Theoconomy: Fixing the forecasting error

Abstract

Most of the economic wealth accumulated by humans over all the ages is founded on an error of judgement or a delusion that to acquire wealth, possessions and status will bring permanent happiness. It is this deception which rises and keeps the economic household in continual motion. Founded on this delusion, humanity has created cities as well as common wealth, and invent and improve all the sciences and arts which ennoble and embellish human life. This delusion is also the cause of half of the world’s problems such as the unrelenting demand on the earth’s resources, pollution, world wars, et cetera. It is because of this delusion that the modern age is caught up in the philosophy of futility, fetishism of commodities and conspicuous consumption. This can no longer be tolerated. A new narrative ought to be found. Humans have to change their positions. A greater degree of mindfulness and consciousness are required. In this article, the nature and character of this deception in terms of Adam Smith’s universe of capitalism is expounded and a new narrative, theoconomy, is introduced to correct the error of judgement by humans.