Economics needs a new paradigm. The present one, serving economic growth and
those who benefit from it, has quit serving humanity. GNP is less correlated
with human well-being and humanity than it used to be. Being a stream
quantity and not a stock quantity (as 'economic growth' wrongly suggests),
GNP can be compared to a running tap. As long as thirst is humanity's main
need and want, a faster running tap correlates with more well-being and a
decrease in suffering that impedes human flourishing. This correlation
becomes less when some people, having quenched their thirst, use it to
indulge other wants, when a faster running tap becomes a measure of status
and power and when restricting others' access to one's tap induces ruinous
I define economics as (our study of) the way in which we organize that
people get what they need (some more than that, others not at all). Or, less
morally biased: (our study of) the way in which we organize that people get
what they want.
The key concept is 'want'...