Excellent analysis from all. Economic theory not only needs re-working it requires a new philosophy around which policy can be crafted. The pace of change is now becoming the major factor in change itself, and we are still stuck in the “economic theory progresses one funeral at a time” pace. At the same time change needs to be grounded in pragmatism. Hence in order to get ahead of the curve instead of behind it we require a new philosophy which simultaneously integrates rapid, decisive, actual and ethical change with what works best for all given the real world circumstances. As wisdom is the process of integration itself and also the best integration of the pragmatic and the ideal I suggest that what we actually require is a Wisdomics, a new philosophy of economics actually mirroring the pinnacle concepts of Wisdom themselves. That would be actual wisdom, not bias parading itself as change but an actual integration of only truths and workabilities from apparently opposing ideologies. A science of wisdom that is.
And again the pace quickens toward an unhappy and not peaceful convergence of crises so a Wisdomics, a science of wisdom in all spheres of human activity, most urgently and importantly in economic theory, is strongly advised.