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New Economics

The Great Divorce: Economics & Philosophy
Boundless Frontiers of Untold Wealth
Economic Crisis and the Science of Economics
The Great Divorce: Finance and Economy
Great Transformations
Introductory Paper for a Programme on The Wealth of Nations Revisited
Updating macro-economics
Science and Economics: The Case of Uncertainty & Disequilibrium
Rethinking Growth: The Need for a New Economics
The World in 2052
The Evolution of Wealth & Human Security: The Paradox of Value and Uncertainty
From Limits to Growth to Limitless Growth
Inclusive growth: Why is it Important for Developing Asia?
Crises and Opportunities: A Manifesto for Change
Book review — Money and Sustainability: The Missing Link
The Power of Money
On the Need for New Economic Foundations: A Critique on Mainstream Macroeconomics
Human Centered Development Perspective
Building a Caring Economy and Society
Steve Jobs: Nobel Laureate
Malthus
Replacing the Concept of Externalities to Analyze Constraints on Global Economic Growth and Move Toward a New Economic Paradigm
New Paradigm in the Service Economy The Search of Economics for Scientific Credibility: In between Hard and Soft Sciences
Contours of New Economic Theory
Viable Solutions for seemingly Intractable Problems
The Greek Financial Crisis – Theoretical Implications
New Humanism and Sustainable Development
Changing the Dominant Paradigm in Economics
Concepts for a New Generation of Global Modelling Tools: Expanding our Capacity for Perception
Money, Markets and Social Power
The Market Myth
Blind Spots of Interdisciplinary Collaboration - Monetising Biodiversity: Before Calculating the Value of Nature, Reflect on the Nature of Value
Rethinking Economics, the Role of Insurance: Adam Smith Upside Down—The Central Role of Insurance in the New Post-Industrial (Service) Economy*
Domesticating Finance for Pursuing Post-Crisis Growth
Quest for a New Paradigm in Economics - A Synthesis of Views of the New Economics Working Group*

Erich Hoedl
Abstract Unequal distribution of societal power is to a large extent responsible for poverty, hunger, the destruction of nature, and inhuman living conditions. From the perspective of its redistribution, we distinguish three basic means of power: The ownership of material and immaterial properties, the kind of organisation and the values according to which properties and their organisation are... Read more
Garry Jacobs
Abstract The unprecedented opportunities missed at the end of the Cold War have come back to haunt and taunt us in the form of misshapen ideologies and misconceived policies. Discredited notions discarded by history once again raise their heads to be finally buried or bury us. Despite the rhetoric of the Washington Consensus, the fall of the Berlin Wall, the collapse of communism and dissolution... Read more
Frank Dixon
Abstract Over the past 15 years, sustainability has become mainstream in the corporate and financial sectors. But environmental and social conditions are declining rapidly in many regions. Nearly all corporate and financial sector sustainability strategies are focused on company-level activities, such as unilaterally mitigating negative environmental and social impacts. But flawed economic and... Read more
Gerald Gutenschwager
Abstract When the World Academy of Art & Science (WAAS) was founded, it sought to address the gap between science and society, or rather the apparent unwillingness or inability of scientists to address their responsibilities as important members of society. This problem is related to the growing disparity between tool making and symbol making, those ancient skills that brought humans... Read more
Winston P. Nagan, Craig Hammer
Abstract This paper examines the foundations of economic neoliberalism and underlines the implications of the foundations of this economic theory in its reliance on economic value as ownership, property, and commodity which misdirects economic inquiry from the real value of human capital as the proper foundation of a viable economic system. It focuses on the role of a selective emphasis on rules... Read more
Elif Çepni
Abstract Solutions to the major problems of our time require a radical shift in our perceptions, thinking and values. Post-normal times (characterized by complexity, chaos and contradictions), post-normal science (characterized by uncertainties, systems view of thinking, alternative perspectives, unknown unknowns, values) and human-centered economy are conceptions that we need to take into... Read more
Garry Jacobs, Mark Swilling, Winston P. Nagan, Jamie Morgan, Barry Gills
 Get Full Text in PDF Abstract The remarkable economic achievements of the past two centuries have cast an illusion of omniscience on the discipline of Economics, which even repeated catastrophic policy failures have still not entirely banished. The gap and disjuncture between prevailing economic wisdom and its effective application to promote human welfare and well-being are enormous and... Read more
Dimitrios Kyriakou
 Get Full Text in PDF Abstract There has been a total (public and private) debt bubble that has been growing since the 80s, accompanying an implicit promise of higher standards of living through large market deregulation experiments (capital markets deregulation and capital mobility being chief among them). The path chosen by conventional economics for delivering this implicit promise... Read more
Orio Giarini
 Get Full Text in PDF Abstract In the first page of The Wealth of Nations, Adam Smith described an apparently trivial issue, the making of a pin. In his search for ways to effectively fight poverty, he formulated the basis for a new view of economy based on the Industrial Revolution. Two centuries later, the perspective he developed remains intact and is largely outdated. It does not... Read more
Joachim H. Spangenberg
 Get Full Text in PDF Abstract Defining, assessing and valuing biodiversity and ecosystem services is an exemplary field, illustrating the necessity as well as the obstacles to interdisciplinary collaboration between natural scientists and economists. Despite the frequent use of identical individual motivations and similarities in the terminology, the discrepancies and misunderstandings... Read more
Tomas Björkman
 Get Full Text in PDF Abstract The Market can be understood as a self-organizing system that is constantly evolving. Like all social institutions, it is governed by principles and rules created by society, not by any universal laws of nature. If it does not work the way we want it to, we have the power and freedom to change its rules. However, prevailing notions about the market are veiled... Read more
Garry Jacobs
 Get Full Text in PDF Abstract The future science of Economics must be human-centered, value-based, inclusive, global in scope and evolutionary in perspective. It needs to be fundamentally interdisciplinary to reflect the increasingly complex sectoral interconnections that characterize modern society. It must also be founded on transdisciplinary principles of social existence and human... Read more
Robert Hoffman, Bertram McInnis
 Get Full Text in PDFForeword This the first of two articles that describe the development of a new generation of global modelling tools that was first proposed by the authors as members of a working group of the Canadian Association for the Club of Rome in 1993. This paper describes the underlying conceptual framework adopted by the group. The companion paper describes the Global Systems... Read more
Maria de Lourdes Mollo
 Get Full Text in PDFAbstract This article addresses the discussion proposed by the World Academy of Art & Science (WAAS) about the need to build a new paradigm to confront the challenges of the global society and to move across to a New Society discussing specific problems related to economic globalization and proposing changes. The ways in which economic orthodoxy and heterodoxy... Read more
Stefan Brunnhuber
 Get Full Text in PDFAbstract This paper tries to find an answer to the question of how to finance the Sustainable Development Goals (SDGs) that the world has just decided to implement. I argue that besides the existing wealth of proposals, mainly along the lines of better governance and co-financing strategies, we need a complementary approach: parallel Quantitative Easing (QE) for SDGs... Read more
Hans d’Orville
 Get Full Text in PDFAbstract The call for a new humanism in the 21st century roots in the conviction that the moral, intellectual and political foundations of globalization and international cooperation have to be rethought. Whilst the historic humanism was set out to resolve tensions between tradition and modernity and to reconcile individual rights with newly emerging duties of... Read more
Garry Jacobs, Mark Swilling
 Get Full Text in PDFAbstract The world we live in is a product of the way we think. Our conception of reality determines what we see and what we achieve. The Greek crisis is not simply a case of high public debt, economic mismanagement or weak political will in Greece or the Eurozone. It is underpinned by economic premises, constructs and resulting practices that promote exactly the type of... Read more
Ashok Natarajan
 Get Full Text in PDF Abstract Life is filled with seemingly intractable problems. But life wisdom affirms that if there is a problem, there must be a solution. Or better yet, the solution to the problem lies within the problem itself. Problems have their roots in disharmony. Disharmony arises when a part separates itself from the whole and acts independently of the wider reality of which it... Read more
Garry Jacobs
 Get Full Text in PDF Abstract The need for a paradigm change in economic thought has been well established, but the contours and fundamental characteristics of a new paradigm in economic theory are yet to be worked out. This article views this transition as an inevitable expression of the maturation of the social sciences into an integrated trans-disciplinary science of society founded on... Read more
Orio Giarini
 Get Full Text in PDF Abstract After the very long cycle (about 10,000 years) of societal and economic development based on agriculture, followed by a short cycle in which the industrial revolution became the prime mover (for less than 3 centuries), the world has entered a phase marked by the growing and determining importance of service activities (both monetarized and non-monetarized) .... Read more
Jim Lunday
 Get Full Text in PDF Abstract The prevailing economic paradigm has fallen short as a guide to policy making in this era of global economic crises. Numerous efforts are underway to revise it or replace it with a science of society that integrates intellectual disciplines. This paper makes a contribution to those efforts by arguing that the economic concept of externalities is no longer... Read more
John Scales Avery
Get Full Text in PDF Abstract T.R. Malthus' "An Essay on the Principle of Population" (1798) was one of the first systematic studies of the problem of population in relation to resources. It was the first such study to stress the fact that, in general, powerful checks operate at all times to keep human populations from increasing beyond the available food supply. In a later edition, published... Read more
Garry Jacobs
Get Full Text in PDF Abstract The remarkable achievements of one of the world's greatest entrepreneurs offer profound insights into the fundamental nature of economy and essential missing links in prevailing economic theory. The career of Steve Jobs dramatically illustrates the central importance of human capital in modern economy and the almost incalculable contribution that a single... Read more
Riane Eisler
Beyond Capitalism, Socialism, and Other Old Isms Get Full Text in PDF Abstract Old economic approaches are not capable of meeting our economic, environmental, and social challenges. To effectively meet these challenges, we need a perspective that goes beyond the conventional capitalism vs. socialism debate. This paper places economic valua- tions in their social context from the perspective... Read more
Garry Jacobs, Orio Giarini, Ivo Šlaus
Get Full Text in PDF Insights from Trieste The Trieste Forum in March 2013 marked a significant milestone in the effort of the World Academy to evolve a comprehensive, integrated, transdisciplinary perspective for addressing global challenges. An initial presentation on the physics of Dark Matter aptly illustrated the need for new thinking in the social sciences. If the most mathematically... Read more
Robert Hoffman
Get Full Text in PDF Abstract The body of macroeconomic theory known as the neoclassical-Keynesian synthesis, hereafter mainstream macroeconomics, has dominated the practice of economics since the middle of the twentieth century and is largely unchallenged in institutions that teach economics. Not only does mainstream macroeconomics underlie monetary and fiscal policies intended to promote... Read more
Garry Jacobs, Ivo Šlaus
This is Part 1 in the Money Series. Part 2 "Multiplying Money" is available here. Get Full Text in PDF Abstract Although we all use money every day, the nature and functioning of money seem shrouded in commonplace myths and ancient mysteries. Money plays a central role in economics today, yet rarely do we come across a serious, informed discussion of what money really is and what role it plays... Read more
Ivo Šlaus, Garry Jacobs
Get Full Text in PDF A Report from the Club of Rome – EU Chapter to Finance Watch and the World Business Academy By Bernard Lietaer, Christian Arnsperger, Sally Goerner and Stefan Brunnhuber Triarchy Press 2012 This report by WAAS Fellow Bernard Lietaer and his associates addresses important theoretical and practical issues regarding modern monetary systems. The central thesis of the report is... Read more
Ian Johnson, Garry Jacobs
Get Full Text in PDF Abstract Piecemeal fragmented strategies cannot address the pressing challenges facing humanity today. Economic theory has to be radically reinvented to squarely face the reality of rising unemployment, widening inequalities, growing ecological threats, frustrated social aspirations and unmet human needs. Monetary and fiscal policies are too crude and insufficient to steer... Read more
Jesus Felipe
Get Full text in PDF Abstract Although Asian countries attain relatively high growth rates of GDP, many citizens do not seem to benefit from it. To remedy this problem, multilateral development institutions have developed the concept of inclusive growth, defined as growth that allows all members of a society to participate in and contribute to the growth process on an equal basis, regardless of... Read more
Garry Jacobs, Ivo Šlaus
Get Full Text in PDF Abstract The publication of the Club of Rome’s landmark report ‘The Limits to Growth’ in 1972 shook the intellectual foundations of social theory and challenged the very premises on which modern economy and prosperity are based. Once set in motion, it led to a revolutionary re-evaluation of human aspirations and economic activities. Among its many consequences, it has... Read more
Orio Giarini, Garry Jacobs, Ivo Šlaus
Great landmarks of history are few and far between. Normally they are recognized by scholars only long after the fact. Those in the thick of the fray may often be consciously inspired by the significance of their actions, but rarely does history come to share that perception. The rise of individualism in ancient Greece, its revival during the Italian Renaissance and the radical transformation of... Read more
Orio Giarini, Ivo Šlaus, Garry Jacobs
Social networking did not begin with the Internet. It is as old as human history. For what we now call social networking is really the evolution of human relationships which constitute the backbone of civilization. The emergence of the Internet is the third giant leap forward in a saga that began with the development of symbolic spoken language, the first great instrument that enabled human... Read more
Orio Giarini, Garry Jacobs, Ivo Šlaus
“Focusing on growth of the part without reference to its impact on the whole is a formula for social disease.”  The American subprime mortgage crisis, the international financial crisis that followed and the European financial crisis presently centered on Greece are all expressions of a deeper and wider crisis that has been preparing to surface for decades. This crisis encompasses... Read more
Society constitutes an invisible web of relationships between its members. It has a defined structure of authority, status, rights, knowledge, beliefs, values, laws, specialized institutions, functional systems and formal activities radiating down and out from centers of power to the periphery. Beyond the perceptible limits lies an amorphous unknown territory akin to the undiscovered New World... Read more
Orio Giarini, Garry Jacobs
Get Full Text in PDF Life evolves by consciousness, consciousness evolves by organization. Human life evolves by a progressive heightening of our awareness, expansion of our knowledge, widening of our attitudes, and elevation of our values. This evolving human consciousness progressively expresses itself through the formulation and creation of more complex and effective organization – a... Read more
Ian Johnson
Get Full Text in PDF Humanity has made immense progress over the last few decades. The starting point for setting a future's agenda can be anchored in a healthier, better educated, more prosperous, and better informed and connected world than ever. Humanity finds itself at an evolutionary crossroad. The choice is between a perfect storm of progressively deepening crises and expanding... Read more
Roberto Peccei
Get Full Text in PDF For over 40 years the Club of Rome has been concerned with the sustainability of our planet. The conclusion of the famous first report to the Club of Rome The Limits to Growth that the world was on an unsustainable path was anticipatory and prescient.1 Although Limits caused considerable debate, after an initial flurry of interest, the message of the Club of Rome was largely... Read more
Orio Giarini
Get Full Text in PDF 1. Neoclassical Economics & the “General Equilibrium” System 1.1 Supply and Demand in a Static “Perfect” Equilibrium The act of selling or buying goods always takes place at a given moment or instant in time, at which a price is agreed and paid. The general economic system is considered by standard economics to be based on a “General Equilibrium” which represents the... Read more
Get Full Text in PDF For early economists such as Adam Smith, Thomas Malthus and John Stuart Mill, economics was indivisible from moral philosophy. Their objective was not to discover eternal laws governing the functioning of human economic systems, but rather to improve upon the prevailing economic system to support the survival and enhance the economic security of all members of society. They... Read more
Get Full Text in PDF “Employment is the single greatest challenge facing humanity today,” according to Ian Johnson, Secretary General of the Club of Rome, in his opening remarks to an international conference last November – remarkable words coming from an organization known principally for its concern about environmental issues. In similar fashion, renowned security expert Jasjit Singh, a World... Read more
Orio Giarini
Adam Smith’s analysis in the Wealth of Nations gave birth at the end of the eighteenth century to economics as we know it today. As a moral philosopher, he wanted to provide a better understanding of how to fight poverty. While most social thinkers insisted that wealth could only develop from agriculture, Smith observed that the beginning of the industrialisation process was the key and priority... Read more
Orio Giarini, Garry Jacobs, Bernard Lietaer, Ivo Šlaus
Get Full Text in PDF Table of Contents Introduction Theoretical Discontent From Newtonian to Human-Centered Economics Future of Work Money, Finance & Wealth The Service Economy Scarcity, Surplus & Markets Equity, Freedom & Social Stability Integration of Politics — Economy — Society Essential Issues for the New Economics Endnotes 1. Introduction Civilization is an instrument... Read more
Economic Theory
Garry Jacobs, Mark Swilling, Winston P. Nagan, Jamie Morgan, Barry Gills
Tomas Björkman
John Scales Avery
Garry Jacobs, Orio Giarini, Ivo Šlaus
Garry Jacobs, Ivo Šlaus
Orio Giarini, Garry Jacobs, Ivo Šlaus
Orio Giarini, Ivo Šlaus, Garry Jacobs
Orio Giarini, Garry Jacobs, Ivo Šlaus
Ian Johnson
Orio Giarini, Garry Jacobs, Bernard Lietaer, Ivo Šlaus
Counter-Aging in the Post-industrial Society
Theory & Strategies for Full Employment
Human Rights and Employment
Global Prospects for Full Employment
Capital Needs Labour
Inclusive growth: Why is it Important for Developing Asia?
An Aging Workforce: Employment Opportunities and Obstacles
Double Helix of Learning and Work
The Double Helix of Learning and Work: Chapter 3 – I Work, Therefore I Am
Employment & the Unity of Social Sciences*
The Double Helix of Learning and Work*
The Concept, Basis and Implication of Human-Centered Development
Integrated Approach to Peace & Human Security in the 21st Century*

Erich Hoedl
Abstract Unequal distribution of societal power is to a large extent responsible for poverty, hunger, the destruction of nature, and inhuman living conditions. From the perspective of its redistribution, we distinguish three basic means of power: The ownership of material and immaterial properties, the kind of organisation and the values according to which properties and their organisation are... Read more
Janani Harish
Abstract Employers worldwide are seeking and failing to find in new recruits many skills that are critical for success. Skills that enable employees to work as part of a team, communicate effectively, take decisions, lead, adapt to change and solve problems creatively are not often found in fresh graduates. Education does not impart these skills as efficiently as it does academic knowledge and... Read more
Garry Jacobs
 Get Full Text in PDF Abstract Humanity has made remarkable progress during the past two centuries in advancing peace, democracy, human rights, economic development and social equality. The evolution of human relations has progressed far from the time when physical violence, war and conquest were the predominant form of international relations. Diplomacy has evolved from political... Read more
Winston P. Nagan
 Get Full Text in PDF Abstract Our contemporary era has a critical focus on globalization. However, notwithstanding the necessary interdependence and interdetermination of the forces of globalization, these forces are deeply influenced by an economic theory, a theory known as “economic neoliberalism.” To date, this theory has not been seriously challenged. Fellows of the World Academy of... Read more
Orio Giarini, Mircea Malitza
 Get Full Text in PDF Editors’ Note The Double Helix of Learning and Work by Orio Giarini and Mircea Malitza is a report to the Club of Rome first published by UNESCO in 2003. It advances fundamental paradigm-changing ideas in the field of education. Drawing inspiration from the double helix structure of DNA, the authors seek to strengthen the relationship between education and employment in... Read more
Ivo Šlaus
 Get Full Text in PDF Abstract Employment and the unity of social sciences are discussed. The paper argues that employment is the simplest and the best indicator of human-centered sustainable and secure development. 1. Introduction The 20th century is referred as the measuring century.1 Indeed, the conception of Gross Domestic Product (GDP) and its operational definition were introduced in... Read more
Orio Giarini, Mircea Malitza
 Get Full Text in PDF Editors' Note The Double Helix of Learning and Work by Orio Giarini and Mircea Malitza is a report to the Club of Rome first published by UNESCO in 2003. It advances fundamental paradigm-changing ideas in the field of education. Drawing inspiration from the double helix structure of DNA, the authors seek to strengthen the relationship between education and employment in... Read more
Orio Giarini, Mircea Malitza
 Get Full Text in PDF Editors’ Note The Double Helix of Learning and Work by Orio Giarini and Mircea Malitza is a report to the Club of Rome first published by UNESCO in 2003. It advances fundamental paradigm-changing ideas in the field of education. Drawing inspiration from the double helix structure of DNA, the authors seek to strengthen the relationship between education and employment in... Read more
Mirjana Radović-Marković
Get Full Text in PDF Abstract The last decade has witnessed significant changes in the structure of unemployment in the global labour market. This is corroborated by the fact that the global workforce is rapidly aging and the share of people aged 50 and over in the structure of the labour market is increasing. In line with this trend, unemployment issues should be considered as a global problem... Read more
Orio Giarini
Get Full Text in PDF Several articles in Cadmus Journal have explored the meaning of “Wealth of Nations” at a time when the Industrial Revolution has given way to the Service Economy. In parallel, the European Papers on the New Welfare has been examining the lengthening of human life cycle as a decisive social and economic issue. “Statistics based not on age but on the capacity to perform... Read more
Jesus Felipe
Get Full text in PDF Abstract Although Asian countries attain relatively high growth rates of GDP, many citizens do not seem to benefit from it. To remedy this problem, multilateral development institutions have developed the concept of inclusive growth, defined as growth that allows all members of a society to participate in and contribute to the growth process on an equal basis, regardless of... Read more
Garry Jacobs, Ivo Šlaus
Get Full Text in PDF Abstract* The recent international financial crisis highlights the crucial role of employment in human welfare and social stability. Access to remunerative employment opportunities is essential for economic security in a market-based economic system. As the rise of democracy compelled nations to extend the voting right to all citizens, employment must be recognized as a... Read more
Patrick Liedtke
Get Full Text in PDF The past three and a half years have seen a very rough ride for the world’s financial markets. Not only did the credit crisis (which The Geneva Association has studied intensively) directly impact the value of many real world assets (especially U.S. real estate) and stock markets with particular bearing on bank stocks, many derivatives and structured financial products; it... Read more
Get Full Text in PDF “Employment is the single greatest challenge facing humanity today,” according to Ian Johnson, Secretary General of the Club of Rome, in his opening remarks to an international conference last November – remarkable words coming from an organization known principally for its concern about environmental issues. In similar fashion, renowned security expert Jasjit Singh, a World... Read more
Ashok Natarajan
Get Full Text in PDF Table of Contents The Need for New Theory and Strategies Necessity of Full Employment New Theoretical Perspectives Available Tools for Full Employment Endnotes 1. The Need for New Theory and Strategies From October 2009 to March 2010, the World Academy of Art & Science launched an e-conference on the Global Employment Challenge (GEC). The conference included video... Read more
Winston P. Nagan
Get Full Text in PDF In the development of internationally sanctioned standards for labor and employment there are some threshold considerations that must be taken into account. First, labor and employment rights generally fall within the category of social, cultural and political rights. This is to be distinguished from conventional, civil and political rights. Internationally, the institution... Read more
The Perfect Storm: Economics, Finance and Socio-Ecology
Double Factor Ten: Responsibility and Growth in the 21st Century
Money, Debt, People and Planet
European Transition into a Socio-ecological Market Economy
Can we Finance the Energy Transition?*
Socioeconomic and Environmental Performance: A Composite Index and Comparative Application to the USA and China
Twelve Action Lines For a Better World
Quest for a New Paradigm in Economics - A Synthesis of Views of the New Economics Working Group*

Thomas Reuter
 Get Full Text in PDF Abstract Contemporary economies must undergo a transformation to sustainability if we are to avoid a descent into ecological and socio-political crises of ever escalating severity. In order to achieve such a major reform, principles consistent with sustainable ecosystems and social systems need to be identified and applied systematically. What are these principles in... Read more
Garry Jacobs, Mark Swilling, Winston P. Nagan, Jamie Morgan, Barry Gills
 Get Full Text in PDF Abstract The remarkable economic achievements of the past two centuries have cast an illusion of omniscience on the discipline of Economics, which even repeated catastrophic policy failures have still not entirely banished. The gap and disjuncture between prevailing economic wisdom and its effective application to promote human welfare and well-being are enormous and... Read more
F. J. Radermacher
 Get Full Text in PDF Abstract This article describes a global governance system that—from the author’s point of view—would lead to sustainability and allow the implementation of the Sustainable Development Goals (SDGs), which have just been adopted at the UN level. Major elements are (1) the integration of existing international regimes in the area of the UN, WTO and the world financial... Read more
Joanilio Rodolpho Teixeira, Danielle Sandi Pinheiro, Anna Eloyr Vilasboas
 Get Full Text in PDFAbstract This paper deals with an analytical framework to provide a measure of overall performance which involves both socioeconomic activities and environmental sustainability using a recent Index of well-being. The composite indicator, created by Medrano-B & Teixeira (2013), is associated with the so called “Magic Square”, a diagram stimulated by the... Read more
Ian Johnson
 Get Full Text in PDF Abstract The energy sector is pivotal to our aspirations for a sustainable planet and yet two major challenges face policymakers worldwide. The first is to decide what set of technical choices provide the best solution to meet social, economic and environmental agendas; and the second is to decide how these choices can be financed. The bulk of new energy demand will... Read more
Erich Hoedl
 Get Full Text in PDF Abstract The European Union has introduced the Europe 2020 Strategy and Horizon 2020, which contain several elements for a transition into a Socio-ecological Market Economy. But their implementations are mainly hampered by the unduly large financial sector and the political striving for high economic growth. A turn into low growth equilibrium needs a reduction of total... Read more
Jakob von Uexkull
Get Full Text in PDF Abstract The widespread failure to understand money creation plays a key role in the current policy impasse. In a world ruled by money, this failure disempowers and prevents serious consideration of alternatives. The key reasons why we are not moving faster in tackling the global crises are, we are told, because it is too expensive, there is not enough money, it is not (yet... Read more
F. J. Radermacher
Get Full Text in PDF Abstract Since the world conference in Rio in 1992, the world has been facing the challenge of consciously organizing sustainable development. The goal is no less than the organization of growth compatible with sustainability, together with the creation of a global social balance and the preservation of ecological systems. In this context, the demands of a global ethic and... Read more
Ian Johnson
Get Full Text in PDF A Commentary* The world is at an inflection point. A convergence of themes – seemingly disconnected – is integral and urgent to our very survival. Our world is headed into a Perfect Storm of an interconnected financial, ecological and social crisis. Almost all forward-looking assessments demonstrate that business as usual and incremental improvements will not be sufficient... Read more
Indicators of Economic Progress: The Power of Measurement and Human Welfare
Grossly Distorted Picture: GDP Still Misleading
Concepts for a New Generation of Global Modelling Tools: Expanding our Capacity for Perception
Socioeconomic and Environmental Performance: A Composite Index and Comparative Application to the USA and China
Homoeconomico-politicus, Scientific Consciousness, and the Defense of Fundamental Values in the Context of the Climate Change Crisis: The Challenge of Scientific Responsibility for the Future of Economic and Political Science

Winston P. Nagan, Megan Weeren
 Get Full Text in PDF Abstract The general framework of this paper is to focus on the evolution of scientific consciousness and the dramatic technological developments it has generated, which have vital and highly consequential consequences for social organization on a global basis. The central fact about the current technological revolution is the enormous challenges it provides for... Read more
Joanilio Rodolpho Teixeira, Danielle Sandi Pinheiro, Anna Eloyr Vilasboas
 Get Full Text in PDFAbstract This paper deals with an analytical framework to provide a measure of overall performance which involves both socioeconomic activities and environmental sustainability using a recent Index of well-being. The composite indicator, created by Medrano-B & Teixeira (2013), is associated with the so called “Magic Square”, a diagram stimulated by the... Read more
Robert Hoffman, Bertram McInnis
 Get Full Text in PDFForeword This the first of two articles that describe the development of a new generation of global modelling tools that was first proposed by the authors as members of a working group of the Canadian Association for the Club of Rome in 1993. This paper describes the underlying conceptual framework adopted by the group. The companion paper describes the Global Systems... Read more
Hazel Henderson
Get Full Text in PDF Beyond GDP: Global Poll* A new global poll across 12 countries reveals that more than two-thirds of people polled think that economic statistics like GDP are an inadequate way of measuring national progress. The poll finds that 68% believe that health, social and environmental statistics are as important as economic data, and that governments should also use those to measure... Read more
Garry Jacobs, Ivo Šlaus
Get Full Text in PDF Table of Contents Introduction Tools and Measures Measures of National Income Need for New Theory Measures and Indicators Characteristics of a Successful Indicator The Problem of Value What are we trying to measure? Alternative indices Components of Economic Welfare Human Economic Welfare Index (HEWI) Composite HEWI Conclusions Endnotes 1. Introduction Right measurement... Read more
The Great Divorce: Finance and Economy
Immediate Solution for the Greek Financial Crisis
Transforming Finance Group’s Call Recognizes Finance as a Global Commons
The Perfect Storm: Economics, Finance and Socio-Ecology
Capital Needs Labour
Real Economies and The Illusions of Abstraction
Getting Risks Right:Thoughts about Increasing the Resilience of the Global Social & Economic System
Book review — Money and Sustainability: The Missing Link
The Power of Money
Money, Debt, People and Planet
Multiplying Money
Making Central Banks Serve The Real Economy
Fictitious Capital and the Elusive Quest in Understanding its Implications: Illusions and Paradoxes
Can we Finance the Energy Transition?*
Changing the Dominant Paradigm in Economics
Money, Markets and Social Power
The Market Myth
Socioeconomic Challenges and Crises: Brazilian Illustration and the Search for a New Paradigm
Financing Human Capital: Families & Society
Integrated Approach to Peace & Human Security in the 21st Century*
Rethinking Economics, the Role of Insurance: Adam Smith Upside Down—The Central Role of Insurance in the New Post-Industrial (Service) Economy*
Domesticating Finance for Pursuing Post-Crisis Growth
Towards a Conceptual System for Managing in the Anthropocene*
Disruptive Technologies, A Critical Yet Hopeful View

Erich Hoedl
Abstract Unequal distribution of societal power is to a large extent responsible for poverty, hunger, the destruction of nature, and inhuman living conditions. From the perspective of its redistribution, we distinguish three basic means of power: The ownership of material and immaterial properties, the kind of organisation and the values according to which properties and their organisation are... Read more
Garry Jacobs
Abstract The unprecedented opportunities missed at the end of the Cold War have come back to haunt and taunt us in the form of misshapen ideologies and misconceived policies. Discredited notions discarded by history once again raise their heads to be finally buried or bury us. Despite the rhetoric of the Washington Consensus, the fall of the Berlin Wall, the collapse of communism and dissolution... Read more
Winston P. Nagan, Craig Hammer
Abstract This paper examines the foundations of economic neoliberalism and underlines the implications of the foundations of this economic theory in its reliance on economic value as ownership, property, and commodity which misdirects economic inquiry from the real value of human capital as the proper foundation of a viable economic system. It focuses on the role of a selective emphasis on rules... Read more
Elif Çepni
Abstract Solutions to the major problems of our time require a radical shift in our perceptions, thinking and values. Post-normal times (characterized by complexity, chaos and contradictions), post-normal science (characterized by uncertainties, systems view of thinking, alternative perspectives, unknown unknowns, values) and human-centered economy are conceptions that we need to take into... Read more
Carlos Alvarez Pereira
 Get Full Text in PDF Abstract A new perspective is attempted on the role played by Information and Communication Technologies (ICTs) in the evolution of human societies in the last few decades. Particular attention is paid to their (lack of) relationship with the challenges of sustainable development, presenting the view contrary to mainstream perception that for now ICTs have a negative... Read more
Robert Hoffman
 Get Full Text in PDF Abstract This note takes as its frame of reference the concept of ‘deep thinking’ developed by William Byers [Byers 2015]. According to Byers, deep thinking or creative thought can emerge when a problem is framed by two (or more) conceptual systems and it is found that there are areas of incoherency between the conceptual systems. A new conceptual system... Read more
Dimitrios Kyriakou
 Get Full Text in PDF Abstract There has been a total (public and private) debt bubble that has been growing since the 80s, accompanying an implicit promise of higher standards of living through large market deregulation experiments (capital markets deregulation and capital mobility being chief among them). The path chosen by conventional economics for delivering this implicit promise... Read more
Orio Giarini
 Get Full Text in PDF Abstract In the first page of The Wealth of Nations, Adam Smith described an apparently trivial issue, the making of a pin. In his search for ways to effectively fight poverty, he formulated the basis for a new view of economy based on the Industrial Revolution. Two centuries later, the perspective he developed remains intact and is largely outdated. It does not... Read more
Garry Jacobs
 Get Full Text in PDF Abstract Humanity has made remarkable progress during the past two centuries in advancing peace, democracy, human rights, economic development and social equality. The evolution of human relations has progressed far from the time when physical violence, war and conquest were the predominant form of international relations. Diplomacy has evolved from political... Read more
Neantro Saavedra-Rivano
 Get Full Text in PDF Abstract The Organization for Economic Cooperation and Development (OECD) describes human capital as “knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic wellbeing.”* It follows from this interpretation that investment in human capital includes the sum of all costs that allow a new... Read more
Joanilio Rodolpho Teixeira, Rodolfo Marcílio Teixeira
 Get Full Text in PDF Abstract Economic Neoliberalism in its most perverse form has been recapturing the imagination of policy makers worldwide. It emerged in the context of a prolonged crisis, increasing unemployment and unsustainability in the public sector. Growth slowdown reflects several factors, including domestic errors of economic policies, lower commodity prices and structural... Read more
Tomas Björkman
 Get Full Text in PDF Abstract The Market can be understood as a self-organizing system that is constantly evolving. Like all social institutions, it is governed by principles and rules created by society, not by any universal laws of nature. If it does not work the way we want it to, we have the power and freedom to change its rules. However, prevailing notions about the market are veiled... Read more
Garry Jacobs
 Get Full Text in PDF Abstract The future science of Economics must be human-centered, value-based, inclusive, global in scope and evolutionary in perspective. It needs to be fundamentally interdisciplinary to reflect the increasingly complex sectoral interconnections that characterize modern society. It must also be founded on transdisciplinary principles of social existence and human... Read more
Maria de Lourdes Mollo
 Get Full Text in PDFAbstract This article addresses the discussion proposed by the World Academy of Art & Science (WAAS) about the need to build a new paradigm to confront the challenges of the global society and to move across to a New Society discussing specific problems related to economic globalization and proposing changes. The ways in which economic orthodoxy and heterodoxy... Read more
Ian Johnson
 Get Full Text in PDF Abstract The energy sector is pivotal to our aspirations for a sustainable planet and yet two major challenges face policymakers worldwide. The first is to decide what set of technical choices provide the best solution to meet social, economic and environmental agendas; and the second is to decide how these choices can be financed. The bulk of new energy demand will... Read more
Joanilio Rodolpho Teixeira, Paula Felix Ferreira
 Get Full Text in PDF Abstract This paper deals with the interaction between fictitious capital and the neoliberal model of growth and distribution, inspired by the classical economic tradition. Our renewed interest in this literature has a close connection with the recent international crisis in the capitalist economy. However, this discussion takes as its point of departure the fact that... Read more
Suleika Reiners
 Get Full Text in PDF Abstract The challenge is to redirect central bank money into the real economy and to the needs of society. If new money is issued to expand the productive capacity, there is no reason for inflation. Long-term financing could become available at an affordable price. Central bank money must not replace a sound tax system and the distribution of income and wealth, but... Read more
Garry Jacobs
This is Part 2 in the Money Series. Part 1 "The Power of Money" is available here. Get Full Text in PDF Abstract   This article is not a comprehensive factual history of money as an economic instrument. It aims rather to present an essential psychological history of the power of money as a social organization or social technology. It explores the catalytic role of money in the... Read more
Jakob von Uexkull
Get Full Text in PDF Abstract The widespread failure to understand money creation plays a key role in the current policy impasse. In a world ruled by money, this failure disempowers and prevents serious consideration of alternatives. The key reasons why we are not moving faster in tackling the global crises are, we are told, because it is too expensive, there is not enough money, it is not (yet... Read more
Garry Jacobs, Ivo Šlaus
This is Part 1 in the Money Series. Part 2 "Multiplying Money" is available here. Get Full Text in PDF Abstract Although we all use money every day, the nature and functioning of money seem shrouded in commonplace myths and ancient mysteries. Money plays a central role in economics today, yet rarely do we come across a serious, informed discussion of what money really is and what role it plays... Read more
Ivo Šlaus, Garry Jacobs
Get Full Text in PDF A Report from the Club of Rome – EU Chapter to Finance Watch and the World Business Academy By Bernard Lietaer, Christian Arnsperger, Sally Goerner and Stefan Brunnhuber Triarchy Press 2012 This report by WAAS Fellow Bernard Lietaer and his associates addresses important theoretical and practical issues regarding modern monetary systems. The central thesis of the report is... Read more
Patrick Liedtke
Get Full Text in PDF Abstract The extraordinary extent of the financial crisis has inspired deep systemic reforms world-wide, rethinking financial stability, the resilience of our economic systems, and the role that national and international institutions play. While most of the ongoing activities are understandably centred on banks and the banking sector – the origin and centre of the crisis –... Read more
Garry Jacobs, Ivo Šlaus
“The tremendously wasteful underutiliza­tion of precious hu­man resources and productive capacity is Greece’s most serious problem and also its greatest opportunity.” The recent agreement to write off a substantial portion of Greek bonds only postpones but does not resolve the essential problem. The key to the Greek crisis lies in economy, not finance. Any financial solution that... Read more
Orio Giarini, Ivo Šlaus, Garry Jacobs
Social networking did not begin with the Internet. It is as old as human history. For what we now call social networking is really the evolution of human relationships which constitute the backbone of civilization. The emergence of the Internet is the third giant leap forward in a saga that began with the development of symbolic spoken language, the first great instrument that enabled human... Read more
Hazel Henderson
Get Full Text in PDF The yawning gap between the real world and the discipline and profession of economics has never been wider. The ever-increasing abstractions in finance and its models based on "efficient markets" and "rational actors": capital asset pricing, Value-at-Risk, Black-Scholes Options Pricing have been awarded most of the Bank of Sweden prizes since they were founded in the 1960s... Read more
Ian Johnson
Get Full Text in PDF A Commentary* The world is at an inflection point. A convergence of themes – seemingly disconnected – is integral and urgent to our very survival. Our world is headed into a Perfect Storm of an interconnected financial, ecological and social crisis. Almost all forward-looking assessments demonstrate that business as usual and incremental improvements will not be sufficient... Read more
Patrick Liedtke
Get Full Text in PDF The past three and a half years have seen a very rough ride for the world’s financial markets. Not only did the credit crisis (which The Geneva Association has studied intensively) directly impact the value of many real world assets (especially U.S. real estate) and stock markets with particular bearing on bank stocks, many derivatives and structured financial products; it... Read more
Hazel Henderson
Get Full Text in PDF The Committee on Transforming Finance, a multinational network of career market participants: investors, asset managers, business executives, philanthropists, academics and financial authors, holds that the financial system is a global commons and calls for a new set of rules that would allow it to be governed in full conformance with this reality. We as beneficiaries and... Read more
Money & Finance
Tomas Björkman
Garry Jacobs
Jakob von Uexkull
Garry Jacobs, Ivo Šlaus
Orio Giarini, Ivo Šlaus, Garry Jacobs
Patrick Liedtke
Counter-Aging in the Post-industrial Society
The Demographic Revolution: Reconceptualizing Macroeconomics
From Epicurus to Maslow
Transition to a New Society
Homoeconomico-politicus, Scientific Consciousness, and the Defense of Fundamental Values in the Context of the Climate Change Crisis: The Challenge of Scientific Responsibility for the Future of Economic and Political Science
The Concept, Basis and Implication of Human-Centered Development
Financing Human Capital: Families & Society
Quest for a New Paradigm in Economics - A Synthesis of Views of the New Economics Working Group*

Erich Hoedl
Abstract Unequal distribution of societal power is to a large extent responsible for poverty, hunger, the destruction of nature, and inhuman living conditions. From the perspective of its redistribution, we distinguish three basic means of power: The ownership of material and immaterial properties, the kind of organisation and the values according to which properties and their organisation are... Read more
Garry Jacobs
Abstract The unprecedented opportunities missed at the end of the Cold War have come back to haunt and taunt us in the form of misshapen ideologies and misconceived policies. Discredited notions discarded by history once again raise their heads to be finally buried or bury us. Despite the rhetoric of the Washington Consensus, the fall of the Berlin Wall, the collapse of communism and dissolution... Read more
Winston P. Nagan, Craig Hammer
Abstract This paper examines the foundations of economic neoliberalism and underlines the implications of the foundations of this economic theory in its reliance on economic value as ownership, property, and commodity which misdirects economic inquiry from the real value of human capital as the proper foundation of a viable economic system. It focuses on the role of a selective emphasis on rules... Read more
Garry Jacobs, Mark Swilling, Winston P. Nagan, Jamie Morgan, Barry Gills
 Get Full Text in PDF Abstract The remarkable economic achievements of the past two centuries have cast an illusion of omniscience on the discipline of Economics, which even repeated catastrophic policy failures have still not entirely banished. The gap and disjuncture between prevailing economic wisdom and its effective application to promote human welfare and well-being are enormous and... Read more
Neantro Saavedra-Rivano
 Get Full Text in PDF Abstract The Organization for Economic Cooperation and Development (OECD) describes human capital as “knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic wellbeing.”* It follows from this interpretation that investment in human capital includes the sum of all costs that allow a new... Read more
Winston P. Nagan
 Get Full Text in PDF Abstract Our contemporary era has a critical focus on globalization. However, notwithstanding the necessary interdependence and interdetermination of the forces of globalization, these forces are deeply influenced by an economic theory, a theory known as “economic neoliberalism.” To date, this theory has not been seriously challenged. Fellows of the World Academy of... Read more
Winston P. Nagan, Megan Weeren
 Get Full Text in PDF Abstract The general framework of this paper is to focus on the evolution of scientific consciousness and the dramatic technological developments it has generated, which have vital and highly consequential consequences for social organization on a global basis. The central fact about the current technological revolution is the enormous challenges it provides for... Read more
Ivo Šlaus
 Get Full Text in PDF Abstract The contemporary world is global, uncertain and rapidly changing. The present economic, social and political paradigm is destroying natural, human and social capital at an accelerating pace. Problems generated by these destructions require urgent solution. All these problems are complex, and cannot be addressed in a piecemeal, sectorial fashion. These problems... Read more
Gerald Gutenschwager
Happiness Then and Now and the Place of the Human Being in Social Theory Get Full Text in PDF Πάντων χρημάτων μέτρον άνθρωπος ΠρωταγόραςThe human being is the measure of all things- Protagoras Abstract Protagoras said, "The human being is the measure of all things". This implies, among other things, that language, science and religion are human inventions, as are economics, money, efficiency,... Read more
Orio Giarini
Get Full Text in PDF Abstract It is important to reconsider the measurements which refer to the “Wealth of Nations” and from which the most appropriate references for better welfare policies are derived. In the present Service Economy, not all the “value added” measures indicate an increase in the level of wealth (the costs to cope with pollution for instance), whereas many developments in... Read more
Orio Giarini
Get Full Text in PDF Several articles in Cadmus Journal have explored the meaning of “Wealth of Nations” at a time when the Industrial Revolution has given way to the Service Economy. In parallel, the European Papers on the New Welfare has been examining the lengthening of human life cycle as a decisive social and economic issue. “Statistics based not on age but on the capacity to perform... Read more