However, despite these advancements, the variation gap between the wealthy and the underprivileged has been rising, both in nation-to-nation comparison and within the countries. Adverse and extreme climatic conditions have increased in frequency and severity and adapting to these changes has now become a reality. Due to the rising population, the demand for natural resources has risen which has led to overexploitation of natural resources and degradation of the environment, food and oil prices have skyrocketed and debt crisis in most countries has reached an alarming levels. This paper will deal with the new economic paradigm and all the perspectives that are associated with it.
These trends shows that the world has no option but to act; however, there are more benefits that come with change than just avoiding the negative effects that may result due to failure to change. Change and innovation through testing and advancement of new models are key determinants in human advancement, for instance, the global financial and European debt crisis does not only require people to imagine of a better world, but rather, to act and create that world.
The need for a new economic paradigm was boosted when the 193 member states of UN general assembly adopted a consensus resolution 65/309 on happiness: towards a holistic approach to development, this resolution characterised happiness as fundamental human goal and a universal aspiration. ...Show more