Contextual Economics

A process-relational intervention for personal and planetary wellbeing

Authors

  • Juliet Bennett University of Sydney

Keywords:

Process philosophy, Doughnut economics, Ecological economics, Politics Philosophy and Economics (PPE), Ecological civilisation, Personal and planetary wellbeing

Abstract

Contextual economics weaves together aspects of orthodox and heterodox economics theories (e.g. feminist, ecological, Keynesian and Marxist economics) in such a way that (re)interprets formal economic models within changing social, historical and environmental contexts. Drawing from the work of Julie Nelson, Kate Raworth and process philosophers, this paper conceptualises the contextual economic paradigm as nesting static abstractions within changing contexts.  This brings into question the static metaphysics assumed by mainstream neo-classical economics, and presents an alternative basis for economics arising from process-relational metaphysics. This leads to an economics that: situates the economy as a subsystem of society and ecosystems; replaces Homo economicus with persons-in-communities; and redirects economic policies from profit and GDP growth to purpose and improving wellbeing. This shift in thinking, metaphysics and economics—nesting static in processes—is posited as a critical reorientation of economic decision-making for personal and planetary wellbeing.

Author Biography

Juliet Bennett, University of Sydney

Juliet is a Teaching Fellow at the University of Sydney, where she recently completed her PhD in Peace and Conflict Studies. Her research Process Thinking and its Application for a Sustainable Future explores the contributions of process philosophy to mitigating the climate crisis.

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Published

26-12-2023

How to Cite

Bennett, J. (2023). Contextual Economics: A process-relational intervention for personal and planetary wellbeing. Cosmos and History: The Journal of Natural and Social Philosophy, 19(2), 1–36. Retrieved from http://cosmosandhistory.org/index.php/journal/article/view/1101