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Journal number 4 ∘ Elguja Mekvabishvili
Theoretical Heritage of Professor Giorgi Papava and Actual Problems of Economic Science

The paper discusses the contribution made by the famous Georgian economist, professor Giorgi Papava, to the development of economic science, first of all, theoretical economics, which was manifested by his creation of a new methodology in the form of "periodontal-genetic, polyphonic and morphological rule of economic thinking". The constituent elements of this methodology are analyzed. Systemic-genetic connections, periodontism, economic morphology, economic polyphony. It is noted that the scientist was able to solve three important scientific problems using the new methodology created by him.
First, it proposed a new confirmation for the heuristic potential of theoretical economics and demonstrated its leading role in the system of economic sciences.
Second, it gave us a profound critique of modern "economics".
Third, he established the principles and directions of transformation of the "traditional" or free market theory into the mixed economic theory.
The new methodology established by Prof. Papava involves the study of economic events and processes based on a systematic approach. The economics is considered as a "multisystem", which is formed by interconnected, interrelated and mutually generating, so-called "emergent" connections. The methodology created by the scientist is based on the following elements (categories):

  • "Periodant", i.e. physical time as the most important, including the rate of return of economic resources;
  • Genetic ("emergent") connections as the "binding material" of the economic system;
  • "Economic morphology" as purposeful human participation in objective economic processes within the framework of "morphology of nature";
  • "Economic polyphony". As a symbiosis of competition and mutual cooperation of economic agents (firms, companies, family farms).

The scientist proposed two groups of shortcomings of the "traditional" market economy: "immanent" and "mixed". Accordingly, he justified two ways of solving them: first, the creation of an effective economic management system, which discussed the coordination of the "visible" hand of the state and the "invisible" hand of the market, through state regulation of the economy and using the indicative planning mechanism.
During criticizing modern "economics", Prof. G. Papava, emphasized its shortcomings, such as: the self-isolation of this science, which he calls the "autistic disease of economics", anti-historicity, mechanism, fetishization of the quantitative side of research while ignoring the qualitative side, and due to this, the excessive "mathematization" of "economics". That is, its congestion with economic methods and econometric models. According to the scientist, the methodology created by him provides an opportunity to overcome these shortcomings and creates a new perspective for theoretical economics.
One of the main virtues of the new methodology created by Prof. Papava – "periodontal-genetic, polyphonic and morphological economic thinking" is its universal character, that is, it can be used with equal success in both microeconomic and macroeconomic studies.

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Keywords: Economic paralogisms, Periodontism, Economic morphology, Economic polyphony, Systemic-genetic approach, Methodology, Market economy, Mixed economy, Regulation of economy, Indicative planning.
JEL Codes: B40, B41, H44, L51