How economics can change the world

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How economics can change the world

A paradigm change seems to be taking place, a movement for change seems to be in the making, but at the same time there is a widespread feeling that things are getting worse instead of better and there is no guarantee that change will lead us into a better future in the next few decades.

In doing so we realize that we are looking at a holographic picture which contains different layers, which are interdependent: Human biology; values and belief systems; the changing narrative underlying the development of human society; economics and governance and the many tools as well as special interests, support and uphold the outdated paradigms.

The one element which influences all people nearly every day and is behind just about each and every crisis is the theory and practice of current economics.

The article explores the debate on current economics and proposes mechanisms of change. Introduction We live in one of the most dynamic and important periods of change humanity might How economics can change the world ever seen.

A time of fundamental change comparable with the change from a hunter and gatherer society to an agricultural society, the change from a feudal society to a democratic society or the change from an agricultural society to an industrial and technology-driven society.

What is different in these periods of change are the speed and the geographical scope. But we also live in a time of multiple crises and negative developments and trends. Unemployment, inequality, the financial crisis, biodiversity depletion, and degradation of ecosystems, climate change — you name it, we have it.

There is a growing feeling amongst civil society representatives, foundations and citizens from all walks of life that we are winning skirmishes and battles, but losing the war in our strife for a sustainable, equitable and just world — despite the multitude of positive initiatives and the billions spent on good causes.

The reasons for this feeling are manifold but lie certainly in our current inability to address the roots of the problem. Even thinking about fundamental approaches is not encouraged. However, this key question should be explored and addressed without taboos on a broad scale, foremost by civil society organizations, many of which believe and claim that they do this anyway, but looking closer reveals they rarely do so.

It is becoming more and more evident that the various challenges humanity faces are in fact aspects of a systemic crisis, which to a large degree is related to our current economic theory and practice and our underlying values and belief system.

What stops us from trying?

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For one it is evidently the magnitude of the task, as underlying root causes seem too fundamental, big, nebulous and fuzzy to tackle.

But if the apparent complexity is our challenge, then why not try to find a way through this complexity, which allows us to identify clear and pragmatic lines of action, like trying to change the global economic system, which stands out as the key driver behind the global challenges we face?

A second key reason is directly linked to ourselves: Civil society, which should drive the process, has become sectoral and institutionalized to a certain degree. Instead of pursuing a vision for the world, it is increasingly absorbed in its own vision. Being a hamster in a running wheel and having to go faster and faster just to remain in the same place have become widespread feelings, especially for the Western middle class.

And for many, the sheer complexity of the world seems too much to digest, so they have stopped trying to make sense of it.


Those who benefit from the current system and do not want any change plus all those who are wedded to the old worldview and have difficulty finding a way out of it, effectively build a barrier for natural change to happen.

We are to a certain degree moving within the conceptual framework of systems that we know we need to change. The bad developments are and seem to be massive and tend to block the view on all the positive aspects of development, which are as massive but differently structured and not that easy to spot in their entirety.

Hundreds of millions of people are engaged in making this world a better place. This is a web of life, largely invisible, stronger than one might think. Still, the planet is staggering. A movement is already in the making. Actually doing it will require a fresh approach, characterized by entrepreneurial spirit and the ability to take risks and to move outside the box of well-established programming and way of doing things.

We should all team up to create an exciting drive towards a transition into a sustainable and equitable world — one so exciting that artists, creative professionals, intellectuals, concerned citizens and movements engage in a peaceful revolution to create a sustainable, fair and equitable world.

It will require cooperation and working together and therefore a return to a vision for the world as the main objective for civil society. And it will require personal commitments — no matter how small.

How economics can change the world

It is impossible to speak in general terms for all people and cultures across the world. China, India, Brazil and Russia, to name a few, are on a very different trajectory and experience their own paradigm change.

However, the roots of the problem originate to a large degree from the economic thinking and practice developed, promoted and exported by the West and if we want to change things at the fundamental level, then it makes sense to go to where it all started.

The West could be in a unique position to be a driver of change towards a sustainable and equitable future.

The Top Documentaries We Can Use to Change the World

Root causes, drivers, consequences and effects can be portrayed as a matrix of interconnected and interacting layers. At the very bottom we find the biological framing of our species, the hormone system, the intuitive level and the peculiarities of our brain, going back as far as the reptile brain.

This is the level that determines how human society is essentially structured and operates. Values and beliefs guide our lives, opinions, mechanisms and tools of society, but tend to be deeply hidden within our personality and our specific culture.Oct 22,  · Since these are innovations that will change the world there is a fair degree of speculation in the formulation of my list.

The list also betrays my biases as a business student. Several of the ideas lean towards business innovations, and my lack of engineering and life sciences knowledge steers the list away from industrial technologies and.

Economics of Nuclear Power (Updated August ) Nuclear power is cost competitive with other forms of electricity generation, except where . I hear frequently that economics needs to change, and it has, at least in the questions we economists ask.

How economics can change the world

Twenty years ago, the dominant conversation in economics was about the wonder of iridis-photo-restoration.comd: Sep 18, Jul 10,  · AI and machine learning are going to change our world significantly but what will this mean for humans?

In this article we look at AI through the lenses of economics and asked professor Joshua. Two American economists at the forefront of work on climate change and the role of governments in boosting growth have been jointly awarded the prestigious Nobel Memorial prize for economics.

Not in physics or chemistry or medicine or any of the hard sciences we generally think of when we think of the world’s top recognition for smart people. But the law can change economics.

WTRG Economics -OPEC, crude oil, natural gas, analysis, forecasts and data