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New Economics
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On Crossing the Threshold Towards a Regenerative Economy
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Abstract
The neoclassical paradigm of political-economic governance today is self-destructing because it subordinates the well-being of people and Nature to the growth of GDP—regardless of the fact that people and Nature are the primary sources of economic value creation. Rather than continuing to put means and ends in... Read more
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In this paper we reprise some of the themes set out in our recent special issue of Globalizations, which explores the contributing role of mainstream economics in the current climate emergency. We provide a brief update on the current state of the declared ‘climate emergency’ and we make the case for a paradigm shift informed by quite different principles, including... Read more
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Abstract
On a global scale, the COVID-19 pandemic is far from over; we experience forest fires of frightening magnitude, floods and storms scare many people to evacuate their homes. Not only do young people say that time is running out, the latest IPCC 2021 report paints a depressing picture of our collective future and many scientists are increasingly warning of the many... Read more
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There is an imperative need to reconceptualize the role of the firm in modern society based on a holistic perspective in order to correct the imbalances and excesses generated by a too narrow conception of purpose and the inadequacies of current theory to explain and reveal the underlying process by which firms, stakeholders and society at large grow, develop and... Read more
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Abstract
Nearly all money in the US, UK and many other countries is created by the private sector through lending. Private sector money creation provides many benefits, but also imposes large costs on society. Transitioning to public sector money creation can provide equal or better inflation control, economic prosperity, credit availability and monetary value stability. It... Read more
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A first systematization of new financial engineering that can hedge unchecked risks, enable unmet needs and finance our future.
Abstract
Cost analyses and risk assessments in the Anthropocene era need to differ from those of the past. Future developments now are determined by opportunity costs and planetary risks. We provide a first comprehensive systematization that can... Read more
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The last 60-70 years have seen the end of the industrial revolution and the rise of the post-industrial era. The way we, as humans, are treating our environment (and each other) is threatening our very existence on our planet. This becomes apparent when we examine the reality of climate change, pollution, destruction of biodiversity, inequality and more. We must... Read more
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Post-Keynesian and post-Kaleckian approaches, as part of the heterodox family, have been progressing fast in the last few decades. They have made important contributions to the socio-economic thought, providing necessary opportunities to alternative policies as well as significant stimulus for new areas of research. They are not immune to controversies and probably a... Read more
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"Governments and business leaders are shortterm thinkers. True leaders are ones with longterm foresight!"
We are living through the Anthropocene era, an era where humans have become the major force affecting change on our planet. Environment and social risks are threatening the “thrive-ability” of our society.
In combating these risks, we require trillions of dollars in... Read more
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The Sustainable/Responsible Investing (SRI) market is over $30 trillion and growing faster than traditional investments. Over the past 20 years, SRI and the sustainability movement in general have provided large benefits to business and society. But in spite of this good work, environmental and social conditions are declining rapidly in many areas. Clearly, new approaches are... Read more
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While emerging from the emergency of the largest pandemic in a century, many of us are at the end of our emotional ropes and are longing for normality in an uncertain world. We are troubled by the lack of leadership, poor behavior, and the inability of governments to address a pandemic that could have been prevented, had we heeded the warnings of experts and scientists. We... Read more
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A dichotomy emerged about a little over a decade and a half ago polarizing the view of academic disciplines into two polarities: inter (cross, trans) disciplinarity, to aim for, versus autonomous fields of research & teaching, which have come to be labelled “silos”, a term which I consider derogatory and manipulative, deployed to bias valuation and attempts at reform.... Read more
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The evolution toward a global human society depends on a variety of social movements. Parallelly, new societal paradigms emerge from time to time. The “Global Leadership for the 21st century” Project (GL21) is a catalytic initiative to create consciousness of high complexity of transformational processes. Implementation of SDGs will decisively be enhanced through creation of... Read more
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The indispensable missing link in the debate on sustainability is the monetary system. To date, the Sustainability Development Goals (SDGs) have primarily been financed through private sector financing, conventional public sector funding (taxes and fees) and philanthropic commitment. However, these are not enough in scale and speed to finance our future.
“The introduction of a... Read more
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Economics is a science of context, the nexus of social conventions framing and directing the behavior of economic agents, while the economy is an aggregation of different forms of such behavior. The economy is a man-made system, highly nonlinear, with frequent paradigm shifts, with a set of rules explaining the behavior of economic agents.
"The first in line for undergoing... Read more
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The time has come to take steps allowing us, before it is too late, to correct current trends on a global scale. Otherwise, we would not fulfill our inter-generational duties and the Earth’s habitability would be seriously deteriorated.
In the past, social evolution used to be very slow. For centuries, power was in the hands of just a few men. Citizens had no voice and were... Read more
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Achieving the SDGs by 2030 is still possible,* but it requires bold policies leveraging bold action. Luckily, we have the SDG and Financing for Development (FFD) framework to guide us. The SDGs unanimously agreed by all nations cover the world’s most pressing social, environmental and economic issues. Yet despite unprecedented buy-in by governments and other stakeholders,... Read more
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Abstract
Structural imbalances are the consequence of fault lines in the model of neoliberal capitalism as an extreme version of market capitalism. Economic system is over-financialized. A disproportionate share of value added created in financial sector leads to plutonomy. An overly financialized real economy has been extracting value out of companies by rewarding... Read more
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Abstract
The aim of this article is to underline that the core paradigm of mainstream economics, economics’ standard model (ESM), rests upon an explanatory theory that draws on deductive assumptions which are not supported by what observations of the reality of market economies show us; either in the present day or historically. A theoretical setting, therefore, fails to... Read more
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Abstract
COVID-19 is a tragedy and opportunity for humanity. Reductionistic thinking and resulting flawed systems put human society in conflict with nature. They are the root causes of every major challenge facing humanity. To survive and prosper, we must align our economic, political and social systems with the laws of nature. COVID-19 provides an opportunity to do so. As... Read more
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Editors’ Note: In remembrance of Orio Giarini, founding Editor-in-Chief of Cadmus, we reproduce key ideas from an article by Garry Jacobs and Ivo Šlaus about his seminal contribution to economic thought which was originally published in the April 2012 issue of Cadmus under a slightly different title, “From Limits to Growth to Limitless Growth”. This provocative title was... Read more
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Abstract
“There is no way to solve the environmental and social threats within the capitalist framework .”
In these past two centuries, capitalism has driven substantial economic growth. However, this growth has not been responsible for the “thrivability” of our planet in terms of society and the environment. This economic model now threatens the continuation of the human... Read more
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Abstract
The COVID-19 pandemic has vividly demonstrated that humanity is not well prepared to address global challenges, particularly existential threats. This paper shows us how to restart the economy and ensure employment using an integral approach to sustainable investing in early stage start-ups using human-centered AI. As stimulus packages are being made available, the... Read more
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Abstract
Structural crises of the past have had a significant impact on the world economy even before the COVID-19 pandemic emerged in 2020. The ongoing medical crisis exacerbates the double dip recession we have witnessed before. Challenges are consequential. By checking the pulse of the global economy, we see a high level of risk, fragile growth outlook, and increasing... Read more
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Abstract
Development needs have primarily been financed through private sector financing, conventional public sector funding and philanthropic commitment. These traditional sources are not sufficient in scale and speed to meet the pressing finance needs. The world community is too busy repairing, stabilizing and refunding the given to maintain the stability of the existing... Read more
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Abstract
Finance is one of the fundamental tools that has underpinned and shaped global civilisation, alongside agriculture and writing systems. During the past 5,000 years finance has adapted and innovated to scale civilisation by funding industrial development, technological advancement and human progress generally. Given this traditional role, finance should play an... Read more
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Abstract
This publication provides clues to the phenomenon of increasing social division within rich societies. At the same time, it refers to more recent insights of a partly empirical, partly mathematical type, which make it possible to describe the income situation of mature states/market economies solely by means of the so-called Gini coefficient. The Gini... Read more
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The following is one of many concluding sections from the whole system book ‘Global System Change: A Whole System Approach to Achieving Sustainability and Real Prosperity’. The foundation for the strong positions taken here is established in more detailed and heavily referenced sections earlier in the book. Global and national financial systems strongly... Read more
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Abstract
This paper will review the concept of the “open economic trilemma” between national sovereignty, global integration and democratic politics. It will introduce, as a possible solution, the concept of a parallel dual currency system operating through new monetary channels using distributive ledger technology. Although not apparent at first glance, this... Read more
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Abstract
To measure the debt crisis in Europe in general, and in Greece in particular, there are different levels of analysis, rarely examined together: at the global, EU and the national levels. The global level involves the origins of the crisis in the infra-regulated practices of financial entities worldwide, whereas the EU level reflects architectural weaknesses... Read more
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Abstract
The anthropological literature has given us a key to understanding life in a very elementary community. Life revolves around human beings energized to satisfy human needs. Anthropologists also identify the structures that emerge from society which are specialized in whatever degree of efficacy to facilitate securing those needs. When we map needs onto... Read more
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Abstract
The recent explosive development of new forms of digital currency opens up unprecedented opportunities and poses significant regulatory challenges. This new form of digital currency lowers the costs and other barriers to the global movement of money, international trade, foreign investment and speculation, while simultaneously enhancing the anonymity on which... Read more
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Abstract
The current economic crisis can be explained but we must remember that the crisis is the product of human behavior, both theoretical and practical, and not the product of some force of nature or mathematical law. An economic system is based upon production and consumption. A crisis arises whenever there is an imbalance between these two activities. Until the... Read more
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Abstract
We consider here the necessity of redefining the concept of economic value and the system of measuring the contributions to national wealth, to be included in a new paradigm in economics, whose application should guarantee constant improvement of human well-being. Such a paradigm should be based on an adequate cultural value system. We begin with a brief... Read more
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Abstract
Unequal distribution of societal power is to a large extent responsible for poverty, hunger, the destruction of nature, and inhuman living conditions. From the perspective of its redistribution, we distinguish three basic means of power: The ownership of material and immaterial properties, the kind of organisation and the values according to which properties... Read more
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Abstract
The unprecedented opportunities missed at the end of the Cold War have come back to haunt and taunt us in the form of misshapen ideologies and misconceived policies. Discredited notions discarded by history once again raise their heads to be finally buried or bury us. Despite the rhetoric of the Washington Consensus, the fall of the Berlin Wall, the collapse... Read more
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Abstract
Over the past 15 years, sustainability has become mainstream in the corporate and financial sectors. But environmental and social conditions are declining rapidly in many regions. Nearly all corporate and financial sector sustainability strategies are focused on company-level activities, such as unilaterally mitigating negative environmental and social... Read more
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Abstract
When the World Academy of Art & Science (WAAS) was founded, it sought to address the gap between science and society, or rather the apparent unwillingness or inability of scientists to address their responsibilities as important members of society. This problem is related to the growing disparity between tool making and symbol making, those ancient skills... Read more
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Abstract
This paper examines the foundations of economic neoliberalism and underlines the implications of the foundations of this economic theory in its reliance on economic value as ownership, property, and commodity which misdirects economic inquiry from the real value of human capital as the proper foundation of a viable economic system. It focuses on the role of a... Read more
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Abstract
Employers worldwide are seeking and failing to find in new recruits many skills that are critical for success. Skills that enable employees to work as part of a team, communicate effectively, take decisions, lead, adapt to change and solve problems creatively are not often found in fresh graduates. Education does not impart these skills as efficiently as it... Read more
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Abstract
Solutions to the major problems of our time require a radical shift in our perceptions, thinking and values. Post-normal times (characterized by complexity, chaos and contradictions), post-normal science (characterized by uncertainties, systems view of thinking, alternative perspectives, unknown unknowns, values) and human-centered economy are conceptions... Read more
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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This is Part 2 in the Money Series. Part 1 "The Power of Money" is available here.
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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
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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
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Happiness Then and Now and the Place of the Human Being in Social Theory
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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
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Beyond Capitalism, Socialism, and Other Old Isms
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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
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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
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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
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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
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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
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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
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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
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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
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“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
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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
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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
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“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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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“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
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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
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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
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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
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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
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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
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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
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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
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New Economics