New Paradigms and Approaches for Economic Growth and Well-Being
Abstract
It is argued that economics needs to change radically since the socio-economic system is changing and self-organising itself in a way which is difficult, if not impossible, to reconcile with existing theory. In an increasingly complex and interdependent system, the aggregate phenomena that emerge do so as a reflection of the interaction between all the participants. The system is constantly evolving and is neither in, nor converging towards, a steady state. Thus, forecasting cannot be based on extrapolations from the past or analysis of the behaviour of an isolated individual. To position economic growth and analysis in a wider systems perspective requires both innovation of economic tools, methodology and policy, and the repositioning of the field of economics in relation to other critical fields such as the environment, society, and politics at the analytical and rhetorical levels and through the integration of policies in practice.
Citation
@incollection{HynesEtAl2020NewParadigmsApproaches,
abstract = {It is argued that economics needs to change radically since the socio-economic system is changing and self-organising itself in a way which is difficult, if not impossible, to reconcile with existing theory. In an increasingly complex and interdependent system, the aggregate phenomena that emerge do so as a reflection of the interaction between all the participants. The system is constantly evolving and is neither in, nor converging towards, a steady state. Thus, forecasting cannot be based on extrapolations from the past or analysis of the behaviour of an isolated individual. To position economic growth and analysis in a wider systems perspective requires both innovation of economic tools, methodology and policy, and the repositioning of the field of economics in relation to other critical fields such as the environment, society, and politics at the analytical and rhetorical levels and through the integration of policies in practice.},
address = {Paris},
author = {Hynes, William and Kirman, Alan and Love, Patrick and Naumann-Woleske, Karl},
booktitle = {Systemic Thinking for Policy Making},
doi = {10.1787/879c4f7a-en},
edition = {1},
isbn = {978-92-64-49456-5},
pages = {23--28},
publisher = {OECD},
title = {New Paradigms and Approaches for Economic Growth and Well-Being},
year = {2020}
}