Nobel Laureate Joseph Stiglitz made the case for creating a new economic paradigm in a 2010 letter to the Financial Times. “Today, not only is our economy in a shambles,” Stiglitz writes, “but so too is the economic paradigm that predominated in the years before the crisis – or at least it should be.”
“Changing paradigms is not easy. Too many have invested too much in the wrong models. Like the Ptolemaic attempts to preserve earth-centric views of the universe, there will be heroic efforts to add complexities and refinements to the standard paradigm. The resulting models will be an improvement and policies based on them may do better, but they too are likely to fail. Nothing less than a paradigm shift will do.”
He goes on to note deficiencies in the current economic paradigm and models, and ends the letter with “a new paradigm, I believe, is within our grasp…”
From September 18-20, we are co-organising the first christian Economic Summit in Amsterdam.
I will be leading an afternoon discussion on “New Economic Paradigms” and we have a very impressive line-up of International contributors. For us, as Christians, it is not a matter of ‘thinking up’ a new paradigm, but of seeing why God is revealing to us. It is said in the Bible, “Surely the Sovereign Lord does nothing without revealing his plan to his servants the prophets.” (Amos 3:7). To believers in exile in babylon, Jeremiah wrote these encouraging words, ” For I know the plans I have for you,” declares the Lord, “plans to prosper you and not to harm you, plans to give you hope and a future.”
Join us in Amsterdam for these inspiring days! www.economicsummit.eu