12. Rethinking Economics, Constructing the Equitable Optimality Theory Part One: Philosophical Underpinning

This chapter lays the philosophical and fundamental foundations of the proposed economic theory, Equitable Optimality. It outlines a step-by-step approach to constructing a genuine economic theory grounded in ethics. This process involves re-evaluating methodological approaches to align them with an ethical socio-economic framework, critically examining foundational assumptions within economic models to ensure their coherence with ethical principles, integrating ethical values into economic analyses, acknowledging and incorporating institutional factors into economic models, shifting the focus from mere economic growth to encompass the broader concept of holistic human development, and encouraging interdisciplinary research to enhance comprehension. Moreover, this chapter emphasises the importance of contextual comprehension within the realm of economic thought and interpretation, underscoring the significance of understanding the context of economic ideas and their implications in real-life scenarios.