Economics for Life

Time for a New Economics

By Sandra Waddock

Steen Valentin recently pointed out in a BOS blog that we – and particularly economists – need to look beyond Milton Friedman’s famous New York Times argument that ‘The social responsibility of business is to increase its profits’. Friedman’s argument underpins today’s dominant ideology and the economics that shapes it – neoliberalism.

Neoliberalism has a core and often repeated set of tenets or memes – the core building blocks of narratives and of culture (ideas, phrases, words, images, symbols). These well-rehearsed memes include that markets and trade …