Responding to the financial crisis: Need for a new economics

摘要

This viewpoint argues that the financial crisis has also highlighted the failings of mainstream economic thinking, at both micro and macro-economic levels, in providing adequate and appropriate understanding of how economies work. As a result, it cannot inform well decisions by policy-makers. In particular, mainstream economics has neglected the complexity of systemic interactions and behavioural factors underlying modern economies, as well as the systemic dependence of economies on natural resources and ecosystem services. This piece discusses four heterodox economic approaches that could contribute to the development of a new economics. By focussing on what these approaches tell us about particular problems, a more realistic and useful economics can be developed, which can address the current economic challenges in ways consistent with realising a transition to a sustainable future.