Proceedings of the 9th International Conference on Research in Business, Management and Economics
Year: 2024
DOI:
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Economics Rethought: A Holistic Approach to Society and Sustainability
Assoc. Prof. Dr. Gülçin Elif Yücel, Arda Tunca
ABSTRACT:
This study critically examines the inability of mainstream economics to address and resolve foundational societal issues, arguing that its narrow focus on quantitative metrics such as inflation, interest rates, and fiscal balances obscures the deeper philosophical, sociological, and psychological factors underlying economic phenomena. Employing an interdisciplinary framework, the research integrates perspectives from moral philosophy, history, and sociology, alongside insights from literature and art, to uncover the systemic flaws of contemporary economic paradigms. Through illustrative examples such as Don Quixote and The Merchant of Venice, the paper highlights how economic critique has historically been embedded within aesthetic and narrative traditions. Furthermore, it interrogates the adverse impacts of neoliberal policies, which exacerbate social inequalities and ecological crises while neglecting the root causes of economic dysfunction. The study argues for a paradigmatic shift in economic thought, advocating for the incorporation of moral and sociocultural dimensions to transform economics into a discipline capable of offering sustainable solutions to modern challenges. Concluding with a call to redefine economic education and policy-making through a holistic lens, the paper underscores the necessity of aligning economic systems with the broader goals of societal well-being and ethical progress.
keywords: interdisciplinarity; neoliberalism; philosophy; social inequalities; sustainability