5.3 Future Economics

 

 

What will the practice of economics’ new standard model as well as the eight tasks look like1See “cyclic” in second last paragraph of Section 5.2; and McShane’s paper cited in note 25.? We anticipate the eight-fold collaboration will provide the solution to the cultural part of the problem. Economics’ new standard model is both local and global.2See Journeyism Preface (fn. 7), 20 (fn. 10), 21, 22, 23 and 26. Its implementation will replace non-verifiable models and be free of political interference.3“The control of the economy is for the many, and furthermore is not essentially a political issue. A parallel will help here. … The control of driving the standard car is certainly in the hands of the many, and certainly is not an area of political debate. There is a right way to get a gear-shift automobile to move and to accelerate. It is not a topic for parliament. What can be a topic for public debate is the use and abuse of the travel-potential that automobile represents, the manner in which this structures inner cities and outer linkages, etc.” (Philip McShane, Economics for Everyone: Das Jus Kapital (Vancouver, Axial Publishing, 2017): xv. Much as in applied fluid dynamics, there will be applied economic dynamics. As Lonergan observed, the “practical economist [will be] as familiar a professional figure as the doctor, the lawyer, or the engineer.”4CWL21, 37. Some economists will have their attention focused on needs and possibilities for specific communities. Others may look to regional and global issues. While many supply chains are now global, goods and services are local. And so, economists will need data and perspectives that are both local and global.

Implementation of the eight-fold division of labor will coincide with what elsewhere has been called the positive Anthropocene Age.5See note 25. The reader can follow up on references provided in footnotes and in the Bibliography.6For further discussion, see Section 10 of Part II, Elements of Economics’ New Standard Model.

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