Rethink / Reframing of Economics

Draft as yet, but substantially complete if you are forgiving.

Consider:

That sums up our rethink or reframing of economics.

Chapter 9 discusses, as a challenging example of how all that can be applied, to understand and prevent environmental destruction. Before those chapters, Chapter 1 introduces the problems economics causes, not least environmental problems. Chapter 2 reviews recent and conventional thinking in economics - a plethora of proposals. Chapter 3 presents five perspectives from which we develop the rethink: everyday reality, embracing all views, a multi-aspectual philosophy of the world, a healthy wariness of economics theories, a Christian and other religious perspective, and an idea of Multi-aspectual Good. Embracing? Our rethink recognises valid insight and gross error in both capitalist and socialist economics, orthodox and heterodox, and treats them as part of the same picture.

This reframing or fundamental rethinking of economics covers both theory and practice. It was stimulated by Mark Carney's 2020 Reith Lectures on value(s), and then broadened to take account of a plethora of recent thinking in economics (many spheres of life like environment, health, psychology, etc.). It was composed by the Reith Lectures Discussion Group (RLDG).

This is a draft for your discussion.
Please help critique and refine it.

This page: a contents list with summaries of each chapter and section. Reading through the summaries should give you an overall idea of what the Rethink / Reframing is about.

Especially Requiring Discussion:

Economic Growth
Understanding Adam Smith
Environmental Economics
A Richer Understanding of Poverty and Inequality
GDP: An Initial Proposal
... and many more!

Ten chapters (see below for more detailed contents and summaries)

Part 1: Introductory Chapters:

Part II - The Five Main Chapters

Part III - Applying All That


Contents with Summaries

Use this both as contents and also as a summary of the content. Read through summaries at any level, and you will gain an overview.

-- PART I - Introductory Chapters --

Chapter 1. Introduction

Chapter Summary: This chapter sets out the whats, whys and hows of this Rethink / Reformation of economics, so that readers can understand it more fully.

Chapter 2. A Brief Overview of Recent and Conventional Thinking in Economics

Chapter Summary: This chapter summarises a range of insights from recent thinkers, and perhaps also some conventional ideas from both left and right of economics. It ends with the need for an integrated picture and a way to detect other issues not yet widely discussed.

2-1. Overview of Recent Ideas

Summary: Recent ideas on the economy and many and disparate, yet each contains important insights.
2-2. Insights from Conventional Economics
Summary: Conventional economics, both left- and right-wing, also offers value insights, though also many that are not valid. The valid insights contribute to understanding how the economic aspect of reality itself operates.
2-3. Ideas from History
Summary:
2-4. A Way Forward
Summary: We seek a framework for understanding economics as such. Instead of just responding to the above insights, we consider five main issues drawn from philosophy.
2-5. Conclusion

Chapter 3. Perspectives We Employ in Our Rethink

Chapter Summary: Five perspectives make this rethink possible, which provides the integrating and completing picture needed above: 1. Everyday life, 2. Dooyeweerd's philosophical understanding of reality, 3. limitations of economics theory (left, right and recent), 4. Christian/religious perspectives, 5. Multi-aspectual Good.

3-1. Pre-theoretical and Theoretical Stance: The Real, the Ideal and the Theory

Summary: We aim to take into account both the real and the ideal, both theory and the 'everyday' experience.
3-2. Embracing All Ideas
Summary: In rethinking, reframing economics we try to welcome and embrace all insights, regardless of source.
3-3. Dooyeweerd's Philosophy as Philosophical Foundation
Summary: Here we outline what readers will need of Dooyeweerd's philosophy in order to understand the Rethink.

3-4. Perspective on Economics Theory

Summary: How should we approach economics theory, to critique and refine it?

3-5. Christian and other Religious Perspectives

Summary: Christian and other religious perspective can offer insights that are usually overlooked in economics theory and practice, but which are important for a full understanding of economics, and especially to motivate and enable deep change rather than just discuss.

3-6 Multi-aspectual Good

Summary: The notion of Multi-aspectual Good brings together the fragments of what many recent thinkers have drawn attention to.
3-7. Engaging With Extant Ideas
Summary: In order to engage sensitively with ideas from different perspectices, we Listen, Affirm, Critique, Enrich (LACE).

-- PART II - Five Main Chapters --

Chapter 4. The Meaning, Mandate and Mindset of Economics

Chapter Summary: Economics does not reflect enough on its place among other spheres of life. We discuss the meaning and mandate of economics, its interwovenness with other spheres, and a mindset of isolation that should be embeddedness among them.

4-1. What is Economics All About?

Summary: What is economics rather than e.g. social science/practice, technology or policy? What Good can it bring? What is wrong and right in how we treat it? These are questions about the meaning, mandate and mindset of economics.

4-2. The Meaning of Economics

Summary: Economics: so what? The meaning of economics is given by the economic aspect of reality closely linked with all other aspects, omitting none. With the help of Dooyeweerd, but going further, e discuss what unique, kernel meaning the economic aspect offers.

4-3. The Mandate for Economics

Summary: What should economics aim to do in the world? Seldom is its mandate discussed. The mandate for economics is to help humanity carefully (frugally) manage what it deems resources, so that, as we employ those resources we contribute towards Multi-aspectual Good.

4-5. Mindset-Attitude in Economics

Summary: Sadly, economics is often isolated from other spheres of life, both in its theories and its practice, and by both many economists and also by those who use economics. This is society's mindset towards economics; it tends towards reductionism and idolatry, but needs to change to embeddedness.

4-6. Economics as a Discipline, Science and Practice

Summary: [Probably here we will look at how the science focuses on the economic aspect, as does its practice.]
4-7. Conclusion
Summary:

Chapter 5. Value

Chapter Summary: Economics does not know how to take full account of value beyond its sphere, such as of environment. This may be done systematically using Dooyeweerd's aspects.

5-1 Values and Economic Value

Summary: There are multiple, irreducibly distinct kinds of value. Economic value is only one kind and needs to be able to express all others faithfully.
5-2 What is Value?
Summary: Value has been variously understood. We link value of something to the Good in contributes, or could contribute, to Multi-aspectual Good. Dooyeweerd's aspects can help us understand the diversity of kinds of value.

5-3 Economic Value And Aspectual Value

Summary: Economic value is the value of an object as resource that enables us to function with wisdom in contributing sustainably to Multi-aspectual Good.
5-4 Assessing Value
Summary: Assessing value is a useful tool, but is complex and inherently distorts our understanding of real value, which need to be properly understood.

5-5. Applying The Above Ideas

Summary: Dealing with a few known issues can indicate how the above ideas can bring fresh insight.

5-6 Conclusions

Summary:

Chapter 6. Economic Activity as Multi-aspectual Functioning

Chapter Summary: Economics does not have a strong enough understanding of the functioning and repercussions of economic activity, especially not of hidden attitudes and mindset. Dooyeweerd's ideas offer a practical understanding of this.

6-1. Some Theory About Economic Activity

Summary: The range of theories about how we behave in economic activity is wide, though not wide enough, and rather fragmented. We suggest how Dooyeweerd offers a fuller and more integrated picture.

6-2. Economic Activity as Multi-aspectual Human Functioning

Summary: If we understand economic activity as multi-aspectual functioning led by the economic aspect, then we discover a systematic, integrative treatment that is able to embrace most extant theories, and also recognise unpaid activity.

6-3. The Functioning of Mindset and Attitude in Economics

Summary: Mindset-attitude constitute a hidden societal structure that determines how we behave in economic activity. Because hidden, their effect is seldom discussed or understood, yet more important than most recognise. They may be understood as a combination of pistic and ethical functioning that retrocipatively impacts functioning in earlier aspects.

6-4. Some Comments on Adam Smith

Summary: A multi-aspectual understanding can throw fresh light on Adam Smith, especially his famous ideas of self-love and invisible hand.

6-5. Understanding Some Issues in Economics via Aspectual Functioning

Summary: This section demonstrates how the above understanding can help us rethink concepts, practices, paradoxes and problems in economics.

6-9. Conclusion on Functioning

Summary:

Chapter 7. Good, Harmful and Useless Economic Activity

Chapter Summary: Economics does not adequately differentiate harmful and useless from good economic activity. We discuss how this may be accomplished by reference to Multi-aspectual Good and Dooyeweerd's aspects.

7-1. The Difference Between Good, Harmful and Useless Economic Activity

Summary: What are Good, Harmful and Useless economic activity? Why there is a problem here?

7-2. Good Versus Harm

Summary: On what basis to differentiate Harmful from Good economic activity, in both economics theory and practice?

7-3 Good versus Useless Economic Activity

Summary: Useless economic activity is of two types, unproductiveness and production of non-essentials, and both should be discouraged and reduced.

7-4. Assessing Good, Harmful and Useless Economic Activity

Summary: Some guidance on how to assess Good, Harmful and Useless separately.

7-5. Action to Reduce Harm, Discourage Useless and Increase Good

Summary: What changes are needed to bring into economics the distinction between Good, Harmful and Useless economic activity?

7-6 Some Issues in Economics

Summary: We show how understanding the difference between Good, Harmful and Useless can be applied to various economics issues.

7-7. Conclusion

Summary: ===== to be written

Chapter 8. Stakeholders, Levels and Money: Subjects and Objects in Economics

- to be ordered and compiled
Chapter Summary: Economics puts too much emphasis on entities instead of the Good that we are called to do, resulting in fragmentation, envy and greed. Dooyeweerd helps us avoid this by making meaningfulness the foundation.

-- PART III - Going Forward --

Chapter 9. Exemplar: How This Might Apply to Environmental Economics

Chapter Summary: Environmental Economics can be affirmed, critiqued and enriched by following these principles.

9-1. Introduction: How We Approach Application

Summary: This section explains the background and how the chapter proceeds.
9-2. Discussions of Environmental Economics
Summary: The different discussions in the realm of environmental economics can all fit into a single picture, in which each is seen as focusing on specific aspects, and/or one or other of the pillars above.
9-3. The Meaning, Mandate and Mindset of Economics Applied to Environmental Issues
Summary: How should the field of economics (both practice and theory) see itself and be seen by others in relation to the environment?

9-4. The Multi-aspectual Value of Environment

Summary: The non-human environment has multiple values, all of which should be recognised in economics, and environmental economics focuses on those values, especially biotic and psychical. Values provides clear and compelling norms for economics.

9-5. Environmental Economic Functioning

Summary: Dooyeweerd's aspects and idea of inter-aspect dependency offers a clear framework for understanding the impact of economics on the environment, and vice versa, and of all other aspects on those, especially aspects of mindset and attitude.

9-6. Good, Harmful and Useless in Environmental Economics

Summary: Environmental economics presupposes but seldom explicitly discusses the difference between Good and Harmful and Useless economic functioning. Dooyeweerd's aspects and their innate normativity helps make this explicit, so that it can be studied and used to guide practice systematically.

9-7 Entities

Summary: The environment should be a key stakeholder in the economy, and responsibility for it occurs at all levels. Money and environmental capital should be seen as enabling good functioning, rather than as an owned commodity.
9-8. Strategy to Make Economics More Environmental
Summary: How do we make economics more environmental? This is how we can apply the above. Each aspect defines and guides a different kind of strategic action in each aspect. For both theory and practice must be affected.

9-9. Conclusion

Summary: The approach to economics developed in this Rethink can significantly contribute to making economics more environmentally responsible.

Chapter 10. Conclusion

Chapter Summary: So What and What Now?


Created: 5 June 2023. Last updated: 6 June 2023 better links. 8 June 2023 r8 smy. 16 June 2023 new r4 smy, r4-mindset . 27 June 2023 discussion box. 27 June 2023 Chapter 6. 30 June 2023 redid 4-2, Meaning of economics. 1 July 2023 new intro. 29 September 2023 Chapter 7. 26 October 2023 bold and key takeaways. 9 November 2023 added to box; rw smy 4-1; Chp Smy DIV. 10 November 2023 reformatted it all to have indents etc. 13 November 2023 kt money. 29 November 2023 5-4.4 redone. 30 November 2023 7-4.5 INW added. 15 December 2023 new section 3-2 embracing; renumbered rest. 16 December 2023 3-3.8 aspanal. 28 December 2023 r4. 25 January 2024 r6 msll. 27 January 2024 r3 rlg persp 1,2. 30 January 2024 saving.