Diana Coyle sees two major shortcomings that needed to be corrected in the realm of economics and economists / FT, 5 October, 2021/. One is the absence of ethics and the other is the failure of economists to update their assumptions, benchmarks and models.
The main shortcoming, however, is the lack of the much needed new approach of sustainability. It is not only the challenge of climate change and big corporations, but also the lack of the fusion of geography, geopolitics, new technologies, culture- based economic growth, sustainable budgets/ public debts/ current accounts, full employment and many more elements of balanced growth.
All the challenges are intertwined, so we need a somewhat “holistic” approach from the future “Economics of sustainability”.
Governor Matolcsy, MNB, the Central Bank of Hungary