Guest Lecture with Jørgen Ørstrøm Møller: "Into the Age of Non-Economics"

Discussant: Professor Ove Kaj Pedersen  

 

Moderator: Peter Gorm Hansen

 

Since industrialization man has lived in a world dominated by economic thinking. As we move out of the industrial age and into an environment steered by the age of mass communication instead of the age of mass consumption plus the age of scarcities instead of the age of plenty, two major flaws appear. One is that this model was designed for growth and distribution of ‘more’ and does not deliver answers to current problems dominated by ‘less’.  The second is that people do not act as homo oeconomicus, but by non-economic incentives, the feel good factor of doing something for others and with others. Most economic concepts such as the market, competition, flexibility, pricing of production factors and consumption theory no longer reflect the reality of the contemporary situation. Elements such as relative factor prices, what is income, the tax system, what is profitable for societies instead of market profitability, and what does it mean to work need to be redefined. The exponential rise in material wealth amassed over the industrial age is unsustainable when figuring in the availability of resources. Even more interesting is how it may run counter to human instincts, our gene structure, and how the mind-set and behavioral pattern are forged. As the economy and society evolve, combining in-depth knowledge across various disciplines is crucial to furthering our understanding of the world. 

 

Jørgen Ørstrøm Møller obtained his Master in Economics (Cand. Polit.) from the University of Copenhagen in 1968. His recent books include How Asia Can Shape the World: From the Era of Plenty to the Era of Scarcities (2011) and The Global Economy in Transition (2013). He is former permanent secretary in the Royal Danish Foreign Ministry and Ambassador to Singapore, Australia, and New Zealand. Currently he is Visiting Senior Research Fellow, Institute of Southeast Asian Studies, Singapore; Adjunct Professor CBS & Singapore Management University; Honorary Alumnus Copenhagen University. 

 

Ove Kaj Pedersen is professor in comparative political economy at Department of Business and Politics at CBS. He has published several books and articles.