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The need for a new paradigm in economics

Garry Jacobs

Keywords: paradigm change; new economic theory; social science; subjective factors; values; uncertainty

The multidimensional challenges confronting humanity today, combined with our inability to fully harness the abundant human, social, technological, and financial resources to meet human needs, point to serious insufficiencies in prevailing economic theory modeled on the natural science. A paradigm change is needed in the social sciences akin to that which occurred in Physics a century ago. A human-centered theoretical framework is needed to bridge the divide between economics and human values, reintegrate economy with society, and unify the objective and subjective, individual and collective dimensions of social reality. This article identifies nine essential characteristics of new economic theory.

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