Fair distribution 8. How can fair distribution of resources be achieved? 9. What factors are to be considered in ensuring fair distribution? 10. How is inequality a challenge in fair distribution? Inclusion criteria Inclusion of the material for literature was based on relevance to the research questions and its relevance to the research topic Exclusion criteria Any material that was deemed irrelevant to the research topic was discarded; the relevance of the material to the research topic was determined by reviews of its title and abstract Relevance of research questions to the topic The view has been taken that a progression through the research questions will provide an in depth overview of the research topic. The research questions have been designed to capture all views of the new economic paradigm and the different aspects of the new economic paradigm that scholar have identified. Despite the limited literature that is available in this area, the research questions have helped to conduct an exhaustive literature review. Table of contents Abstract 2 Table of contents 5 Introduction 6 Happiness and Well-being 7 Efficient allocation of resources 9 Ecological sustainability 11 Fair distribution 12 Analysis of the literature 13 Conclusion 14 References 15 Introduction The world has for a long time yearned for a change, the people recognise that the social, political and economic conditions in the universe are not at par with the needs of the society. Ancient economists such as Adam Smith in his ‘wealth of nations’ argued that competition would be used to distribute good and services in the world as individuals were taken as rational beings. However, it has been discovered that human beings are not rational...
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.