This session presents a contemporary perspective through studies in political economics, leading indicators, family entrepreneurship, and fiscal austerity. The recent Great Recession has caused us to question our understanding of economic theory, econometric methodology and conventional empirical tools used to test available data sets. We end up with the Lucas and Barnett critiques rather than finding robust answers to problems. Moreover, research in general areas of economics, like monetary and fiscal policy, growth and development and financial markets, has been under heavy criticism from behavioral economics and ethical economics. In this turmoil, some old but important topics like the political economy and areas of research like leading economic indicators, family entrepreneurship and fiscal austerity in terms of judiciary analysis, have become important topics of research. As microeconomics and macroeconomics try to find common ground with the dynamic stochastic general equilibrium model at the center of the argument as well as the debate on relating the real sector with financial markets, economics offers many different and interesting areas for research. This session includes four papers, the first of which aims to analyze the impact of geopolitics risks on macroeconomic performance in Turkey. The aim of the second paper is to explore the role of family constitutions for transgenerational entrepreneurship in family businesses by examining how family governance and business family identity can contribute to strengthening the transgenerational entrepreneurship. The third paper aims to produce further thoughts for theongoing debate of the usefulness of leading economic indicators from the now casting literature standpoint. The fourth paper analyzes policy making-intended austerity jurisprudence (the “Austerity measures” factsheet) of the European Court of Human Rights (the EctHR, the Court).