Three Things to Consider When Rethinking Economics

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If you are a student, professional or activist thinking outside of the box to address the questions of our time, then this is for you. Today, at Rethinking Economics Australia, we’ve launched a new blog publication; a shared space where we give respect and exposure to people like you. Join us in rethinking economics for a better tomorrow!

How to rethink economics

Rethinking starts by asking the right questions. Here are three things that will send you off in the right direction.

1 Technology, industries, products, institutions, policies… all of these things are changing our world.

2 Explaining the way you and I respond to these changes is a little bit tricky.

3 It is tricky because:

  • On the individual level, we are smart and dynamic.
  • On the collective level, our lives are linked to ever-changing social and cultural systems.

Mainstream economics doesn’t want you to think about changes or links. Instead, you are taught about the “circular flow” diagram where goods flow from industries to consumers and money flows the other way. All without any account of novel responses or connection to reality.

You will not be taught how the money that flows in this diagram evolves over time or what it really is. You will not be taught how the goods and the industries providing them are causing changes to the system itself or how they benefit one group over another. You will not be taught how individuals change their behavior as a response, and you will most certainly not be taught how the circular flow diagram integrates with our precious environment.

Given this colorful mess, can we really reduce the individual and all of their dynamic needs to a “representative consumer”? Can we reduce our way of life to a couple of lines in a graph? Can we reduce our world to a bunch of models in a textbook?

Let’s go on a new adventure, outside of the solutions provided by the mainstream. We invite you to share your thoughts with your fellow rethinkers! Together, we embark on a journey through the world of pluralism and beyond.

If you are interested in contributing, please see how in this article. We look forward to reviewing your submission.

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Dennis Venter
Rethinking Economics for a Better Tomorrow

Member of Rethinking Economics Australia and editor of Rethinking Economics for a Better Tomorrow