From Neoclassical Economics to the Economy of Francesco
Abstract
We need a new framework for economics that is based on a realistic understanding of human nature and that is grounded in ethics, meaning the concern for human wellbeing. The current model of free-market economics that we teach to students, which is also reflected in public policies, is profoundly flawed. It contributes to mass suffering and endangers our very survival, despite the vast wealth of modern society. This article identifies and discusses the flawed assumptions underlying the prevailing model of economics education and economic policies and proposes a way forward, consistent with the Inspirational Paradigm for Jesuit Business Education.
Keywords: The Economy of Francesco, Neoclassical Economics, Catholic Social Teachings, Virtue Ethics, the Unviersal Declaration of Human Rights