The Global Solutions Initiative, THE NEW INSTITUTE, Prosocial World and INET Oxford are collaboratively hosting a workshop series on “Economic Paradigm Change”.
The workshop series will attract major contributors in the development of new paradigms for economics. The new paradigms contain a new understanding of the purpose of economics, focused on the mobilization of resources in the pursuit of wellbeing in thriving societies, now and in the future. Furthermore, the new paradigms involve a new approach to the collection of economic data, new methods of analysis, new questions concerning the nature of economic activity, and a new assessment of economic success. The contributions to the workshop series will be based on an underlying critique of orthodox economics, in terms of its central characteristics: individualism, socially disengaged behavior, ignorance as risk, utility-based wellbeing, and progress as economic growth. The new paradigms call each of these characteristics into question and suggest new approaches to economic policy and business practice. The workshop series is part of the Socio-Economic Transformation programme at THE NEW INSTITUTE and draws on the “Recoupling Initiative” of the Global Solutions Initiative.
In this session, Dennis J. Snower and David Sloan Wilson presented “Rethinking the Theoretical Foundations of Economics: The multilevel paradigm”.