Abstract

This paper clarifies the extent to which standard economics makes numerous ideologically conservative assumptions about people, about society, and about what economics is. In addition, the framework should help clarify assumptions made in the new, emerging, sustainable economics. Furthermore, the framework discussed in this paper should help clarify what is real economics science. The framework discussed in this paper has four points: 1. Established scientific laws of economics, assumed to be valid for each model.; 2. A theory of people—what do people want and need, how do they work best, etc.?; 3. A theory of organization of the economy—how should goods and services be produced and delivered to consumers?; and 4. A theory of scientific method in economics and what economists should study. I have discussed where the political left and right would stand in this framework and where the standard model of economics stands in this framework. I find that standard economics makes numerous, fundamental assumptions in areas two, three, and four that are ideologically conservative and out of date and therefore are not part of a proper social science. I think this analysis is decisive in showing that sustainable economics must be the direction in which that we move. I have discussed two other issues that are fundamentally flawed with standard economics, such as incorporation of too much mercantilist thinking that is known to be wrong. Also, I indicate how to extend the four-point framework into a more refined ten-point framework, why economics needs a new theoretical framework, and why the existing framework is inadequate.