Rethinking Economics
with the Help of Philosophical
and Christian Perspectives

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What's wrong with economics? Here are some suggestions that people have discussed over the past 50 years or so:

The plethora of problems challenging economics 1200,750

Some of those are problems caused by the way the economy operates, some are problems within economics itself, its theories and rules. (We use the word "economics" very broadly; see Note: Economics.)

A veritable plethora of proposals has emerged over the past 50 years about what to do (in random order):

De-growth; Sharing Economy; Microfinance; God's Good Economy; Redeeming Economics; Freakonomics; Gift Economy; Digitalization; Relational Economics; Wellbeing economics; Value of Everything; Value(s); Human Development Index; Biodiversity; Economics of Arrival; Economics of Enough; Economy for the Common Good; Economy of Communion; Utopia for Realists; Poor Economics; Gross Happiness Index; Blossoming Economy; Circular Economy; Christianity and the New Spirit of Capitalism; Participatory Market Systems Development; Mission Economy; Post-Growth; Natural Order of Money; True Price Movement; Doughnut Economics; Foundational Economics; Development Economics; Civil Economy; Environmental Economics; New Environmental Economics ...

Each proposal addresses one or two of the problems and offers some useful insight. None address them all. No overall view. No integration.

We need to rethink economics from the foundations up with fresh perspectives. It is not economics itself that is necessarily problematic, but rather, how we use it and how it has developed. To help us, we bring six perspectives to guide our Rethink, which are described below. It may be of interest to all, not just Christians, and not just philosophers or economists.

How It Started

This thinking was sparked off by the 2020 Reith Lectures on Values in Economics given by Mark Carney, ex-governor of the Bank of England. We began with a deep feeling that the current economic system, based on growing GDP, is deeply harmful to environment and people, and even against Biblical Principles. We have journeyed beyond that, to explore a number of recent thinkers, and identify where they are good but also lacking. After a year of Zoom discussions by the RLDG (Reith Lectures Discussion Group), an initial rethink was formulated, but incomplete. Continued discussion produced the current Rethink / Reframing of Economics, which is more substantial and sytematic, with four main pillars, listed below, and it continues to develop. Please send comments if you wish to help.

Contents of this Site

Main Rethink, current version, still evolving;
Discussions by RLDG (since December 2020, more than two dozen) that generated the rethink;
Earlier Drafts of Rethinking Economics;
Responses to various thinkers and ideas;
Other material.

Main Rethink

Following is an outline. For more, see Introduction to the Main Rethink

Four Main Principles	Six Perspectives
The following principles that guide our thinking arise from questioning fundamentals, with the help of six perspectives listed opposite. We introduce them as questions. 1. Have economics and the economy lost their way? In Chapter 4, we discuss the meaning, mandate and mindset of economics as integral economics and not just from outside. Example Key takeaway: Economics as 'serving' other spheres of life, all together aimed at Multi-aspectual Overall Good, rather than being the most important. 2. Is economics too narrow in what it values? In Chapter 5, we argue that a wide range of values is important, to be taken account of within economics theory as well as practice - especially the natural world, unpaid household work, and even subtle things like happiness, aesthetics and faith. Example Key Takeaway: Use Dooyeweerd's Aspects to understand diversity of value(s). 3. Do economic predictions keep going wrong? Do we truly understand economic activity? Chapter 6 presents a multi-aspectual idea of functioning and repercussions, in which economics theory and practice take account of other spheres of human life rather than treating them as 'externalities'. Example Key Takeaways: 1. Take every aspect into account, especially hidden mindset and attitude. 2. Here is a way to include unpaid work. 4. How much damage does the economy do to the world, to human health and happiness? Chapter 7 finds a way to properly distinguish harmful and useless economic activity from good in multiple aspects, rather than just lump them all together as GDP and the desire for growth do. Example Key Takeaways: 1. GDP should subtract Harmful economic activity from Good, rather than add it. 2. A way to decide where growth and de-growth should occur.	1. Pre-theoretical, everyday perspective. Derive ideas from what actually happens as well as from theory. 2. Embracive perspective. Theory and practice, left- and right-wing, socialism and capitalism, conventional and recent, heterodox and orthodox all offer valid insights. 3. Dooyeweerd's philosophy to underpin our understanding of (economic and all) reality. Especially his multi-aspectual viewpoint. 4. Christian and Religious perspectives offer important insights that economics should not overlook. 5. Multi-aspectual Overall Good as what all economic activity should contribute to. 6. Engage with all extant thought: listen, affirm, critique, enrich.

Four Main Principles

Six Perspectives

The following principles that guide our thinking arise from questioning fundamentals, with the help of six perspectives listed opposite. We introduce them as questions.

1. Have economics and the economy lost their way? In Chapter 4, we discuss the meaning, mandate and mindset of economics as integral economics and not just from outside. Example Key takeaway: Economics as 'serving' other spheres of life, all together aimed at Multi-aspectual Overall Good, rather than being the most important.

2. Is economics too narrow in what it values? In Chapter 5, we argue that a wide range of values is important, to be taken account of within economics theory as well as practice - especially the natural world, unpaid household work, and even subtle things like happiness, aesthetics and faith. Example Key Takeaway: Use Dooyeweerd's Aspects to understand diversity of value(s).

3. Do economic predictions keep going wrong? Do we truly understand economic activity? Chapter 6 presents a multi-aspectual idea of functioning and repercussions, in which economics theory and practice take account of other spheres of human life rather than treating them as 'externalities'. Example Key Takeaways: 1. Take every aspect into account, especially hidden mindset and attitude. 2. Here is a way to include unpaid work.

4. How much damage does the economy do to the world, to human health and happiness? Chapter 7 finds a way to properly distinguish harmful and useless economic activity from good in multiple aspects, rather than just lump them all together as GDP and the desire for growth do. Example Key Takeaways: 1. GDP should subtract Harmful economic activity from Good, rather than add it. 2. A way to decide where growth and de-growth should occur.

1. Pre-theoretical, everyday perspective. Derive ideas from what actually happens as well as from theory.

2. Embracive perspective. Theory and practice, left- and right-wing, socialism and capitalism, conventional and recent, heterodox and orthodox all offer valid insights.

3. Dooyeweerd's philosophy to underpin our understanding of (economic and all) reality. Especially his multi-aspectual viewpoint.

4. Christian and Religious perspectives offer important insights that economics should not overlook.

5. Multi-aspectual Overall Good as what all economic activity should contribute to.

6. Engage with all extant thought: listen, affirm, critique, enrich.

Ten chapters in four parts,

summarizing recent and conventional ideas,
explaining our five perspectives,
setting out our main ideas, and
discussing its relevance to environmental economics and also several issues in conventional economics.

Overview poster and its explanation.

Earlier Drafts of Rethinking Economics

Rethink Version 1 (April 2022)

Even Older Rethink (October 2021):

Beginning to Rethink the Economy, with the help of Philosophical and Christian Perspectives - Proposals for rethinking the economy and economic activity that emerged from our discussions.
Findings of the First Eight Discussion of the Reith Lectures, leading towards .
Topics Covered during lectures and the first five discussions: a list of topics and comments made about them, and how they link together. This contains pointers to sources in the following files.

Responses to Various Thinkers and Ideas

Overview of Recent Thinkers - a systematic tabular presentation of recent approaches to Economics, to enable systematic comparison and critique of a number of recent thinkers.
On the Circular Economy - outline, critiques and our LACE of it.
Mariana Mazzucato - Thoughts on The Value of Everything and Mission Economy
Kate Raworth's Doughnut Economics - Affirming, Critiquing and Enriching
The Skidelskys' How Much Is Enough?
The Economics of Biodiversity: The Dasgupta Review - A Summary of its Messages, Appreciative Critique.
Responses to the UNSD project to redesign national accounts (Example of using principles of this rethink to contribute to the redesigning of SNA by the UN, OECD, etc. for 2025.):
- Concerning Multinational Enterprises (pdf)
- Broader Comments by RLDG on Bringing Wellbeing and Sustainability into National Accounts (with links), pdf version.
Comment on Steven McMullen's blog What Difference Does Christianity Make In Economics?

Other Material

JRI blog "The Economics of Biodiversity: An Opportunity for Christian Thinking"
Rethinking Economy in the Light of Covid-19 - (submitted to the Heywood Foundation). (pdf)
Understanding Non-Essentials in the Economy
Is economics bad or good?
On the Gestation of Externalities: Time in Economic Activity
Rethinking Economy in the Light of Covid-19
Who are the Reith Lectures Discussion Group (RLDG)?.
A Wee Story

Rethinking Economics with the Help of Philosophical and Christian Perspectives