The Next Level

New ways of thinking about economics will have to be developed, in parallel with the evolution of a new capitalist system. For this to happen, however, the dominant research programs of the 1979 - 2009 era will have to be acknowledged as failures, or at least to be discarded as no longer relevant. Instead of using oversimplified assumptions to create mathematical models that bear no relation to real events, economists will have to reopen their subject to a much wider diversity of analytical approaches. They will have to draw insights from political science ( i.e. The Origins of Political Order ), Sociology, and Anthropology. And they will have to apply the methods of historians, management theorists ( Stakeholder Theory, Modularity ) and psychologists, as well as mathematicians and statisticians. As economists do this, the institutional structures ( institutions) and intellectual outlines (thinking) of Capitalism 4.0 will gradually take shape.