The Real Prosperity is Renewable in Caring Economics

For myself I regard caring economics as wholistic or unified. The linear self interested, singular focus on economic growth without compassion, respect, caring or how it impacts is an old paradigm that no longer works.

There is new economic thought around compassion and how that indeed is the real wealth of nations. As an economist I knew that back in the 1990s. However, the agenda of economics has been dominated predominantly by a masculine perspective that ignores society or indeed nature. This will change in the future as cliches are replace with authentic discussions intending problem solving over winning.

Caring Economics is about a new way of thinking about human prosperity. In mainstream economics, prosperity is a matter of consumption, income and wealth. By contrast, Caring Economics conceives of prosperity in terms of deeper sources of durable human wellbeing.

From this perspective, people are prosperous when life is going well for them. This sense of prosperity is not restricted primarily to the gratification of individualistic material needs and wants. Beyond that, it has an interpersonal dimension. It arises from affiliative and compassionate personal relationships, a sense of social belonging, cooperative contributions to the workplace and society, and creating trustworthiness and trust. It comes to the fore when we seek to promote the happiness and relieve the suffering of others. This deep sense of fulfillment often emerges when we use our greatest abilities in the service of others.

This sense of prosperity is overlooked by mainstream economics, since it focuses on the maximization of individuals’ utility, which is assumed to depend primarily on goods and services. This conception makes no contact with our hopes to end poverty, overcome injustice and create a peaceful, harmonious world.