Economics for Rebels Value pluralism - Seb O'Connor
Nov 21, 2024
Seb O'Connor, a lecturer in ecological economics, discusses the crucial intersection of values and decision-making in economics. He highlights how prevailing economic values often neglect diverse perspectives, affecting sustainability. O'Connor critiques the reductionist views upheld by major institutions and examines the historical impact of colonialism on value systems. He advocates for inclusive practices like citizen assemblies to ensure that democratic processes incorporate a plurality of values, especially in tackling environmental crises.
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Economic Man Model Limitations
- The classical economic model assumes humans act purely out of self-interest to maximize utility.
- This model does not capture the complexity of real human behavior influenced by diverse values.
Values Shape Economic Behaviour
- Values guide human behaviour beyond narrow self-interest models assumed in economics.
- Economics must re-embed values to address ethical considerations and social realities.
Understanding Value Pluralism
- Value pluralism means multiple incomparable values coexist in decisions.
- Decisions often favor dominant value languages like money, sidelining cultural or ecological values.