The past and the future: The philosophy and history of economics, and the emerging Risk Society

Mulberg, Jon (2021). The past and the future: The philosophy and history of economics, and the emerging Risk Society. In: Hermann, Arturo and Mouatt, Simon eds. Contemporary Issues in Heterodox Economics: Implications for Theory and Policy Action. Routledge Advances in Heterodox Economics. London: Routledge.

DOI: https://doi.org/10.4324/9780429346415-4

Abstract

A new society—the Risk Society—is emerging, based not on the production of goods but on the avoidance of ‘bads’. We now face massive risks cutting across time and space, which are untestable and unquantifiable. The Risk Society is marked by challenges to expertise and authority, and requires new ways of thinking about science and society. The chapter uses Critical Theory to show how we can rethink economics. Economics should be viewed not as a neutral science but as part of a political power structure. Uncovering past arguments within economics demonstrates this and reveals how economics has been driven by a struggle to avoid planning and egalitarian policies. This has rendered orthodox economics vacuous. The economics of the environment exposes this well. The orthodox approach revolves around commodification and market creation or tax, but these are essentially just politics with numbers, and are inadequate for depleted environmental resources.

A new definition of economics as allocation is therefore suggested. Markets are only one part of this decision-making process. A Green New Deal is proposed based on economic security instead of risk, and utilizing methods of market management and demand management.

Viewing alternatives

Metrics

Item Actions

Export

You can export this page using these formats Digital Object Identifier - DOI