1. CONTEXTUAL ECONOMICS: A PROCESSRELATIONAL INTERVENTION FOR PERSONAL AND PLANETARY WELLBEING.
- Author
-
Bennett, Juliet
- Subjects
MARXIAN economics ,HETERODOX economics ,NEOCLASSICAL school of economics ,WELL-being ,ECONOMIC models - Abstract
Contextual economics weaves together aspects of orthodox and heterodox economics theories (e.g. feminist, ecological, Keynesian and Marxist economics) in such a way that (re)interprets formal economic models within changing social, historical and environmental contexts. Drawing from the work of Julie Nelson, Kate Raworth and process philosophers, this paper conceptualises the contextual economic paradigm as nesting static abstractions within changing contexts. This brings into question the static metaphysics assumed by mainstream neoclassical economics, and presents an alternative basis for economics arising from processrelational metaphysics. This leads to an economics that: situates the economy as a subsystem of society and ecosystems; replaces Homo economicus with persons-in-communities; and redirects economic policies from profit and GDP growth to purpose and improving wellbeing. This shift in thinking, metaphysics and economics--nesting static in processes--is posited as a critical reorientation of economic decision-making for personal and planetary wellbeing. [ABSTRACT FROM AUTHOR]
- Published
- 2023