The need for a new paradigm in economics

Garry Jacobs
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Garry Jacobs: World Academy of Art and Science and the World University Consortium; Mother's Service Society, Social Science Research Institute, Pondicherry, India; Person-Centered Approach Institute, Rome; Club of Rome, Italy

Review of Keynesian Economics, 2015, vol. 3, issue 1, 2-8

Abstract: The multidimensional challenges confronting humanity today, combined with our inability to fully harness the abundant human, social, technological, and financial resources to meet human needs, point to serious insufficiencies in prevailing economic theory modeled on the natural science. A paradigm change is needed in the social sciences akin to that which occurred in Physics a century ago. A human-centered theoretical framework is needed to bridge the divide between economics and human values, reintegrate economy with society, and unify the objective and subjective, individual and collective dimensions of social reality. This article identifies nine essential characteristics of new economic theory.

Keywords: paradigm change; new economic theory; social science; subjective factors; values; uncertainty (search for similar items in EconPapers)
JEL-codes: A1 A11 A12 A13 (search for similar items in EconPapers)
Date: 2015
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