The chapters so far have established that static thinking involves narrow, one-dimensional, de-contextualised thinking, which in many expressions stands as obstacles to theories and actions for a sustainable future. This chapter turns to examine the key dimensions of the contextual economics paradigm that emerges from encompassing process thinking, showing how this approach supports the co-creative politics advanced in Chap. 5 . This chapter explores the ways in which, guided by encompassing process thinking, contextual approaches to economic theories bring orthodox economic models and measures (of supply and demand, GDP, circular flow) into their empirical, historical and relational contexts. It applies the static-process framework to show how contextual economics nests what Julie Nelson depicts as “hard” economics (of markets and profit) within “soft” areas of economics (such as unpaid work and wellbeing). Applying the basic orientations of process thinking, this chapter outlines a possible process-oriented synthesis of economic theories, drawing upon the work of feminist economist Julie Nelson, former-Oxfam economist Kate Raworth, ecological economist Herman Daly and political economists Jim Stanford and Frank Stilwell. These economists, among others, provide process-based critiques of orthodox economics and offer constructive proposals for the teaching and practice of economics that reflect co-creative communities. For example, this chapter shows how process thinking challenges the assumptions of economics, shifting the focus from Homo economicus (self-interested individual man) to person-in-community; from profit-maximising firms to purpose-driven firms; and from the goal of GDP growth to growth in human and nonhuman wellbeing, or “thriving-in-balance” within Kate Raworth’s “Doughnut.”

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Contextual Economics: Nesting Static in Process

  • Juliet Bennett

摘要

The chapters so far have established that static thinking involves narrow, one-dimensional, de-contextualised thinking, which in many expressions stands as obstacles to theories and actions for a sustainable future. This chapter turns to examine the key dimensions of the contextual economics paradigm that emerges from encompassing process thinking, showing how this approach supports the co-creative politics advanced in Chap. 5 . This chapter explores the ways in which, guided by encompassing process thinking, contextual approaches to economic theories bring orthodox economic models and measures (of supply and demand, GDP, circular flow) into their empirical, historical and relational contexts. It applies the static-process framework to show how contextual economics nests what Julie Nelson depicts as “hard” economics (of markets and profit) within “soft” areas of economics (such as unpaid work and wellbeing). Applying the basic orientations of process thinking, this chapter outlines a possible process-oriented synthesis of economic theories, drawing upon the work of feminist economist Julie Nelson, former-Oxfam economist Kate Raworth, ecological economist Herman Daly and political economists Jim Stanford and Frank Stilwell. These economists, among others, provide process-based critiques of orthodox economics and offer constructive proposals for the teaching and practice of economics that reflect co-creative communities. For example, this chapter shows how process thinking challenges the assumptions of economics, shifting the focus from Homo economicus (self-interested individual man) to person-in-community; from profit-maximising firms to purpose-driven firms; and from the goal of GDP growth to growth in human and nonhuman wellbeing, or “thriving-in-balance” within Kate Raworth’s “Doughnut.”