Alternative approaches for the reformulation of economics

Abstract

In the last decades most of advanced and developing economies have undertaken adeep structural transformation. This profound structural change, caused by the tran-sition from a manufacturing economy to a service-based one, is among the causes ofthe current crisis (see Delli Gatti et al.2012). The dereculation of the banking sys-tem with the consequent redirection of banking activity from the credit sector to thefinancial one,1and the liberalization of financial markets, the globalization and thedelocalisation of production with the resulting labor market flexibility are just some ofthe many transformations affecting the socio-economic system in the recent decades.