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New Economics

The Great Divorce: Economics & Philosophy
Boundless Frontiers of Untold Wealth
Economic Crisis and the Science of Economics
The Great Divorce: Finance and Economy
Great Transformations
Immediate Solution for the Greek Financial Crisis
Indicators of Economic Progress: The Power of Measurement and Human Welfare
Theory & Strategies for Full Employment
Human Rights and Employment
Transforming Finance Group’s Call Recognizes Finance as a Global Commons
Introductory Paper for a Programme on The Wealth of Nations Revisited
Updating macro-economics
The Perfect Storm: Economics, Finance and Socio-Ecology
Science and Economics: The Case of Uncertainty & Disequilibrium
Global Prospects for Full Employment
Grossly Distorted Picture: GDP Still Misleading
Capital Needs Labour
Real Economies and The Illusions of Abstraction
Rethinking Growth: The Need for a New Economics
The Evolution of Wealth & Human Security: The Paradox of Value and Uncertainty
From Limits to Growth to Limitless Growth
Getting Risks Right:Thoughts about Increasing the Resilience of the Global Social & Economic System
Entropy and Economics
Inclusive growth: Why is it Important for Developing Asia?
Crises and Opportunities: A Manifesto for Change
An Arctic Nuclear-Weapon-Free Zone – Needed Now
The Demographic Revolution: Reconceptualizing Macroeconomics
Building a Caring Economy and Society
From Epicurus to Maslow
Steve Jobs: Nobel Laureate
Multiplying Money
An Aging Workforce: Employment Opportunities and Obstacles
Transition to a New Society
Towards a Global Comprehensive Context-Driven and Decision-Focused Theory and Method for a New Political Economy
Fictitious Capital and the Elusive Quest in Understanding its Implications: Illusions and Paradoxes
Replacing the Concept of Externalities to Analyze Constraints on Global Economic Growth and Move Toward a New Economic Paradigm
European Transition into a Socio-ecological Market Economy
New Paradigm in the Service Economy The Search of Economics for Scientific Credibility: In between Hard and Soft Sciences
The Double Helix of Learning and Work: Chapter 3 – I Work, Therefore I Am
Can we Finance the Energy Transition?*
The Double Helix of Learning and Work*
Viable Solutions for seemingly Intractable Problems
The Greek Financial Crisis – Theoretical Implications
New Humanism and Sustainable Development
Money, Markets and Social Power
The Market Myth
Twelve Action Lines For a Better World
Homoeconomico-politicus, Scientific Consciousness, and the Defense of Fundamental Values in the Context of the Climate Change Crisis: The Challenge of Scientific Responsibility for the Future of Economic and Political Science
Socioeconomic Challenges and Crises: Brazilian Illustration and the Search for a New Paradigm
Quest for a New Paradigm in Economics - A Synthesis of Views of the New Economics Working Group*
Disruptive Technologies, A Critical Yet Hopeful View

Thomas Reuter
 Get Full Text in PDF Abstract Contemporary economies must undergo a transformation to sustainability if we are to avoid a descent into ecological and socio-political crises of ever escalating severity. In order to achieve such a major reform, principles consistent with sustainable ecosystems and social systems need to be identified and applied systematically. What are these principles in... Read more
Carlos Alvarez Pereira
 Get Full Text in PDF Abstract A new perspective is attempted on the role played by Information and Communication Technologies (ICTs) in the evolution of human societies in the last few decades. Particular attention is paid to their (lack of) relationship with the challenges of sustainable development, presenting the view contrary to mainstream perception that for now ICTs have a negative... Read more
Garry Jacobs, Mark Swilling, Winston P. Nagan, Jamie Morgan, Barry Gills
 Get Full Text in PDF Abstract The remarkable economic achievements of the past two centuries have cast an illusion of omniscience on the discipline of Economics, which even repeated catastrophic policy failures have still not entirely banished. The gap and disjuncture between prevailing economic wisdom and its effective application to promote human welfare and well-being are enormous and... Read more
Joanilio Rodolpho Teixeira, Rodolfo Marcílio Teixeira
 Get Full Text in PDF Abstract Economic Neoliberalism in its most perverse form has been recapturing the imagination of policy makers worldwide. It emerged in the context of a prolonged crisis, increasing unemployment and unsustainability in the public sector. Growth slowdown reflects several factors, including domestic errors of economic policies, lower commodity prices and structural... Read more
Winston P. Nagan, Megan Weeren
 Get Full Text in PDF Abstract The general framework of this paper is to focus on the evolution of scientific consciousness and the dramatic technological developments it has generated, which have vital and highly consequential consequences for social organization on a global basis. The central fact about the current technological revolution is the enormous challenges it provides for... Read more
F. J. Radermacher
 Get Full Text in PDF Abstract This article describes a global governance system that—from the author’s point of view—would lead to sustainability and allow the implementation of the Sustainable Development Goals (SDGs), which have just been adopted at the UN level. Major elements are (1) the integration of existing international regimes in the area of the UN, WTO and the world financial... Read more
Tomas Björkman
 Get Full Text in PDF Abstract The Market can be understood as a self-organizing system that is constantly evolving. Like all social institutions, it is governed by principles and rules created by society, not by any universal laws of nature. If it does not work the way we want it to, we have the power and freedom to change its rules. However, prevailing notions about the market are veiled... Read more
Garry Jacobs
 Get Full Text in PDF Abstract The future science of Economics must be human-centered, value-based, inclusive, global in scope and evolutionary in perspective. It needs to be fundamentally interdisciplinary to reflect the increasingly complex sectoral interconnections that characterize modern society. It must also be founded on transdisciplinary principles of social existence and human... Read more
Stefan Brunnhuber
 Get Full Text in PDFAbstract This paper tries to find an answer to the question of how to finance the Sustainable Development Goals (SDGs) that the world has just decided to implement. I argue that besides the existing wealth of proposals, mainly along the lines of better governance and co-financing strategies, we need a complementary approach: parallel Quantitative Easing (QE) for SDGs... Read more
Hans d’Orville
 Get Full Text in PDFAbstract The call for a new humanism in the 21st century roots in the conviction that the moral, intellectual and political foundations of globalization and international cooperation have to be rethought. Whilst the historic humanism was set out to resolve tensions between tradition and modernity and to reconcile individual rights with newly emerging duties of... Read more
Garry Jacobs, Mark Swilling
 Get Full Text in PDFAbstract The world we live in is a product of the way we think. Our conception of reality determines what we see and what we achieve. The Greek crisis is not simply a case of high public debt, economic mismanagement or weak political will in Greece or the Eurozone. It is underpinned by economic premises, constructs and resulting practices that promote exactly the type of... Read more
Ashok Natarajan
 Get Full Text in PDF Abstract Life is filled with seemingly intractable problems. But life wisdom affirms that if there is a problem, there must be a solution. Or better yet, the solution to the problem lies within the problem itself. Problems have their roots in disharmony. Disharmony arises when a part separates itself from the whole and acts independently of the wider reality of which it... Read more
Orio Giarini, Mircea Malitza
 Get Full Text in PDF Editors’ Note The Double Helix of Learning and Work by Orio Giarini and Mircea Malitza is a report to the Club of Rome first published by UNESCO in 2003. It advances fundamental paradigm-changing ideas in the field of education. Drawing inspiration from the double helix structure of DNA, the authors seek to strengthen the relationship between education and employment in... Read more
Ian Johnson
 Get Full Text in PDF Abstract The energy sector is pivotal to our aspirations for a sustainable planet and yet two major challenges face policymakers worldwide. The first is to decide what set of technical choices provide the best solution to meet social, economic and environmental agendas; and the second is to decide how these choices can be financed. The bulk of new energy demand will... Read more
Orio Giarini, Mircea Malitza
 Get Full Text in PDF Editors' Note The Double Helix of Learning and Work by Orio Giarini and Mircea Malitza is a report to the Club of Rome first published by UNESCO in 2003. It advances fundamental paradigm-changing ideas in the field of education. Drawing inspiration from the double helix structure of DNA, the authors seek to strengthen the relationship between education and employment in... Read more
Orio Giarini
 Get Full Text in PDF Abstract After the very long cycle (about 10,000 years) of societal and economic development based on agriculture, followed by a short cycle in which the industrial revolution became the prime mover (for less than 3 centuries), the world has entered a phase marked by the growing and determining importance of service activities (both monetarized and non-monetarized) .... Read more
Erich Hoedl
 Get Full Text in PDF Abstract The European Union has introduced the Europe 2020 Strategy and Horizon 2020, which contain several elements for a transition into a Socio-ecological Market Economy. But their implementations are mainly hampered by the unduly large financial sector and the political striving for high economic growth. A turn into low growth equilibrium needs a reduction of total... Read more
Jim Lunday
 Get Full Text in PDF Abstract The prevailing economic paradigm has fallen short as a guide to policy making in this era of global economic crises. Numerous efforts are underway to revise it or replace it with a science of society that integrates intellectual disciplines. This paper makes a contribution to those efforts by arguing that the economic concept of externalities is no longer... Read more
Joanilio Rodolpho Teixeira, Paula Felix Ferreira
 Get Full Text in PDF Abstract This paper deals with the interaction between fictitious capital and the neoliberal model of growth and distribution, inspired by the classical economic tradition. Our renewed interest in this literature has a close connection with the recent international crisis in the capitalist economy. However, this discussion takes as its point of departure the fact that... Read more
Winston P. Nagan, Valeen Arena
 Get Full Text in PDF Abstract There is currently significant dissatisfaction with conventional economic theory. The unreliability of conventional theory as a predictor of future economic possibilities of catastrophes emphasizes the need for a new paradigm of political economy. This paper provides a capsule of some of the important limitations and consequences of the “old” paradigm. It... Read more
Ivo Šlaus
 Get Full Text in PDF Abstract The contemporary world is global, uncertain and rapidly changing. The present economic, social and political paradigm is destroying natural, human and social capital at an accelerating pace. Problems generated by these destructions require urgent solution. All these problems are complex, and cannot be addressed in a piecemeal, sectorial fashion. These problems... Read more
Mirjana Radović-Marković
Get Full Text in PDF Abstract The last decade has witnessed significant changes in the structure of unemployment in the global labour market. This is corroborated by the fact that the global workforce is rapidly aging and the share of people aged 50 and over in the structure of the labour market is increasing. In line with this trend, unemployment issues should be considered as a global problem... Read more
Garry Jacobs
This is Part 2 in the Money Series. Part 1 "The Power of Money" is available here. Get Full Text in PDF Abstract   This article is not a comprehensive factual history of money as an economic instrument. It aims rather to present an essential psychological history of the power of money as a social organization or social technology. It explores the catalytic role of money in the... Read more
Garry Jacobs
Get Full Text in PDF Abstract The remarkable achievements of one of the world's greatest entrepreneurs offer profound insights into the fundamental nature of economy and essential missing links in prevailing economic theory. The career of Steve Jobs dramatically illustrates the central importance of human capital in modern economy and the almost incalculable contribution that a single... Read more
Gerald Gutenschwager
Happiness Then and Now and the Place of the Human Being in Social Theory Get Full Text in PDF Πάντων χρημάτων μέτρον άνθρωπος ΠρωταγόραςThe human being is the measure of all things- Protagoras Abstract Protagoras said, "The human being is the measure of all things". This implies, among other things, that language, science and religion are human inventions, as are economics, money, efficiency,... Read more
Riane Eisler
Beyond Capitalism, Socialism, and Other Old Isms Get Full Text in PDF Abstract Old economic approaches are not capable of meeting our economic, environmental, and social challenges. To effectively meet these challenges, we need a perspective that goes beyond the conventional capitalism vs. socialism debate. This paper places economic valua- tions in their social context from the perspective... Read more
Orio Giarini
Get Full Text in PDF Abstract It is important to reconsider the measurements which refer to the “Wealth of Nations” and from which the most appropriate references for better welfare policies are derived. In the present Service Economy, not all the “value added” measures indicate an increase in the level of wealth (the costs to cope with pollution for instance), whereas many developments in... Read more
Adele Buckley
Get Full Text in PDF Climate change and nuclear weapons, the two great security threats of the 21st century, are uniquely influential in the Arctic. Although the current risk of conflict is low, the global future is potentially turbulent. There is a ‘new’ Arctic because of meltdown induced by climate change. Some see great economic opportunities; others see ecological and human security threats... Read more
Ian Johnson, Garry Jacobs
Get Full Text in PDF Abstract Piecemeal fragmented strategies cannot address the pressing challenges facing humanity today. Economic theory has to be radically reinvented to squarely face the reality of rising unemployment, widening inequalities, growing ecological threats, frustrated social aspirations and unmet human needs. Monetary and fiscal policies are too crude and insufficient to steer... Read more
Jesus Felipe
Get Full text in PDF Abstract Although Asian countries attain relatively high growth rates of GDP, many citizens do not seem to benefit from it. To remedy this problem, multilateral development institutions have developed the concept of inclusive growth, defined as growth that allows all members of a society to participate in and contribute to the growth process on an equal basis, regardless of... Read more
John Scales Avery
Get Full Text in PDF Abstract In this essay, human society is regarded as a “superorganism”, analogous to colonies of social insects. The digestive system of the human superorganism is the global economy, which ingests both free energy and resources, and later excretes them in a degraded form. This process involves an increase in entropy. Early in the 20th century, both Frederick Soddy and... Read more
Patrick Liedtke
Get Full Text in PDF Abstract The extraordinary extent of the financial crisis has inspired deep systemic reforms world-wide, rethinking financial stability, the resilience of our economic systems, and the role that national and international institutions play. While most of the ongoing activities are understandably centred on banks and the banking sector – the origin and centre of the crisis –... Read more
Garry Jacobs, Ivo Šlaus
Get Full Text in PDF Abstract The publication of the Club of Rome’s landmark report ‘The Limits to Growth’ in 1972 shook the intellectual foundations of social theory and challenged the very premises on which modern economy and prosperity are based. Once set in motion, it led to a revolutionary re-evaluation of human aspirations and economic activities. Among its many consequences, it has... Read more
Garry Jacobs, Ivo Šlaus
“The tremendously wasteful underutiliza­tion of precious hu­man resources and productive capacity is Greece’s most serious problem and also its greatest opportunity.” The recent agreement to write off a substantial portion of Greek bonds only postpones but does not resolve the essential problem. The key to the Greek crisis lies in economy, not finance. Any financial solution that... Read more
Orio Giarini, Garry Jacobs, Ivo Šlaus
Great landmarks of history are few and far between. Normally they are recognized by scholars only long after the fact. Those in the thick of the fray may often be consciously inspired by the significance of their actions, but rarely does history come to share that perception. The rise of individualism in ancient Greece, its revival during the Italian Renaissance and the radical transformation of... Read more
Orio Giarini, Ivo Šlaus, Garry Jacobs
Social networking did not begin with the Internet. It is as old as human history. For what we now call social networking is really the evolution of human relationships which constitute the backbone of civilization. The emergence of the Internet is the third giant leap forward in a saga that began with the development of symbolic spoken language, the first great instrument that enabled human... Read more
Orio Giarini, Garry Jacobs, Ivo Šlaus
“Focusing on growth of the part without reference to its impact on the whole is a formula for social disease.”  The American subprime mortgage crisis, the international financial crisis that followed and the European financial crisis presently centered on Greece are all expressions of a deeper and wider crisis that has been preparing to surface for decades. This crisis encompasses... Read more
Society constitutes an invisible web of relationships between its members. It has a defined structure of authority, status, rights, knowledge, beliefs, values, laws, specialized institutions, functional systems and formal activities radiating down and out from centers of power to the periphery. Beyond the perceptible limits lies an amorphous unknown territory akin to the undiscovered New World... Read more
Orio Giarini, Garry Jacobs
Get Full Text in PDF Life evolves by consciousness, consciousness evolves by organization. Human life evolves by a progressive heightening of our awareness, expansion of our knowledge, widening of our attitudes, and elevation of our values. This evolving human consciousness progressively expresses itself through the formulation and creation of more complex and effective organization – a... Read more
Roberto Peccei
Get Full Text in PDF For over 40 years the Club of Rome has been concerned with the sustainability of our planet. The conclusion of the famous first report to the Club of Rome The Limits to Growth that the world was on an unsustainable path was anticipatory and prescient.1 Although Limits caused considerable debate, after an initial flurry of interest, the message of the Club of Rome was largely... Read more
Hazel Henderson
Get Full Text in PDF The yawning gap between the real world and the discipline and profession of economics has never been wider. The ever-increasing abstractions in finance and its models based on "efficient markets" and "rational actors": capital asset pricing, Value-at-Risk, Black-Scholes Options Pricing have been awarded most of the Bank of Sweden prizes since they were founded in the 1960s... Read more
Garry Jacobs, Ivo Šlaus
Get Full Text in PDF Abstract* The recent international financial crisis highlights the crucial role of employment in human welfare and social stability. Access to remunerative employment opportunities is essential for economic security in a market-based economic system. As the rise of democracy compelled nations to extend the voting right to all citizens, employment must be recognized as a... Read more
Ian Johnson
Get Full Text in PDF A Commentary* The world is at an inflection point. A convergence of themes – seemingly disconnected – is integral and urgent to our very survival. Our world is headed into a Perfect Storm of an interconnected financial, ecological and social crisis. Almost all forward-looking assessments demonstrate that business as usual and incremental improvements will not be sufficient... Read more
Orio Giarini
Get Full Text in PDF 1. Neoclassical Economics & the “General Equilibrium” System 1.1 Supply and Demand in a Static “Perfect” Equilibrium The act of selling or buying goods always takes place at a given moment or instant in time, at which a price is agreed and paid. The general economic system is considered by standard economics to be based on a “General Equilibrium” which represents the... Read more
Patrick Liedtke
Get Full Text in PDF The past three and a half years have seen a very rough ride for the world’s financial markets. Not only did the credit crisis (which The Geneva Association has studied intensively) directly impact the value of many real world assets (especially U.S. real estate) and stock markets with particular bearing on bank stocks, many derivatives and structured financial products; it... Read more
Get Full Text in PDF For early economists such as Adam Smith, Thomas Malthus and John Stuart Mill, economics was indivisible from moral philosophy. Their objective was not to discover eternal laws governing the functioning of human economic systems, but rather to improve upon the prevailing economic system to support the survival and enhance the economic security of all members of society. They... Read more
Get Full Text in PDF “Employment is the single greatest challenge facing humanity today,” according to Ian Johnson, Secretary General of the Club of Rome, in his opening remarks to an international conference last November – remarkable words coming from an organization known principally for its concern about environmental issues. In similar fashion, renowned security expert Jasjit Singh, a World... Read more
Hazel Henderson
Get Full Text in PDF Beyond GDP: Global Poll* A new global poll across 12 countries reveals that more than two-thirds of people polled think that economic statistics like GDP are an inadequate way of measuring national progress. The poll finds that 68% believe that health, social and environmental statistics are as important as economic data, and that governments should also use those to measure... Read more
Orio Giarini
Adam Smith’s analysis in the Wealth of Nations gave birth at the end of the eighteenth century to economics as we know it today. As a moral philosopher, he wanted to provide a better understanding of how to fight poverty. While most social thinkers insisted that wealth could only develop from agriculture, Smith observed that the beginning of the industrialisation process was the key and priority... Read more
Ashok Natarajan
Get Full Text in PDF Table of Contents The Need for New Theory and Strategies Necessity of Full Employment New Theoretical Perspectives Available Tools for Full Employment Endnotes 1. The Need for New Theory and Strategies From October 2009 to March 2010, the World Academy of Art & Science launched an e-conference on the Global Employment Challenge (GEC). The conference included video... Read more
Hazel Henderson
Get Full Text in PDF The Committee on Transforming Finance, a multinational network of career market participants: investors, asset managers, business executives, philanthropists, academics and financial authors, holds that the financial system is a global commons and calls for a new set of rules that would allow it to be governed in full conformance with this reality. We as beneficiaries and... Read more
Garry Jacobs, Ivo Šlaus
Get Full Text in PDF Table of Contents Introduction Tools and Measures Measures of National Income Need for New Theory Measures and Indicators Characteristics of a Successful Indicator The Problem of Value What are we trying to measure? Alternative indices Components of Economic Welfare Human Economic Welfare Index (HEWI) Composite HEWI Conclusions Endnotes 1. Introduction Right measurement... Read more
Winston P. Nagan
Get Full Text in PDF In the development of internationally sanctioned standards for labor and employment there are some threshold considerations that must be taken into account. First, labor and employment rights generally fall within the category of social, cultural and political rights. This is to be distinguished from conventional, civil and political rights. Internationally, the institution... Read more
Orio Giarini, Garry Jacobs, Bernard Lietaer, Ivo Šlaus
Get Full Text in PDF Table of Contents Introduction Theoretical Discontent From Newtonian to Human-Centered Economics Future of Work Money, Finance & Wealth The Service Economy Scarcity, Surplus & Markets Equity, Freedom & Social Stability Integration of Politics — Economy — Society Essential Issues for the New Economics Endnotes 1. Introduction Civilization is an instrument... Read more
New Economics
Garry Jacobs, Mark Swilling, Winston P. Nagan, Jamie Morgan, Barry Gills
Tomas Björkman
Orio Giarini, Mircea Malitza
Garry Jacobs
Gerald Gutenschwager
John Scales Avery
Orio Giarini, Garry Jacobs, Ivo Šlaus
Orio Giarini, Ivo Šlaus, Garry Jacobs
Orio Giarini, Garry Jacobs, Ivo Šlaus
Garry Jacobs, Ivo Šlaus
Patrick Liedtke
Winston P. Nagan
Orio Giarini, Garry Jacobs, Bernard Lietaer, Ivo Šlaus