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Inclusive Economic Theory

Author

Listed:
  • Steven Rosefielde

    (The University of North Carolina, Chapel Hill, USA)

  • Ralph W Pfouts

    (The University of North Carolina, Chapel Hill, USA)

Abstract

The goal of “Inclusive Economics” is to tie together various authoritative strands of contemporary economic theory into an easily comprehensible whole that illuminates the need for a broader approach to contemporary economic policymaking undistorted by obsolete 18th century rationalist assumptions about utility, ethics, worthiness and traditional culture. This is accomplished by elaborating the rationalist competitive ideal along the optimizing lines pioneered by Paul Samuelson (neoclassical economics); plumbing modifications necessitated by Herbert Simon's realist concepts of “bounded rationality” and “satisficing”; refined further by applying a pragmatist outlook to probe the consequences of relaxing Enlightenment teleological, ethical, spiritual and cultural taboos. The exercise will explain why competitive market economies guided by rational utility-seeking invariably are less productive, efficient, just and beneficent than most theorists concede, and will illuminate the full range of interventions needed to achieve better outcomes. We call this program in its entirety “Inclusive Economics”, including the integration of micro and macroeconomics.

Individual chapters are listed in the "Chapters" tab

Suggested Citation

  • Steven Rosefielde & Ralph W Pfouts, 2014. "Inclusive Economic Theory," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 8978, December.
    • Handle: RePEc:wsi:wsbook:8978
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    Citations

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    Cited by:

    1. Steven Rosefielde, 2014. "Cold Peace: "Reset" and Coexistence," The Northeast Asian Economic Review, ERINA - Economic Research Institute for Northeast Asia, vol. 2(1), pages 39-50, March.
    2. Rosefielde Steven, 2017. "Salvaging the European Union: The Inclusive Multi-Track Supranational Option," HOLISTICA – Journal of Business and Public Administration, Sciendo, vol. 8(3), pages 7-18, December.
    3. Steven Rosefielde & Yiyi Liu, 2018. "Local Public Debt Management: Lessons From Greece In Inclusive Economic Perspective," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 63(04), pages 967-980, September.

    Book Chapters

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