Abstract

The main schools and achievements in the development of the economic thought during the past XX century are outlined. The evolution of economic concepts is presented on the background of the real economic processes that marked the economic theory. The most important aspects in the development of orthodox and unorthodox economic schools are covered consecutively. The study has two parts: the first one interprets the characteristics of the economic XX century and the evolution of the neoclassical theory relevant to the microeconomics. The second part (which will be published in the next issue) is focused on the emerging and developing of the modern macroeconomics within the framework of the neoclassical analysis, as well as on the development of the unorthodox economic thought. The study outlines the difficult, contradictory but ascending course of seeking after truth in the economic theory.