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Preface to a Study of 21st-Century Economics by Mark Lindley There is no universally accepted definition of economics. Traditional definitions associated it with a more-or-less undefined concept of wealth. According to an alternative 20th-century definition, economics as an academic discipline studies those aspects of human behavior that (a) deal with scarce means which have alternative [possible] uses and (b) are guided by objectives. I think of economics as the exosomatic* material aspects of human life and the study of those aspects. Wikipedia defines it as the social science that analyzes the production, distribution, and consumption of goods and services. This definition accommodates implicitly the notable fact that most of the goods and services produced or performed by most of the women in the world are not paid for (and so are not part of market economics, which is what is taught in business schools), but by restricting economics to social phenomena it neglects material exchanges between humans and the rest of Nature and thus denies implicitly the existence of ecological economics. The first diagram on the right explains that the study of market economics is part of economics as a social science, and that economics includes ecological economics. One of the deepest issues in economics is how to balance the three kinds of concern that are described in the second diagram. Let me try now to characterize succinctly the relevant basic views of three categories of people: (1) capitalists, (2) theists and (3) humanists. Let me for this purpose define capitalists as investors who wish and expect capital to grow always more and more, and therefore wish and expect material production and the market to increase infinitely, but __________________________________________________ who, as capitalists, don’t care whether people other than themselves are thereby rendered materially better or worse off. (All capitalists are humans, and some of those humans may care about the welfare of other people, but that is a feature their human-ism rather than of their capital-ism.) Humanists should care about per capita material welfare and should therefore advocate zero population-growth. Humanists should care also about destitute people, i.e. those ho don’t ha e a decent amount of material welfare. All this raises some tricky questions such as How much is enough per capita? and How much is ecologically too much? . (Humanists should be concerned as well with spiritual welfare in this our life on Earth, but that’s another matter, not economics.) As for distribution, I would suppose that some but not all capitalists would wish it to be not so unfair as to give rise to very destructive forms of violence. (It seems to me, by the way, that such violence is seldom wrought by the destitute; they’re too eak for that; it is wrought by people strong enough to have effective rage.) Humanists and many theists would also wish economic inequality to be moderate enough that the more affluent folks can feel morally at ease with it. And, some humanists and theists may advocate material equality (which I regard as an extreme and therefore unfeasible ideal). Humanism calls for ecological sustainability. The belief that it would be OK to render the Earth uninhabitable by humans since Nature would carry on without us is hardly humanist. However, the tension between modern capitalism and ecological sustainability is going to get worse and worse. It is palpable already. Some theists may feel that God would providentially prevent anything dire from happening to the Earth as the home of humankind, or else that if He wills such dire things, then so be it; but humanists should take seriously the possibility – the likelihood – of catastrophic ecological degradation, and try to prevent and mitigate it. This problem raises scientific and moral questions (combined as in medical science) as to how much of this or that change would be too much for us biophysically. I think this will become an even bigger problem than the somewhat related one of running short of consumable energy. _______ * Exosomatic means outside the (human) body, whereas endosomatic means inside it. Doctors and nutritionists and study our endosmatic material activities; economists, the exosomatic ones.