Need for New Theory
The world confronts a paradox: Unparalleled global production capacity exists side by side with high and rising levels of unemployment, inequality, financial instability, social unrest and ecological degradation. Efforts to reform current economic policy and institutions are invariably opposed by both an intellectual orthodoxy and vested economic interests, drawing on the conventional wisdom of prevailing economic theory to support prevailing policies. The multidimensional challenges confronting humanity today are human-made and can be changed by a change in thought and action. Theoretical limitations and misconceptions are a primary root cause of persistent poverty, rapid and rising levels of unemployment, inequality, and calamitous environmental threats. A fundamental change in thinking is needed to support a radical change in policies. Read more.
New Economy Working Group
Ideas have power. Thought precedes action. Changing the economic policies and behaviours that are generating high levels of unemployment, widening inequality and bankrupting Nature is not possible without first changing the erroneous economic concepts and theories on which the world economy is currently functioning. A change in thinking can lead to a radical change in action. This is the rationale for the project on New Economic Theory (NET) initiated by the World Academy of Art & Science and World University Consortium in collaboration with more than a dozen leading institutions for the constitution of the NET Working Group. The objective is to harness the best available ideas and practices to create a coherent and comprehensive intellectual framework for human-centred, sustainable economy and to develop informative, authoritative and compelling educational and communication tools with the power to challenge conventional wisdom and alter university level education, public policy, business decisions, media coverage and general public opinion regarding how the world economy should and can work for the betterment of all humanity. Read more.