Posted To WEA Pedagogy Blog 04/18/2017

Economics needs a new philosophy much more than it needs “realism” or even science. Science in too many respects anymore has become a religion that too many scientists and scientific pundits are slavishly addicted to. Some would say that we just need to be better scientists, and I wouldn’t necessarily disagree with that….as science, again, has become top heavy with orthodoxy and hence religiosity. We do want to include science in our considerations of course, we just want to broaden it and deepen it by broadening and deepening the ideas we scientifically consider regarding economics. And that brings us back to philosophy. And, if we give ethics its proper and superior due, after all any conscious human activity is inextricably (but not obsessively) an ethical concern, then we require Wisdom to aid us in our journey. The major sages of yore were, for their era, probably the most scientific and personally honest individuals history has produced, and their thinking and nostrums-policies informed, enhanced and/or rejuvenated civilization. When we see the flames of obsessive contention, instability and chaos looming up around us perhaps if we considered a new idea in science and economics and some old ideas from Wisdom that are updated with the scientific knowledge gained over the last couple of centuries, we could turn disintegration into a deeper and broader re-integration.

wisdomicsblog.com

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