Overview of Recent Thinking in Economics

(Draft, still being compiled)

This tries to summarise the concerns, ideas and contribution of a number of recent thinkers in economics. Our "Rethinking Economics with the help of Philosophical and Christian Perspectives" seeks to draw a broader picture that can situate all of their various concerns and affirm, critique and enrich their solutions.

Circular Economy

• Thinker, Literature: Boulding [1966], Kneese [1988]. See our discussion On the Circular Economy.

• Motivation: The stupidity of depleting resources and generating waste.

• Key Idea: When a product reaches the end of its life or usefulness, we should not trash it but reuse and recycle: process it or all its parts to retain their value as useful product. This should reduce our demand for natural resources (minerals, timber, oil, etc.), and produce environmental benefits. Contrasts with linear economy, in which we extract natural resources, process them into products, which then become waste. Instead of take-make-waste, we have repurpose-reuse-repair-recycle. This is hoped to lead to a more sustainable society (and economy).

• Where used:

• Reference to history:

• Main advantages: 1. Emphasises responsibility (for natural resources). 2. Recognises the kernel meaningfulness of the economic aspect is frugality rather than consumption or finance. 3. Arguably the best expression of the laws of the economic aspect yet to emerge.

• Main weaknesses: 1. Limited to treating value in economic terms. 2. Does not sufficiently address harm, nor uselessness. 3. Paradoxically it can increase, not decrease production. 4. It can lead to injustices. 5. Relies too much on metaphor.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4: Focuses only on one problem and solution
  • Multi-values Ch5: Mainly economic aspect.
  • Functioning ch6: Economic aspect with engineering and spatial analogies, nor recognising impact of and on all aspects.
  • Good, Harmful, Useless Ch7: This is its core motivation.
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday: Yes
    • Embracive: Not really
    • Aspects: Economic, with formative and spatial analogies
    • Theory: Too theoretical but its simplicity has inspired practice
    • Religion: Ignored
    • Overall Good: Seen solely as reduction of waste; has no basis for other kinds of good or harm.

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Only economic aspect, but it does deepen that, to recognise global limits on resource and the need for frugality.
  • Moral Economy: The only harm considered is the economic harm of waste and resource-depletion, though implied is the harm of injustice to future generations.
  • Multi-level Economy: Global concern, but national level of planning.
  • Multi-value Economy: Not explicit.
  • Responsible Economy: Responsibility to keep resources for future generations, but little more.

• Similar ideas: Doughnut Economy might be a motivator for a Circular Economy.

Carney's Values-Oriented Economics

• Thinker, Literature: Mark Carney. Value(s)

• Motivation: Economics is too narrow in its outlook.

• Key Idea: (a) Concerned with values and how economic value represents out values. Economic value should express all the values we hold as a society, rather than ignoring them, especially in the light of the Credit, Covid and Climate Crises. He stresses the following values: "responsibility, fairness, integrity, dynamism, solidarity and resilience" [p.519]. (b) He brings reference to the credit crisis, covid crisis and the climate crists.

• Where used:

• Reference to history:

• Main advantages: A strong normative slant.

• Main weaknesses: Seems to give no compelling reason for being guided by his set of values - though he gives some historical reasons for the importance of each. Presupposes society as the sole arbiter and source of values. Of which society should the values be expressed in economic value: Western-affluent society? Islamic? Hindu? Chinese? Christian? Why?

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Some aspects implied, but not made explicit. However, a theme that the economy should serve other aspects.
  • Moral Economy: Implied in the idea of values and value.
  • Multi-level Economy: Mainly macro.
  • Multi-value Economy: Strong on the need for values to inform economic value, but no basis offered for determining which values should guide the economy. In our Rethink, we use Dooyeweerd's aspects as a comprehensive range of values, which transcend cultures and the shifting fashions of societies, and are philosophically grounded, and can be defended as a reasonably comprehensive set.
  • Responsible Economy: Of businesses and governments, and lack thereof in the financial sector. Our Rethink urges responsibility at all levels: individuals, households, businesses and other organisations, communities, nations and governments, and humanity as a whole, and we make explicit to what/whom we are responsible.

• Similar to:

Doughnut Economics

• Thinker, Literature: Kate Raworth

• Motivation: Economic growth damages environment, but we must avoid poverty.

• Key Idea: Her main concern is economic growth - how we can live reasonably without growth that will undermine ecological sustainability. (a) (Metaphor) The economy can grow, but only within a certain range. Growth must stop before it hits the ecological ceiling, and it must ensure it does not go below the social floor. (b) More generally, seven assumptions in mainstream economics need to be rethought for the 21st Century.

• Where used:

• Reference to history:

• Main advantages: 1. Emphasises human rather than just economic needs. 2. The key idea is expressed via a very simple metaphor, which is also amenable to creative imaginings, so people can easily pick it up. 3. Has worked out in some detail what constitutes the ecological ceiling and social floor. 4. Her seven challenges to assumptions.

• Weaknesses: 1. Presupposes that the ecological ceiling is higher than the (desired) social floor - which might not be true (ecological footprint of USA, UK people is 2.5 to 3 earths) - and does not discuss how to address that. 2. Does not seem to clearly differentiate harm that economic activity does, from the good it does. 3. Covers only limited aspects within which the economic aspect is embedded (ecological and social). 4. Might not vested interests (including our own!) tend to think that 'my' sector can grow because it is below the ecological ceiling, regardless of the fact that many other sectors are well above it? (DE might say, "Well, we just have to keep all in mind together" - but are such add-on admonitions truly effective? Is it not better to build in a clear norm of responsibility, instead of mere quantitative calculations?

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Recognises this, but only implicitly. Our multi-aspectual approach could help sort justify the components of the ecological ceiling and social floor, and the seven challenges to conventional economics.
  • Moral Economy: Ecological ceiling recognised as a harm.
  • Multi-level Economy: Not really.
  • Multi-value Economy: Implicit in components of social floor, but her arguments are still to narrowed to economic value.
  • Responsible Economy: No explicit reference to responsibility; does not occur in index.

• Similar ideas: Blossoming Economy.

Goudzwaard: Blossoming Economy

• Thinker, Literature: Bob Goudzwaard, 1980s. Capitalism and Progress [1979]; Idols of our Time [1984]; "Blossoming Economy"

• Motivation: Problems with unlimited economic growth.

• Key Idea: (a) (Metaphor) Just as a tree grows in height when it is young, but when it is mature, it ceases growing taller and instead puts its effort into flowering and bearing fruit, so the economies of developing nations should be encouraged to grow, while those of developed nations should cease growing and instead bear fruit'. (b) Also concerned with justice.

• Where used:

• Reference to history: How capitalism and progress were achieved, with capitalism as the means of achieving progress, and economic growth as the primary economic good. Summary: Centuries ago - and this is in Adam Smith too - economic growth was seen as a measure of growth in human good, in the context where many suffered disease, disasters, wars, injustices, etc. because they did not have enough money for e.g. seed, health care, etc. while the wealthy had too much and spent it on luxuries. Economic growth, then, was a good thing. But, now that our economies have grown to provide such basic necessities more widely and more equitably than before, it has become an idol, an end in itself that determines much else and to which much else is sacrificed, and it is increasingly being channled towards luxuries for the affluent peoples, while it is causing environmental and other problems elsewhere. Goudzwaard therefore introduced the idea of the Blossoming Economy, using the metaphor of the tree. While young, the tree is mandated to grow, but once it reaches a certain mature height, it stops growing taller and devotes energy to blossoming and fruiting. By this metaphor, the economies of affluent countries should cease growing, while those of developing countries should grow. Bob Goudzwaard also published Idols of Our Time, in which he wrote about economic growth (and technology, revolution and national security) as being idols that lead us astray.

• Main advantages: 1. Shows clearly the difference in rules governing developing economies from developed ones. 2. Gives a strong reason for stopping economic growth. 3. Offers a purpose to the economy beyond mere growth ('fruitfulness'). 4. In doing so, it seems to recognise the embeddedness of the economic aspect among othes. 5. Links it with an interpretation of Days of Creation.

• Main weaknesses: 1. Argues from a metaphor, which some could say does not apply. 2. Not very well worked out; it remains a motivating and guiding idea. 3. Does not clearly spell out the other aspects among which the economic aspect is embedded, especially environmental issues; too focused on human living, rather than human responsibility to the rest of Creation. 4. Does not clearly distinguish harmful from good repercussions of economic activity.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Idolatry of economic growth is hamful;
  • Moral Economy: Justice.
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy: Growth should be responsible and self-limiting.

• Similar to: Doughnut Economics.

God's Good Economy

• Thinker, Literature: Andrew Hartropp: God's Good Economy

• Motivation: Economic activity has been unjust.

• Key Idea: Concerned with justice in economics, how to make economics more just.

• Where used:

• Reference to history:

• Main advantages: Brings in justice.

• Main weaknesses: But only justice [=====check]

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Wants to link economic and justice aspects.
  • Moral Economy: Recognises one kind of harm: injustice.
  • Multi-level Economy: Tends to be national and global.
  • Multi-value Economy: Only justice.
  • Responsible Economy:

• Similar to:

Post-Growth: Prosperity Without Growth

• Thinker, Literature: Tim Jackson (head of CUSP) Prosperity Without Growth; and now, Post-Growth
  Blewitt and Cunningham (eds) The Post Growth Project

• Motivation: There is a way to prosperity without economic growth.

• Key Idea: Concerned with economic growth and how to achieve prosperity without it.

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to: Raworth's Doughnut Economics. Also Carney's Value(s)?

De-Growth

• Thinker, Literature: Hickel

• Motivation: We must de-grow harmful sectors (and might allow good sectors to grow); overall we must de-grow.

• Key Idea: The harm done and being done by economic growth, and the need to reverse this.

• Where used:

• Reference to history: Yes.

• Main advantages: 1. Recognises the need to de-grow. 2. Allows that some sectors, and some LDN economies should grow.

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Probably.
  • Moral Economy: Yes: it has clear distinction in principle between the harmful and the good. But does it have a basis for clear thinking about which? And does it include the Useless economy?
  • Multi-level Economy:
  • Multi-value Economy: Possibly.
  • Responsible Economy: Yes.

• Similar to: Raworth's Doughnut Economics. Also Carney's Value(s)? Post-Growth. Goudzwaard.

Economy for the Common Good (ECG)

• Thinker, Literature: Christian Felber (ECG) Economy for the Common Good. Change Everything.

• Motivation: ? Anger at inequalities?

• Key Idea:

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

Gross Happiness Index

This has still to be filled in.

• Thinker, Literature: King of Bhutan.

• Motivation: Money does not ensure happiness etc, but happiness is more important than money.

• Key Idea: Somehow measure happiness and evaluate economies on that rather than on GDP, as Gross Happiness Index.

• Where used: Bhutan originally, but now more widely. The Gross Happiness Index has spawned several other indices.

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4: Meaning and mandate of economics is to increase and ensure 'happiness' of a population.
  • Multi-values Ch5: Happiness - which itself is multi-aspectual.
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday: Yes
    • Embracive:
    • Aspects: Yes
    • Theory:
    • Religion:
    • Overall Good: Yes

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

SNA 2025

• Thinker, Literature: United Nations Statistics Department, redesigning the System of National Accounts for 2025

• Motivation: Narrowness of national accounts, which undervalue much that is important.

• Key Idea: Concerned with bringing sustainability, unpaid [activity], globalization, digitalization into national accounts, where they do not take them into account properly.

• Where used:

• Reference to history:

• Main advantages: (a) Breadth of awareness of what is of value (wellbeing, sustainability, including unpaid household income). (b) Taking account of 'modern' world situation, including globalization and digitalization. (c) Trying to work these out with actual procedures etc. what will be adopted.

• Main weaknesses: Reducing everything to economic aspect and quantification.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Fairly good, and explicitly recognising many aspects.
  • Moral Economy: No.
  • Multi-level Economy: National, with household and global levels.
  • Multi-value Economy: Making an attempt, but still presupposes quantification.
  • Responsible Economy: Implicit.

• Similar to:

Foundational Economy

• Thinker, Literature: Manchester (university) Collective: Foundational Economy (on basic needs and how they were, are and can be met) Manifesto for the Foundational Economy.

• Motivation: 'Favoured' sectors of 'the economy' get special treatment and attention, while 'mundane' sectors are taken for granted, even though we all depend on them. (Favoured e.g. aviation, space, IT. Mundane e.g. health, social care, 40%. UK Government policy to invest in "eight great technologies". Academic support for that.)

• Key Idea: Concerned with the half of the economy that is hidden, taken for granted, not given dignity, not given exposure. They are the things that everything depends on. They need research etc. and other Government attention.

• Where Used: Wales.

• Reference to history:

• Main advantages: Draws attention to products, services and jobs that are really important but too often overlooked.

• Main weaknesses: (a) Foundational Economics tends to be reactive, however, pitting itself against the status quo, and thereby defining itself in relation thereto =====check. (b) Concerns itself only with paid labour and production, and ignored the unpaid [check =====] (c) Does not differentiate between those that do good and those that do harm.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Could be seen as implicitly recognising other aspects, and inter-aspect dependencies, but it is rather out of focus because of its economic-aspect lens.
  • Moral Economy: Not at all. Bringing this in would enrich it.
  • Multi-level Economy: Largely at business level.
  • Multi-value Economy: No. Only monetary totals.
  • Responsible Economy: Implictly recognises responsibility to the 'mundane. But does not get to the root of the problem of dysfunction in pistic and ethical aspects: Government, media, academics and society as a whole treating favoured sectors as 'idols' [Goudzwaard 1984] that demand sacrifices and are allowed a life of their own, and self-interest.

• Similar to: Criticises Mazzucato for supporting investment in favoured sectors to boost innovation.

The New Environmental Economics

• Thinker, Literature: Eloi Laurent: The New Environmental Economics

• Motivation: (a) Unsustainability: Economics does not do justice to the environment. (b) An "inequality crisis" - economics benefits the few.

• Key Idea: (a) Link economics, physics and justice/ethics. (b) There must be a just transition. (c) Minimise the use of natural resources.

• Where used:

• Reference to history:

• Main advantages: Recognises that both justice for poor and environment must be considered together within economics.

• Main weaknesses: (a) Does he give any means of what "just" means? Which of our aspirations are valid? (b) Reductionism: the main criterion about justice is a quantitative figure. (c) Ignores unpaid activity; ignores value that cannot be measured in currency.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Three aspects: economic, juridical, biotic-physical.
  • Moral Economy: ??
  • Multi-level Economy: ??
  • Multi-value Economy: Reduction to quantitative expression of economic factors.
  • Responsible Economy: To environment and to the poor.

• Similar to: Doughnut Economics.

Christianity and the New Spirit of Capitalism

• Thinker, Literature: Kathryn Tanner: Christianity and the New Spirit of Capitalism

• Motivation:

• Key Idea:

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

The Commons in an Age of Uncertainty

• Thinker, Literature: Franklin Obeng-Odoom: The Commons in an Age of Uncertainty

• Motivation:

• Key Idea:

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

Bullshit Jobs

• Thinker, Literature: David Graeber, Bullshit Jobs

• Motivation: Many jobs in a capitalist economy are "bullshit jobs", jobs that make no discernible difference whether they are done or not.

• Key Idea: Bullshit jobs of several kinds.

• Where used:

• Reference to history:

• Main advantages: Draws attention to the inefficiencies in capitalist economies and private companies, which seems almost as bad as in the old socialist economies.

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy: Excellent expounding of part of the idea of the Useless.
  • Multi-level Economy: Individual and business level mainly.
  • Multi-value Economy:
  • Responsible Economy:

• Similar to: Probably includes Mazzucato's "takers" as one kind of bullshit job.

Mazzucato: The Value of Everything

• Thinker, Literature: Mariana Mazzucato

• Motivation: Unproductive "takers" rather than productive "makers".

• Key Idea: "Takers" versus "Makers" and those within and outwith the "Productivity Boundary". Takers include especially those who make money out of other people's money. Sometimes called "Renters".

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses: (d) She seems overly sensitive against speculators etc.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy: Excellent contribution to our understanding of the Useless.
  • Multi-level Economy: Mainly at business level.
  • Multi-value Economy: Purports to be concerned with value.
  • Responsible Economy:

• Similar to:

Mazzucato: Mission Economy

• Thinker, Literature: Mariana Mazzucato, Mission Economy

• Motivation: Wants economic policy and practice to be driven and motivated by high purpose, similar to the 1960s moonshot mission.

• Key Idea: (a) Motivation and purpose (meaningfulness) behind the Economy. (b) Government and 'industry' should partner.

• Where used:

• Reference to history:

• Main advantages: The 'purpose', the 'mission' is an attempt to bring other aspects into the economy, to guide and steer economic activity. She mentions e.g. dealing with the climate crisis.

• Main weaknesses: Seems too focused on the government-industry partnership, and ignores e.g. unpaid and voluntary activity.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Economy is 'embedded' in its mission.
  • Moral Economy: Excellent contribution to our understanding of the Useless. (Mission presumed good - but she does not explicitly require that.8
  • Multi-level Economy: Mainly at business level. (Mainly macro)
  • Multi-value Economy: Purports to be concerned with value. Not really: only one mission.
  • Responsible Economy: THe mission defines responsibility.

• Similar to: Carney's values.

The Economics of Biodiversity

• Thinker, Literature: Partha Dasgupta. The Economics of Biodiversity; The Dasgupta Review

• Motivation: To bring biodiversity into UK Treasury equations; currently it is ignored.

• Key Idea: The economy is embedded in biodiversity, not external to it. The economy depends on biodiversity, but it is not taken into account.

• Where used:

• Reference to history:

• Main advantages: (a) Biodiversity. (b) Tries to quantify it and engage with how the Treasury works.

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Explores links between economic and biotic aspect (ecology) in some detail.
  • Moral Economy: Sees harm to biodiversity
  • Multi-level Economy: Takes mainly a global view
  • Multi-value Economy: Biotic value. Suggests how this can be brought into UK Treasury equations.
  • Responsible Economy:

• Similar to:

Tragedy of the Commons

• Thinker, Literature: Garrett Hardin.

• Motivation: Common goods get plundered, and conventional theories of economics reinforce that.

• Key Idea: Under the 'rational economic actor' paradigm, each actor will drain common resources to their own advantage, because the economic benefit of doing so accrues to them while the cost of doing so is shared by the entire community (in the case of e.g. an area of common grazing land) or world (in the case of global issues like climate change).

• Where used:

• Reference to history:

• Main advantages: Draws attention to a previously overlooked law of the economic aspect (and also why Dooyeweerd concluded the norm of the economic aspect was not prosperity but frugality).

• Main weaknesses: Solely economic reasoning, ignoring other aspects. Economic reasoning alone cannot tell us why this is detrimental, except in extremis. It needs, for example, one reason it is detrimental is found in the ethical aspect of self-giving love: the selfishness, self-centredness presupposed by Rational Economic Actor paradigm is a dysfunction in that aspect. The eventual harm of resource depletion is in the distant future, but the dysfunction is now if we understand the intertwinement of economic with ethical aspect.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): No.
  • Moral Economy: Economic harm recognised, but only long-term; to see the harmful functioning now needs a different aspect.
  • Multi-level Economy: All.
  • Multi-value Economy:
  • Responsible Economy: Implied.

• Similar to:

Relational Economics

This has still to be filled in.

• Thinker, Literature: Schluter, Wieland, Bovenberg

• Motivation:

• Key Idea:

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

Economics of Mutuality

This has still to be filled in.

• Thinker, Literature: Roche. (e.g. Jakub, J., & Roche, B. (2017). Completing capitalism: Heal business to heal the world. San Francisco, CA: Berrett-Koehler.)

• Motivation:

• Key Idea:

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

Economy of Communion and 'Civil Economy'

This has still to be filled in.

• Thinker, Literature: Bruni. Bruni, L., & Zamagni, S. (2007). Civil economy: Efficiency, equity, public happiness. Pieterlen, Switzerland: Verlag Peter Lang.

• Motivation:

• Key Idea:

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

Economics of Arrival

This has still to be filled in.

• Thinker, Literature: Katherine Trebeck and Jeremy Williams' Economics of Arrival, 2019.

• Motivation: economic growth has got out of control and must cease in those economies that have "arrived" at e.g. "ample sufficiency" [in blog].

• Key Idea: Similar to Goundzwaard but uses different metaphor of economies arriving at a summit. Affluent economies have 'arrived' and should focus on making themselves at home rather than continuing to tread upwards. The blight of ), and is perhaps worked out in more detail, adding that economies that have not yet 'arrived' can perhaps find an easier route (they cite routes less environmentally dammaging). Sections:
  • What is Arrival? [at 'ample sufficiency']
  • On making ourselves at home [the aim of economies after arriving, including reducing inequalities]
  • The futility of uneconomic growth [bloated economies]
  • What does progress look like after growth?
  • A gentler path to the summit [to be taken by economies still to arrive]

• Where used:

• Reference to history: Seems to have some

• Main advantages: Growth with environment and inequalities / justice, with some practical directions.

• Main weaknesses: Does it tackle the root problems?

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

"Rethink Economics Curriculum"

• Thinker, Literature: RethinkEconomics.

• Motivation: Rethink the curricula of economics courses. "to address the critical issues of our time. Climate change, racial discrimination, inequality and global health crises - are absent from textbooks and seminars"

• Key Idea: Get a diverse set of voices together to do so. Voices mentioned: "Women, people of colour, global south populations, LGBTQ+ people, disabled people and people from lower socioeconomic backgrounds are excluded from reading lists, ignored by research and invisible in the dominant neoclassical models."

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses: Does not really rethink. Narrow view, limited, it seems, to Global-North university students - giving little real consideration to biodiversity, ecological crisis, work stress, etc. - and the 'standard' recent student concerns - but what about children, animals, religious minorities, etc.? Come on, students, be truly radical in your thinking!

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): A little: Assumes standard lists without giving much thought to what should be in the curricula.
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy: Curricula are part of responsibility. But the tone seems one of antagonism to 'the status quo' rather than caring responsibility.

• Similar to:

Yunus Microfinance

• Thinker, Literature: Mohammad Yunus, Microfinance

• Motivation: To help ordinary people, especially women, in LDNs to establish themselves.

• Key Idea: Many people need only tiny loans to get established.

• Where used: Bangldesh and elsewhere.

• Reference to history:

• Main advantages: Helps ordinary people.

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy: Value of the mundane.
  • Responsible Economy: To help ordinary people.

• Similar to:

Banerjee: Poor Economics

• Thinker, Literature: Abhijit Banerjee, starting with Poor Economics but going further. [See CA's summary]

• Motivation: Addressing poverty, but then bringing economics into conjunction with many other fields.

• Key Idea: Avoid both market economics and grand plans, but instead listen to what the poor have to say, which often goes against standard thinking of both kinds and yet make the utmost sense when circumstances are understood (c.f. our everyday life perspective). Also, avoid Ignorance, Ideology and Inertia.

• Where used:

• Reference to history:

• Main advantages: Wide perspective, in which economics is seen in conjunction with everything else. It works to tackle poverty. Listening to what people have to say brings economists closer to everyday experience, as Dooyeweerd would heartily endorse, and offer intuitive conceptual tools to deal with. From a Christian perspective, it gives the poor respect, not just help.

• Main weaknesses: Initially focused on poverty, so might be of limited applicaation, but subsequently widened out, removing that weakness.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Very much so. Many aspects in what the poor have to say. And now extended. ***
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy: Multiple values in what the poor have to say.
  • Responsible Economy: Economy is seen as serving the poor.

• Similar to:

McMullen: What Difference does Christianity Make to Economics?

• Thinker, Literature: Steven McMullen's What Difference Does Christianity Make In Economics? See our discussion of his idea.

• Motivation: To offer a 'Christian' way to overcome the Capitalist-Socialist conflict.

• Key Idea: Take five Christian principles.

• Where used:

• Reference to history:

• Main advantages: Upholds concern about poverty.

• Main weaknesses: Limited by motivation, to resolving conflict. No real critique of the role of money nor nature of poverty, nor what harm economic activity is doing to planet and several other spheres of life.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Embeds economics within juridical and ethical considerations.
  • Moral Economy: The only ill he focuses on is poverty.
  • Multi-level Economy:
  • Multi-value Economy: Brings in juridical and ethical values, but few others, e.g. biodiversity, technology, faith.
  • Responsible Economy: A bit.

• Similar to: Banerjee's Poor Economics

Freakonomics

• Thinker, Literature: Steven D Levitt, Stephen J Dubner. 2005. Freakonomics: A Rogue Economist Explores the Hidden Side of Everything. Penguin, UK.

• Motivation: To show how the economic aspect applies to all life, and how using economics ideas can help us make better decisions.

• Key Idea: Everything in life had an economic aspect, e.g. dating.

• Where used:

• Reference to history:

• Main advantages: Multi-aspectual.

• Main weaknesses: The book has been criticised for making statistical errors, and for misrepresenting some of the papers it cites. A lot of its supposed strengths depends on how one defines the outcomes and which data one uses. Levitt's outcomes derive from selected data mining scours. That is, it is heavily dependent on what we select as meaningful and good, and what we omit. Moreover, with the help of aspects, we can see that most of its claim to help people in life, is focused on the formative aspect of achieving goals and making decisions, rather than on more nebulous and situated things like love, art or worship. (See the Wikipedia page for some useful critique.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Sees economics ideas as helping in (some aspects of) the rest of life. However, it has been criticised for being too "amateur" at this, and almost ignoring economics.
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy: Recognises multiple aspects. ===== this is better under the idea of multi-aspectual human functioning
  • Responsible Economy: No! The authors seem to be anything but responsible, in their selective use of data.

• Similar to:

Participatory Market Systems Development (PMSD)

• Thinker, Literature: Jim Ouko, Practical Action

• Motivation: Getting markets to work well in rural situations in developing countries.

• Key Idea: "PMSD looks at the whole chain, everyione involved, bringing them together to make it work better for everyone. More efficient, more inclusive and more equitable." "In short, it's empowerment, scale and sustainability. It's about empowering the most marginalised people in the system - usually the farmers - to have a voice and contribute equally. It's also about enabling market actors to collaborte in improving the market system ..." including growers, retailers, service providers and bodies who regulate the market all together. [From Small World, Issue 26, May 2022, Practical Action.]

• Where used:

• Reference to history: Roots in E.F. Shumacher's Small is Beautiful.

• Main advantages: It works in practice in some places. Emphasis on talking to all involved and enabling them to express their concerns, hopes, aspirations and ideas.

• Main weaknesses: It seems to work in small rural areas in so-called developing countries, where the life aspirations and expectations of those involved are not those of the affluent, urban, metropolitan Global North. But will it work more generally? How much account does it take of the sins bred of "arrogance, affluence, unconcern"?

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Indirectly yes, but framed in terms of markets.
  • Moral Economy: Maybe indirectly.
  • Multi-level Economy: Very local.
  • Multi-value Economy: Indirectly yes.
  • Responsible Economy: Yes: the economy's mandate is to serve the lives of the people, not the other way round.

• Similar to:

ECB:

• Thinker, Literature: ECB, 2020. "Understanding household wealth: linking macro and micro data to produce distributional financial accounts", Report by the Expert Group on Linking Macro and Micro data for the Household Sector, ECB Statistics Paper Series, No 37.

• Motivation: Linking micro and macro.

• Key Idea:

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy: Tries to link micro and macro.
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

The Sharing Economy

• Thinker, Literature: [To be filled in]

• Motivation:

• Key Idea: Sharing rather than competition.

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Recognises the ethical aspect as well as the economic.
  • Moral Economy: Sharing is almost always a Good.
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy: Those with much should share with those who have less [Bible]

• Similar to:

Human Development Index

• Thinker, Literature: United Nations Development Programme

• Motivation: To bring into national measures, especially for comparing across nations, basic human wellfare as well as monetary wealth.

• Key Idea: Its dimensions include:
  • A long and healthy life (measured by life expectancy at birth);
  • Education (mean years of schooling and expected years of schooling)
  • Decent standard of living (GNI per capita)

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

Redeeming Economics

• Thinker, Literature: Robert D. Mueller, Redeeming Economics: Rediscovering the Missing Element (Culture of Enterprise).

• Motivation: "Economics is primed for-and in desperate need of-a revolution, respected economic forecaster John D. Mueller shows in this eye-opening book. To make this leap forward will require looking backward, for as Redeeming Economics reveals, the most important element of economic theory has been ignored for more than two centuries. ... the relationships that define us, the loves (and hates) that motivate and distinguish us as persons." [review] Mueller claims Adam Smith tore down that pillar, reducing human life to exchanges. But "all theories of the order in markets are frankly theological. Each traces the order in markets back to the order implanted by God in man's nature."

• Key Idea: "It addresses the foundational basis for economics in terms of the good - a Christian good." [Neal Ostman] Argues that "both liberal capitalism and Marxist socialism are expressions of a pantheistic worldview ... Both ideologies fail to integrate individual responsibility and dignity with the political distribution (final distribution) of goods." [review]

• Where used:

• Reference to history: To Aquinas' economic theory, of four pillars, and how Smith ignored two, and then back to Augustine and Aristotle.

• Main advantages: 1. Recognises Good. 2. "This is what a Christian worldview of economics presents: that God is Divine Providence." 3. Recognises the spiritual element, our responsibility before God. 4. Others to be added.

  "The important contribution of books and other publications like this, is to work towards a synthesis of the critique of the mainstream (as pursued by many 'secular' authors; as well as those who are more explicitly spiritual and specifically Christian) together with those parts of heterodox thought that contribute, into a robust, biblical framework. And not merely to produce a critique; nor merely a synthesis of thought (and still less a 'happy median' compromise) but something distinct." [Colin McCulloch]

• Main weaknesses: 1. Based on Scholasticism and Aristotle rather than a fully Biblical view; little idea of repentance and salvation, but only of Christian values. 2. The rest of Creation is there for humans to enjoy (universal destiny of goods). 3. Seems to put all responsibility on individuals. 4. Does not have a clear idea of the Good. 5. Maybe a bit unfair to Adam Smity. 6. Others to be added.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Idea of Good, Mandate
  • Moral Economy: Implied
  • Multi-level Economy: -
  • Multi-value Economy: Some, but not explicitly discussed.
  • Responsible Economy: Yes.

• Similar to:

Natural Order of Money

• Thinker, Literature: Roy Sebag's 2022 The Natural Order of Money

• Motivation: "Why do we in our modern society expect food as if it were a given?" We are embedded in nature. "vital importance of the farmer and the food"

• Key Idea: "the intrinsic relationship between people, money, and nature". Need to reconceive money as relating to food and nature. ""re-establishes society in our shared home of nature

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Discusses mandate of economics, and how economics should be embedded in the ecosphere etc.
  • Moral Economy: "ecological accountability"
  • Multi-level Economy:
  • Multi-value Economy: Mainly ecological though mentions others.
  • Responsible Economy: accountability

• Similar to:

Cambridge Economic Tradition

• Thinker, Literature: N.O. Martins. 2021. The Camrbidge Economics Tradition and the distribution of the social surplus. Cambridge Journal of Economics, 45, 225-41.

• Motivation: Ethical distribution of the social surplus.

• Key Idea: Economics is more than the sum of its parts.

• Where used:

• Reference to history:

• Main advantages: Some ethicality; seeks to engage with mainstream economics.

• Main weaknesses: Restricted to distribution; ignores almost all other problems. Rather academic.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): To distributive justice but little else
  • Moral Economy: Distribution should be ethical.
  • Multi-level Economy: -
  • Multi-value Economy: Nrrow
  • Responsible Economy: Implied.

• Similar to: Marxian but engages with mainstream economics.

Transformative Economics

• Thinker, Literature: Journal. Transformative Economy

• Motivation: "Crossing of planetary boundaries and the growing inequality" Neoclassical economics "ignore power assymetries, social inequality and the destruction of nature."

• Key Idea: Foster new ideas.

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others): Inequalities with ecology, but probably little else.
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

CORE Economics Course

• Thinker, Literature: Wendy Carlin, UCL, along with many others.

• Motivation: (1) Teaching economics has been wrong. (2) "Big questions of inequality" Note: they now mention climate change, at long last!

• Key Idea: Do not start economics courses with supply-demand curves but with data about where we are today, nor with Homo Economicus but with real human behaviour.

• Where used:

• Reference to history: "Why did standard of living start to increase suddenly from the 18th century?"

• Main advantages: Looks at where we are today. Centres on human behaviour.

• Main weaknesses: Too narrowly focused on inequality; less on biodiversity, climate change. Rejects rather than critiques standard ecooomics.

• Comparison with Rethink [provisional assessment based on exploring their web pages, so might be misleading 2 November 2023]:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5: Seems
  • Functioning ch6: Good, but limited to certain aspects
  • Good, Harmful, Useless Ch7: Inequality as the main harm. Little about non-essentials
  • Entities ch8: Good on wanting to merge micro and macro, but Money as owned commodity.
  • Environment Ch9: Added on rather than core
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects: Mainly juridical aspect expressed in inequality
    • Theory:
    • Religion: No
    • Overall Good: Equality of monetary wealth seems their main Overall Good

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

Template

• Thinker, Literature:

• Motivation:

• Key Idea:

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

True Price Movement

• Thinker, Literature: True Price Foundation. Based in the Netherlands but seems active in the USA.

• Motivation: The environmental and social costs of goods and services are not reflected in their retail price, and should be.

• Key Idea: Add in environmental and social costs into the price.

• Where used: True Price Foundation is getting a number of stores to work out and use the true price.

• Reference to history:

• Main advantages: Brings in environmental and social costs upfront to the customer. This might gradually shift the balance of purchases.

• Main weaknesses: 1. Relies on market mechamisms of pricing to effect change in behaviour or lifestyle. 2. Considers only environmental and social costs, and not e.g. long-term problems with attitude and mindset. 3. Sadly, only a few stores use it at present. But it can contribute to the mix.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4: Seems to retain conventional market meaning and mandate.
  • Multi-values Ch5: A useful, practical attempt to combine economic, biotic and social-juridical value in one price.
  • Functioning ch6: Relies solely on economic functioning of pricing.
  • Good, Harmful, Useless Ch7: Environmental and social harmfulness implied in the prices.
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday: People buy things and look at price.
    • Embracive: Mainly market economics.
    • Aspects: Economic, biotic, social-juridical
    • Theory: Relies on pricing theory.
    • Religion: Ignored.
    • Overall Good: In some aspects but others ignored.

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

GANE: Global Assessment for a New Economics

• Thinker, Literature: University of York, UK.

• Motivation: understandings of economic welfare and progress and the ecological foundations of the economy

• Key Idea: The central importance of environmental, ecological factors in economics should not be ignored. Integration of planetary boundaries into economic institutions.

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses: Not yet known.

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5: Ecological and wellbeing
  • Functioning ch6: Seeks to understand impact of ecological functioning on economic activity.
  • Good, Harmful, Useless Ch7: Ecological damage recognised as a major evil.
  • Entities ch8:
  • Environment Ch9: Very relevant to this.
  • Perspectives ch3:
    Everyday:
    • Embracive: Ecological and monetary.
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good: Seen as ecological good.

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

Template

• Thinker, Literature:

• Motivation:

• Key Idea:

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

Template

• Thinker, Literature:

• Motivation:

• Key Idea:

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

Template

• Thinker, Literature:

• Motivation:

• Key Idea:

• Where used:

• Reference to history:

• Main advantages:

• Main weaknesses:

• Comparison with Rethink:
  • Meaning, Mandate, Mindset ch4:
  • Multi-values Ch5:
  • Functioning ch6:
  • Good, Harmful, Useless Ch7:
  • Entities ch8:
  • Environment Ch9:
  • Perspectives ch3:
    Everyday:
    • Embracive:
    • Aspects:
    • Theory:
    • Religion:
    • Overall Good:

• Comparison with Initial Rethink:
  • Embedded Economy (economic aspect serving others):
  • Moral Economy:
  • Multi-level Economy:
  • Multi-value Economy:
  • Responsible Economy:

• Similar to:

Acknowledgements

This page, "http://christianthinking.space/economics/overview.views.html", is part of Christian Thinking in Economics, which is part of Christian Thinking Space.

Written in the style of classic HTML, using Protext and Pagestream on an Amiga 1200.

Created: 2021 Last updated: Various 2021. 27 January 2022 added more names. 15 April 2022 rethinkeconomics. 18 April 2022 Mazzucato Mission; Mohammad Yunus; Abhijit Banerjee Poor Economics. 20 April 2022Goudzwaard more. 4 May 2022 Mazz Mission. 8 June 2022 problems of Circular. 27 June 2022 McMullen, headings. 8-11 July 2022 Freakonomics. 16 July 2022 PMSD. 21 September 2022 donut weak-4, degrowth. 22 September 2022 ECB; corrected links. 1 November 2022 Sharing Econ. 2 November 2022 HDI. 28 November 2022 Sebag. 29 November 2022 RedeemingE filled. 3 December 2022 Cambridge economics tradition. 29 March 2023 filling in. 30 October 2023 Transformative Economy. 2 November 2023 CORE course; Added "Initial" to Rethink, then inserted stuff for new rethink. 5 December 2023 circ filled; TruePrice. 29 March 2024 GANE. 4 June 2024 filled in some GHI.