results. The paper clarifies the terms "macroeconomic crisis" and "economic crisis", adds two approaches to the traditional general economic approach to understanding macroeconomic and economic crises, i.e. priority-economic (new approach) and institutional- economic (updated approach). I offer a new systemic grouping of signs of macroeconomic crises and examples that reveal the impact of new signs of these crises on macroeconomics. I formulated a new idea of the unity of intermittent and persistent crisis.
Conclusions. The priority-economic approach indicates the priority areas of effort mobilization in the process of crisis management of macroeconomics. The institutional-economic approach broadens the perception of the crises and confirms the need to apply an updated institutional approach to all phenomena and processes studied in macroeconomics.

Keywords: sectoral approach, economic crisis, institutional changes, economic institution, macroeconomics

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