In 2012 there was formally a paradigm shift from the traditional market model of Adam Smith(economy only market) to the eco-economic market or green market model(economy-environment based partnership market), yet micro-economics and macroeconomics seem to continue intact as nothing has happened......
And approaches designed to deal with the externalities, social and/or environmental, of Adam Smith's model such as environmental economics, green economics, and ecological economics and ideas such as the steady state model seem not to have changed or adapted either as far as I know.....
Now that environmental externalities have been internalized fulfilling partially the 1987 bruntland commission request/critique ....and the green markets have formally taken over Adam Smith market means that there is a micro-economic and macroeconomic knowledge gap, and there is an environmental economic, green economic, and ecological economic knowledge gap as now the reality has changed the market they were trying to correct, the Adam Smith market no longer exist and for those previous ideas to apply to green markets they need to be updated as green markets are now limited only by social externalities....
If all these disciplines do not evolved and close those knowledge gaps created by the paradigm shift to match the reality of green markets, then they are violating the theory-practice consistency principle as the reality and paradigm has changed, but the theory has been left behind....
If the theory does no longer match the practice, is it appropriate to keep using that theory like nothing has happened?...I think Karl Popper and Thomas Khun would be disappointed if that was the case, what do you think?
I think its inappropriate to use the theory as if nothing has happened. Let me compare this situation to a scenario in Ghana, my country. Education in Ghana highlights mostly on theoretical aspects and not the practical aspects. In other words, education here is theoretically oriented. This has been the norm since our colonial masters left the shores of the country. However, we are. in the 21st century-the information age- and we need to make the shift from theoretical to practical as has been done in the western countries for centuries. However, the education system remains the same and the knowledge gap in a hands-on experience between Ghanaian students and western students keeps widening by the second. Currently, certain concerned citizens and students have been hammering on this issue. Students, teachers and even ministers appointed by the President in the country have accepted the fact that we need to change the education system. However, the system remains the same. We are still stuck onto the old system like glue. Our theory doesn't match our practice.
Linking this scenario to yours, its very inappropriate to use the practise like nothing has happened.
Dear Desmond, thank you for your comment. it is the norm, theory and practice consistency is needed....and when there is a paradigm shift as in this case the knowledge base of the previous paradigm as well as any idea based on either supporting or trying to fix the old paradigm is left behind....the new paradigm requires a new point of theory-practice consistency, and the gap between the new point and the old point is the knowledge gap generated by the paradigm shift....
Have a nice day
You may find some ideas related to this in this article, you can use them as food for thoughts:
The Unintended Consequences of Paradigm Death and Shift: Was the Arrow Impossibility Theorem Left Behind?
https://www.researchgate.net/publication/292361643_The_Unintended_Consequences_of_Paradigm_Death_and_Shift_Was_the_Arrow_Impossibility_Theorem_Left_Behind
Sharing my most recent publications as food for thoughts:
Adam Smith and Karl Marx Under the Sustainability Eye: Pointing Out and Comparing the Sustainability Gaps Behind these Two Great Simplification Failures
https://www.researchgate.net/publication/299885202_Adam_Smith_and_Karl_Marx_Under_the_Sustainability_Eye_Pointing_Out_and_Comparing_the_Sustainability_Gaps_Behind_these_Two_Great_Simplification_Failures
Understanding the Death and Paradigm Shift of Adam Smith’s model: Was Going Green the Only Option? If not, Is This Option the Most Sustainable One?
https://www.researchgate.net/publication/299882613_Understanding_the_Death_and_Paradigm_Shift_of_Adam_Smith%27s_model_Was_Going_Green_the_Only_Option_If_not_Is_This_Option_the_Most_Sustainable_One
The Unintended Consequences of Paradigm Death and Shift: Was the Arrow Impossibility Theorem Left Behind?
https://www.researchgate.net/publication/299879934_The_Unintended_Consequences_of_Paradigm_Death_and_Shift_Was_the_Arrow_Impossibility_Theorem_Left_Behind
Paradigm Evolution and Sustainability Thinking: Using a Sustainability Inversegram to State Paradigm Death and Shift Expectations under Win-Win and No Win-Win Situations
https://www.researchgate.net/publication/298353982_Paradigm_Evolution_and_Sustainability_Thinking_Using_a_Sustainability_Inversegram_to_State_Paradigm_Death_and_Shift_Expectations_under_Win-Win_and_No_Win-Win_Situations
Article Adam Smith and Karl Marx Under the Sustainability Eye: Point...
Article Understanding the Death and Paradigm Shift of Adam Smith’s m...
Article The Unintended Consequences of Paradigm Death and Shift: Was...
Data Paradigm Evolution and Sustainability Thinking: Using a Sust...
Dear Desmond,
I am sharing here this article unpublished and you can use it as food for thoughts:
Is Environmental Externality Management a Correction of Adam Smith’s Model to Make It Environmentally Friendly and Shift it Towards Green Markets or Is It a Distortion on Top of Another Distortion?
https://www.researchgate.net/publication/309463581_Is_Environmental_Externality_Management_a_Correction_of_Adam_Smith%27s_Model_to_Make_It_Environmentally_Friendly_and_Shift_it_Towards_Green_Markets_or_Is_It_a_Distortion_on_Top_of_Another_Distortion
Have a nice day
Article Is Environmental Externality Management a Correction of Adam...
Dear friends, here sharing my most recent article which I trust you may find interesting in terms of food for thoughts:
If Going From Free Markets to Non-Free Markets is the Way to Go: Does This Means the End of Rational Decision Making Thinking or Is This Just a Temporary Block of a Perfect Paradigm Shift to Green Markets?
https://www.researchgate.net/publication/312092336_If_Going_From_Free_Markets_to_Non-Free_Markets_is_the_Way_to_Go_Does_This_Means_the_End_of_Rational_Decision_Making_Thinking_or_Is_This_Just_a_Temporary_Block_of_a_Perfect_Paradigm_Shift_to_Green_Mark
Article If Going From Free Markets to Non-Free Markets is the Way to...
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