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Reconsidering economics in relation to sustainable development and democracy

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  • Peter Söderbaum

    (Mälardalen University (Sweden))

Abstract

The challenge of sustainable development can be approached from different angles. In this essay it is argued that one also needs to examine the present close to monopoly position of neoclassical economic theory at university departments of economics in many parts of the world. An open debate is needed about paradigms in economics as well as ideological orientations. An alternative to neoclassical theory is outlined where individuals and organizations are regarded as political actors, each guided by an ideological orientation or mission. Reference is made to the 17 UN sustainable development goals suggesting that impacts need to be seen in multidimensional terms and an alternative definition of economics as “multidimensional management of limited resources in a democratic society” is proposed. It is argued that economics need to move away from its technocracy-oriented tendencies to democracy-oriented approaches. This is exemplified by a move away from neoclassical Cost-Benefit Analysis (CBA) to Positional Analysis as approach to decision-making and sustainability assessment.

Suggested Citation

  • Peter Söderbaum, 2019. "Reconsidering economics in relation to sustainable development and democracy," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 13(1), pages 19-38, November.
    • Handle: RePEc:bus:jphile:v:13:y:2019:i:1:n:2
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    References listed on IDEAS

    as
    1. World Commission on Environment and Development,, 1987. "Our Common Future," OUP Catalogue, Oxford University Press, number 9780192820808.
    2. Gunnar Myrdal, 1978. "Institutional Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 12(4), pages 771-783, December.
    3. Panos KALIMERIS, 2018. "Ecce Homo-Economicus? The Dr. Jekyll and Mr. Hide syndrome of the economic man in the context of natural resources scarcity and environmental externalities," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 12(1), pages 89-111, November.
    4. Myrdal, Gunnar, 1978. "Political and Institutional Economics," Research Series, Economic and Social Research Institute (ESRI), number GLS11.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    neoclassical economics; institutional economics; political economic person; political economic organization; ideological orientation; mission; multidimensional; matching process; technocracy; democracy; narrative; degrowth;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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