Five assumptions for new economics (JES!)

 

The theory of ecolution is based on five assumptions:

  1. The Economy is embedded in the Ecology;
  2. People have rational as well as irrational preferences;
  3. Individuals and firms are not one-dimensionally focused on profit, but definitely want to add value to environmental, spatial and social development. They share their ups and downs with the local community and with society at large;
  4. People act in line with the multitude on the base of limited information;
  5. Individual people and firms work together out of self-interest. What’s in it for me? is a reasonable question. After all mostly ‘working together’ gives a bigger plus than rivalry, opposing and competition. If not, there still may be enough gains in it for everyone.

 

Frank van Empel & Caro Sicking, Jan. 2013

The theory of ecolution is part of JES! Towards a Joint Effort Society.

ISBN 978.94.90665.111

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[1] Adam Smith, the Wealth of Nations, Penguin books, 1976, p. 449

[2] P.R. Dubhashi, Critique of Neo-classical Economics, Mainstream, Volume XLVI, No 19. Prof. Dubhashi is the former Vice-Chancellor, GoA University, and an erstwhile Secretary, Government of India.

[3] Esoteric means: likely to be understood or enjoyed by only a few people with a special knowledge or interest. (OALD)

[4] An axiom is a rule or principle that most people, including the mainstream of economists, believe to be true. (OALD)

[5] ‘Neoclassical’ is a term that’s used for several kinds of economic approaches focusing on the determination of prices in markets. Prices are the result of a confrontation of supply and demand in a certain market.

[6] Prof. Dr. P.R. Dubhashi, Critique of Neo-classical Economics, Mainstream Weekly, Vol. XLVI, No 19, p. 8, 2008.

[7] Adam Smith, The Wealth of Nations, Pelican Classics, p. 200-201.

[8] A Personal Perspective on Social Psychology, Morton Deutsch, 1999

[9] Methods such as the Method Holistic Participation and the Mutual Gains Approach build towards such cooperative attitude between the involved.

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