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Economic Theory

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
Introductory Paper for a Programme on The Wealth of Nations Revisited
Updating macro-economics
Science and Economics: The Case of Uncertainty & Disequilibrium
Rethinking Growth: The Need for a New Economics
The World in 2052
The Evolution of Wealth & Human Security: The Paradox of Value and Uncertainty
From Limits to Growth to Limitless Growth
Inclusive growth: Why is it Important for Developing Asia?
Crises and Opportunities: A Manifesto for Change
Book review — Money and Sustainability: The Missing Link
The Power of Money
On the Need for New Economic Foundations: A Critique on Mainstream Macroeconomics
Human Centered Development Perspective
Building a Caring Economy and Society
Steve Jobs: Nobel Laureate
Malthus
Replacing the Concept of Externalities to Analyze Constraints on Global Economic Growth and Move Toward a New Economic Paradigm
New Paradigm in the Service Economy The Search of Economics for Scientific Credibility: In between Hard and Soft Sciences
Contours of New Economic Theory
Viable Solutions for seemingly Intractable Problems
The Greek Financial Crisis – Theoretical Implications
New Humanism and Sustainable Development
Changing the Dominant Paradigm in Economics
Concepts for a New Generation of Global Modelling Tools: Expanding our Capacity for Perception
Money, Markets and Social Power
The Market Myth
Blind Spots of Interdisciplinary Collaboration - Monetising Biodiversity: Before Calculating the Value of Nature, Reflect on the Nature of Value
Rethinking Economics, the Role of Insurance: Adam Smith Upside Down—The Central Role of Insurance in the New Post-Industrial (Service) Economy*
Domesticating Finance for Pursuing Post-Crisis Growth

Dimitrios Kyriakou
 Get Full Text in PDF Abstract There has been a total (public and private) debt bubble that has been growing since the 80s, accompanying an implicit promise of higher standards of living through large market deregulation experiments (capital markets deregulation and capital mobility being chief among them). The path chosen by conventional economics for delivering this implicit promise... Read more
Orio Giarini
 Get Full Text in PDF Abstract In the first page of The Wealth of Nations, Adam Smith described an apparently trivial issue, the making of a pin. In his search for ways to effectively fight poverty, he formulated the basis for a new view of economy based on the Industrial Revolution. Two centuries later, the perspective he developed remains intact and is largely outdated. It does not... Read more
Joachim H. Spangenberg
 Get Full Text in PDF Abstract Defining, assessing and valuing biodiversity and ecosystem services is an exemplary field, illustrating the necessity as well as the obstacles to interdisciplinary collaboration between natural scientists and economists. Despite the frequent use of identical individual motivations and similarities in the terminology, the discrepancies and misunderstandings... 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
Robert Hoffman, Bertram McInnis
 Get Full Text in PDFForeword This the first of two articles that describe the development of a new generation of global modelling tools that was first proposed by the authors as members of a working group of the Canadian Association for the Club of Rome in 1993. This paper describes the underlying conceptual framework adopted by the group. The companion paper describes the Global Systems... Read more
Maria de Lourdes Mollo
 Get Full Text in PDFAbstract This article addresses the discussion proposed by the World Academy of Art & Science (WAAS) about the need to build a new paradigm to confront the challenges of the global society and to move across to a New Society discussing specific problems related to economic globalization and proposing changes. The ways in which economic orthodoxy and heterodoxy... 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
Garry Jacobs
 Get Full Text in PDF Abstract The need for a paradigm change in economic thought has been well established, but the contours and fundamental characteristics of a new paradigm in economic theory are yet to be worked out. This article views this transition as an inevitable expression of the maturation of the social sciences into an integrated trans-disciplinary science of society founded on... 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
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
John Scales Avery
Get Full Text in PDF Abstract T.R. Malthus' "An Essay on the Principle of Population" (1798) was one of the first systematic studies of the problem of population in relation to resources. It was the first such study to stress the fact that, in general, powerful checks operate at all times to keep human populations from increasing beyond the available food supply. In a later edition, published... 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
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
Garry Jacobs, Orio Giarini, Ivo Šlaus
Get Full Text in PDF Insights from Trieste The Trieste Forum in March 2013 marked a significant milestone in the effort of the World Academy to evolve a comprehensive, integrated, transdisciplinary perspective for addressing global challenges. An initial presentation on the physics of Dark Matter aptly illustrated the need for new thinking in the social sciences. If the most mathematically... Read more
Robert Hoffman
Get Full Text in PDF Abstract The body of macroeconomic theory known as the neoclassical-Keynesian synthesis, hereafter mainstream macroeconomics, has dominated the practice of economics since the middle of the twentieth century and is largely unchallenged in institutions that teach economics. Not only does mainstream macroeconomics underlie monetary and fiscal policies intended to promote... Read more
Garry Jacobs, Ivo Šlaus
This is Part 1 in the Money Series. Part 2 "Multiplying Money" is available here. Get Full Text in PDF Abstract Although we all use money every day, the nature and functioning of money seem shrouded in commonplace myths and ancient mysteries. Money plays a central role in economics today, yet rarely do we come across a serious, informed discussion of what money really is and what role it plays... Read more
Ivo Šlaus, Garry Jacobs
Get Full Text in PDF A Report from the Club of Rome – EU Chapter to Finance Watch and the World Business Academy By Bernard Lietaer, Christian Arnsperger, Sally Goerner and Stefan Brunnhuber Triarchy Press 2012 This report by WAAS Fellow Bernard Lietaer and his associates addresses important theoretical and practical issues regarding modern monetary systems. The central thesis of the report is... 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
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
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
Ian Johnson
Get Full Text in PDF Humanity has made immense progress over the last few decades. The starting point for setting a future's agenda can be anchored in a healthier, better educated, more prosperous, and better informed and connected world than ever. Humanity finds itself at an evolutionary crossroad. The choice is between a perfect storm of progressively deepening crises and expanding... 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
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
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
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
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
Economic Theory
Tomas Björkman
John Scales Avery
Garry Jacobs, Orio Giarini, Ivo Šlaus
Garry Jacobs, Ivo Šlaus
Orio Giarini, Garry Jacobs, Ivo Šlaus
Orio Giarini, Ivo Šlaus, Garry Jacobs
Orio Giarini, Garry Jacobs, Ivo Šlaus
Ian Johnson
Orio Giarini, Garry Jacobs, Bernard Lietaer, Ivo Šlaus