The multidimensional challenges confronting humanity today are human-made and can be changed by a change in thought and action. Reform of policies and institutions is not sufficient. Fundamental changes are required in socio-economic theory and the way we think. Contemporary economic thought is built on a mind-frame that originated prior to the Industrial Revolution when scarcity of goods in a world of abundant resources was the primary concern, economic growth was considered synonymous with human welfare, and impact of humanity on the environment was completely ignored. Without challenging obvious flaws in existing theory, it will be not be possible to significantly alter current policies and practices. This course is an open invitation to re-examine economic thought from first principles through open discussion.
The overall aim of the course is to
(a) demonstrate why mainstream neo-classical economic theory is inappropriate for dealing with the global challenges of the 21st century
(b) explore alternative approaches for achieving ecologically sustainable, human-centered development and welfare for all
(c) identify core elements of a transdisciplinary framework encompassing economic, political, social, cultural and ecological dimensions
This course will present the findings of a five year research program of the World Academy of Art & Science and the on-going work of the New Economic Theory working group. It seeks to harness the best available ideas and practices on human-centred, sustainable economy with the power to challenge and alter university level education in Economics, public policy, business decisions, media coverage and general public opinion regarding how the world economy should and can work for the betterment of all humanity.
* Programme offer ECTS credits.