Reinterpretation of history

Kristín Vala Ragnarsdóttir and Ásgeir Brynjar Torfason

Chapter 4 in The Elgar Companion to Creating a Regenerative Economy for Wellbeing, 2026, pp 63-81 from Edward Elgar Publishing

Abstract: This chapter with historical reinterpretation marks the start of the middle part of the book for new thinking. The critique of ‘homo economicus’ is drawn from behavioural science along with other interdisciplinary insights for economics into cooperation and trust. The chapter also points to a deep human capacity for cooperation over competition and debunks the rational agent of economic models that is selfish and only maximising. Reframing of economics around ‘homo empathicus’ aligns with recent trends in behavioural economics and is fundamental for solving the current state the world is in ecologically and economically. Rethinking is needed for how society organises education, democracy and business, based on compassion. Trust in society is fundamental and that comes from social interactions through cooperation and thereby increases compassion. The chapter outlines how the goodness, not selfishness, of human nature provides the grounding for a new economic paradigm, based on care for both people and planet Earth.

Keywords: Selfishness; Homo Economicus; Cooperation; Compassion; Trust; Rethinking (search for similar items in EconPapers)
Date: 2026
ISBN: 9781800884960
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