In a recent article, Wendy Carlin reflected, “Covid-19 along with climate change could be the driving forces of our age to transform economic thinking, policy and the choices people make.”
Her letter advocated a fundamental reset of the teaching of basic economic theory which would require a new culture regarding health as a nation’s wealth, natural resources as its riches and people as its priority.
Our outdated approach to economic principles should be replaced by one which links social, environmental and economic policy and places a sustainable, socially just society alongside job creation and growth in one all-inclusive new theory, “socenomics”.
Jane believes Covid-19 has proved that our economy is intrinsically linked with the health of society and the environment. But our education is divided into information management silos.
She sees the need for radical change in the way we measure and value success to overcome these divisions; the use of gross domestic product to measure national success should be replaced by a system that goes beyond pennies in pockets or investment in stocks and should measure:
- medics per inhabitant,
- disease control
- and levels of air and water quality
Her conclusion: a approach which places a sustainable, socially just society alongside job creation and growth in one all-inclusive new theory, ‘socenomics’ would offer “a simple, yet comprehensive, solution to the most serious challenges facing 21st-century society”.