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In this chapter, we discuss the limitations of traditional approaches in economics for resolving several issues arising in a globalized society. Although the concept of efficiency has been the core principle when analyzing economic phenomena in modern economics, it has been apparent that the concept of fairness and justice are far more important concerns for most of the people in the global society. Fairness and justice will be the major focus of scientific research in various fields such as philosophy, psychology, moral science, neuroscience, sociology, and so on. In this sense, the direction of economics will be centered around issues of humanity and spirituality.
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- Dimensions of Change Within the Economics Mainstream
- Springer Singapore
- Chapter 4
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