IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v12y2020i18p7553-d413135.html
   My bibliography  Save this article

Reframing and Transforming Economics around Life

Author

Listed:
  • Sandra Waddock

    (Carroll School of Management, Boston College, Chestnut Hill, MA 02467, USA)

Abstract

This article offers a framework for economics that affirms life to replace the flawed yet dominant paradigm of neoliberal economics. Building an argument for a new set of core memes—core ideas that are the building blocks of stories and narratives (like neoliberalism)—this article presents a proposed set of economics memes that support life drawn from a wide range of sources. The framework’s six memes are: stewardship of the whole; co-creating collective value; governance through cosmopolitan-localism; regeneration, reciprocity, and circularity; relationship and connectedness; and equitable markets and trade, all of which are consistent in supporting other recent economics framings like ‘doughnut economics’.

Suggested Citation

  • Sandra Waddock, 2020. "Reframing and Transforming Economics around Life," Sustainability, MDPI, vol. 12(18), pages 1-16, September.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:18:p:7553-:d:413135
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/12/18/7553/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/12/18/7553/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Michael C. Jensen, 2010. "Value Maximization, Stakeholder Theory, and the Corporate Objective Function," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 32-42, January.
    2. Walter R. Stahel, 2016. "The circular economy," Nature, Nature, vol. 531(7595), pages 435-438, March.
    3. Hideyuki Mizobuchi, 2014. "Measuring World Better Life Frontier: A Composite Indicator for OECD Better Life Index," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 118(3), pages 987-1007, September.
    4. Elinor Ostrom, 2010. "Beyond Markets and States: Polycentric Governance of Complex Economic Systems," American Economic Review, American Economic Association, vol. 100(3), pages 641-672, June.
    5. Michael Pirson & Paul Lawrence, 2010. "Humanism in Business – Towards a Paradigm Shift?," Journal of Business Ethics, Springer, vol. 93(4), pages 553-565, June.
    6. Esther-Mirjam Sent, 2004. "Behavioral Economics: How Psychology Made Its (Limited) Way Back Into Economics," History of Political Economy, Duke University Press, vol. 36(4), pages 735-760, Winter.
    7. Gabriel Zucman, 2019. "Global Wealth Inequality," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 109-138, August.
    8. Sandra S. Batie, 2008. "Wicked Problems and Applied Economics," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 90(5), pages 1176-1191.
    9. Simone D’Alessandro & André Cieplinski & Tiziano Distefano & Kristofer Dittmer, 2020. "Feasible alternatives to green growth," Nature Sustainability, Nature, vol. 3(4), pages 329-335, April.
    10. Frank Biermann & Michele Betsill & Joyeeta Gupta & Norichika Kanie & Louis Lebel & Diana Liverman & Heike Schroeder & Bernd Siebenhüner & Ruben Zondervan, 2010. "Earth system governance: a research framework," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 10(4), pages 277-298, December.
    11. Martha Nussbaum, 2003. "Capabilities As Fundamental Entitlements: Sen And Social Justice," Feminist Economics, Taylor & Francis Journals, vol. 9(2-3), pages 33-59.
    12. Daniel Kahneman, 2003. "Maps of Bounded Rationality: Psychology for Behavioral Economics," American Economic Review, American Economic Association, vol. 93(5), pages 1449-1475, December.
    13. Daniel W. O’Neill & Andrew L. Fanning & William F. Lamb & Julia K. Steinberger, 2018. "A good life for all within planetary boundaries," Nature Sustainability, Nature, vol. 1(2), pages 88-95, February.
    14. Gowdy, John M., 2008. "Behavioral economics and climate change policy," Journal of Economic Behavior & Organization, Elsevier, vol. 68(3-4), pages 632-644, December.
    15. R. Kerry Turner & Brendan Fisher, 2008. "To the rich man the spoils," Nature, Nature, vol. 451(7182), pages 1067-1068, February.
    16. Douglas J. McCauley, 2006. "Selling out on nature," Nature, Nature, vol. 443(7107), pages 27-28, September.
    17. Leidy Klotz & Elke Weber & Eric Johnson & Tripp Shealy & Morela Hernandez & Bethany Gordon, 2018. "Beyond rationality in engineering design for sustainability," Nature Sustainability, Nature, vol. 1(5), pages 225-233, May.
    18. Kenter, Jasper O. & O'Brien, Liz & Hockley, Neal & Ravenscroft, Neil & Fazey, Ioan & Irvine, Katherine N. & Reed, Mark S. & Christie, Michael & Brady, Emily & Bryce, Rosalind & Church, Andrew & Cooper, 2015. "What are shared and social values of ecosystems?," Ecological Economics, Elsevier, vol. 111(C), pages 86-99.
    19. John Gowdy & Jon D. Erickson, 2005. "The approach of ecological economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(2), pages 207-222, March.
    20. Martine Durand, 2015. "The OECD Better Life Initiative: How's Life? and the Measurement of Well-Being," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 61(1), pages 4-17, March.
    21. Frankfurter, George M., 2006. "The Theory of Fair Markets (TFM) toward a new finance paradigm," International Review of Financial Analysis, Elsevier, vol. 15(2), pages 130-144.
    22. Charles Palmer & Grace Iara Souza & Edilza Laray & Virgilio Viana & Anthony Hall, 2020. "Participatory policies and intrinsic motivation to conserve forest commons," Nature Sustainability, Nature, vol. 3(8), pages 620-627, August.
    23. F. Chapin & Steward Pickett & Mary Power & Robert Jackson & David Carter & Clifford Duke, 2011. "Earth stewardship: a strategy for social–ecological transformation to reverse planetary degradation," Journal of Environmental Studies and Sciences, Springer;Association of Environmental Studies and Sciences, vol. 1(1), pages 44-53, March.
    24. Daly, Herman E., 1987. "The economic growth debate: What some economists have learned but many have not," Journal of Environmental Economics and Management, Elsevier, vol. 14(4), pages 323-336, December.
    25. Sandra Waddock, 2016. "Foundational Memes for a New Narrative About the Role of Business in Society," Humanistic Management Journal, Springer, vol. 1(1), pages 91-105, September.
    26. Richard H. Thaler, 2016. "Behavioral Economics: Past, Present, and Future," American Economic Review, American Economic Association, vol. 106(7), pages 1577-1600, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Nivi Gal-Arieli & Itai Beeri & Eran Vigoda-Gadot & Amnon Reichman, 2020. "Can Leadership Transform Educational Policy? Leadership Style, New Localism and Local Involvement in Education," Sustainability, MDPI, vol. 12(22), pages 1-19, November.
    2. María Jesús Rosado-García & Renata Kubus & Ramón Argüelles-Bustillo & María Jesús García-García, 2021. "A New European Bauhaus for a Culture of Transversality and Sustainability," Sustainability, MDPI, vol. 13(21), pages 1-22, October.
    3. Steve Waddell & Sandra Waddock & Simone Martino & Jonny Norton, 2023. "Emerging Economic Operating Infrastructure to Support Wellbeing Economies," Humanistic Management Journal, Springer, vol. 8(1), pages 63-88, April.
    4. Javier Sierra & Ángela Suárez-Collado, 2021. "Understanding Economic, Social, and Environmental Sustainability Challenges in the Global South," Sustainability, MDPI, vol. 13(13), pages 1-17, June.
    5. Cook, David & Davíðsdóttir, Brynhildur & Malinauskaite, Laura, 2023. "The role of ecosystem services in the doughnut economy – The example of whale ecosystem services in Disko Bay, Greenland," Ecosystem Services, Elsevier, vol. 63(C).
    6. Sandra Waddock, 2021. "Wellbeing Economics Narratives for a Sustainable Future," Humanistic Management Journal, Springer, vol. 6(2), pages 151-167, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sandra Waddock, 2021. "Wellbeing Economics Narratives for a Sustainable Future," Humanistic Management Journal, Springer, vol. 6(2), pages 151-167, July.
    2. Michael Pirson, 2019. "A Humanistic Perspective for Management Theory: Protecting Dignity and Promoting Well-Being," Journal of Business Ethics, Springer, vol. 159(1), pages 39-57, September.
    3. Chris Laszlo & Sandra Waddock & Anil Maheshwari & Giorgia Nigri & Julia Storberg-Walker, 2021. "Quantum Worldviews: How science and spirituality are converging to transform consciousness for meaningful solutions to wicked problems," Humanistic Management Journal, Springer, vol. 6(3), pages 293-311, December.
    4. Michael Pirson, 2020. "A Humanistic Narrative for Responsible Management Learning: An Ontological Perspective," Journal of Business Ethics, Springer, vol. 162(4), pages 775-793, April.
    5. Óscar Carpintero, 2013. "When Heterodoxy Becomes Orthodoxy: Ecological Economics in The New Palgrave Dictionary of Economics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1287-1314, November.
    6. McGrath, F.L. & Carrasco, L.R. & Leimona, B., 2017. "How auctions to allocate payments for ecosystem services contracts impact social equity," Ecosystem Services, Elsevier, vol. 25(C), pages 44-55.
    7. Canton, César G., 2012. "Empowering People in the Business Frontline: The Ruggie’s Framework and the Capability Approach," management revue - Socio-Economic Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 23(2), pages 191-216.
    8. Benchimol, Jonathan & Bounader, Lahcen, 2023. "Optimal monetary policy under bounded rationality," Journal of Financial Stability, Elsevier, vol. 67(C).
    9. Nicos A. Scordis & Yoshihiko Suzawa & Astrid Zwick & Lucia Ruckner, 2014. "Principles for Sustainable Insurance: Risk Management and Value," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 17(2), pages 265-276, September.
    10. Jesús Peiró-Palomino & Andrés J. Picazo-Tadeo, 2018. "Assessing well-being in European regions. Does government quality matter?," Working Papers 2018/06, Economics Department, Universitat Jaume I, Castellón (Spain).
    11. Zafar Nazarov & Anastassia Obydenkova, 2022. "Public Health, Democracy, and Transition: Global Evidence and Post-Communism," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 160(1), pages 261-285, February.
    12. Creutzig, Felix, 2020. "Limits to Liberalism: Considerations for the Anthropocene," Ecological Economics, Elsevier, vol. 177(C).
    13. Alec Foster, 2021. "Volunteer Urban Environmental Stewardship, Emotional Economies of Care, and Productive Power in Philadelphia," Sustainability, MDPI, vol. 13(14), pages 1-13, July.
    14. Palola, Pirta & Bailey, Richard & Wedding, Lisa, 2022. "A novel framework to operationalise value-pluralism in environmental valuation: Environmental value functions," Ecological Economics, Elsevier, vol. 193(C).
    15. Venkatachalam, L., 2008. "Behavioral economics for environmental policy," Ecological Economics, Elsevier, vol. 67(4), pages 640-645, November.
    16. Luis César Herrero-Prieto & Iván Boal-San Miguel & Mafalda Gómez-Vega, 2019. "Deep-Rooted Culture and Economic Development: Taking the Seven Deadly Sins to Build a Well-Being Composite Indicator," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 144(2), pages 601-624, July.
    17. Sheila Dow, 2010. "The Psychology of Financial Markets: Keynes, Minsky and Emotional Finance," Chapters, in: Dimitri B. Papadimitriou & L. Randall Wray (ed.), The Elgar Companion to Hyman Minsky, chapter 13, Edward Elgar Publishing.
    18. Janusch, Nicholas & Palm-Forster, Leah H. & Messer, Kent D. & Ferraro, Paul J., 2017. "Behavioral Insights for Agri-Environmental Program and Policy Design," 2018 Allied Social Sciences Association (ASSA) Annual Meeting, January 5-7, 2018, Philadelphia, Pennsylvania 266299, Agricultural and Applied Economics Association.
    19. Kim, Dongwoo, 2020. "Worker retirement responses to pension incentives: Do they respond to pension wealth?," Journal of Economic Behavior & Organization, Elsevier, vol. 173(C), pages 365-385.
    20. Anderson, Blake & M'Gonigle, Michael, 2012. "Does ecological economics have a future?," Ecological Economics, Elsevier, vol. 84(C), pages 37-48.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:12:y:2020:i:18:p:7553-:d:413135. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.