A Paper by Ian Mason (UK), Principal of the School of Economic Science, London, delivered at the 10th Rhodes Forum on October 6, 2012
It is quite apparent that the standard economics of the post-war half century has failed to deliver an adequate, secure and peaceful living for everyone affected by it. While economists, politicians and business leaders struggle to rebuild the flawed edifice that has so recently visited poverty and despair on so many, there is an increasing chorus of voices calling for a new economics with an ethical foundation that is free of the self-interest and injustice of neo-classical capitalism. In the School of Economic Science we have been teaching economics based on justice since 1937. This has led us to the view that economics, properly understood and applied, can offer freedom with prosperity to everyone. We call it economics-with-justice.
This paper sets out some of the key ideas we are currently working on in the School: how to re-focus economic forces on the people that economics should serve; how to refine our tools of analysis so that economic forces can be properly understood; and how to re-establish a healthy and mutually enhancing relationship with the land, environment and resources upon which all wealth production depends.