What does 'new economics' mean?
‘New economics’ is a broad term that can be associated with a wide variety of detailed work and labels such as (social-)ecological, circular, regenerative, restoration and doughnut economics; decroissance / degrowth, wellbeing economy, flourishing, buen vivir and common good, among others; and perspectives linked to diverse knowledge traditions and indigenous wisdom.
While currently many policy options are being put forward for a green recovery, the real question is whether a green recovery will be shallow, mainly consisting of investment in low-carbon infrastructure and technology, but insufficiently addressing the planetary crises we are facing, or a genuinely deep green and fair recovery that more fully reconceives and repurposes global and national economies.
A ‘new economic’ approach can support both economic recovery from COVID-19 and the call to transform and repurpose global and national economies “…from GDP growth and the pursuit of affluence toward sustaining ecosystems and improving human well-being by prioritizing basic needs and reducing inequality.” (Ripple et al. 2019; signed by over 13,000 scientists).
Such economies geared towards the flourishing of all life are also called Next Economies.