new economics
C1-C2Formal, academic, journalistic
Definition
Meaning
An economic theory or movement emphasizing innovation, sustainability, human well-being, and alternative metrics beyond traditional GDP growth, often challenging classical economic assumptions.
A broad term covering various modern economic schools (e.g., doughnut economics, circular economy, wellbeing economics, regenerative economics) that integrate ecological limits, social equity, and systems thinking into economic policy and analysis.
Linguistics
Semantic Notes
Often used as a proper noun or label for a specific school of thought. It critiques neoclassical economics and is associated with post-growth, ecological, and heterodox economics. Not a single unified theory but a constellation of ideas.
Dialectal Variation
British vs American Usage
Differences
Slightly higher frequency in UK media/policy discourse, often linked to the 'Wellbeing Economy Governments' partnership. In the US, it may be more associated with progressive think tanks and the 'degrowth' movement.
Connotations
In both varieties, it carries connotations of being progressive, alternative, and sometimes idealistic. In more conservative circles, it may be viewed sceptically as anti-growth.
Frequency
Low frequency in everyday conversation. Found in specialised policy, sustainability, and economics publications.
Vocabulary
Collocations
Grammar
Valency Patterns
The new economics [argues/proposes/emphasizes] that...According to the new economics, [clause]A central tenet of the new economics is...Vocabulary
Synonyms
Strong
Neutral
Weak
Vocabulary
Antonyms
Phrases
Idioms & Phrases
- “[Not applicable for this multi-word, conceptual term]”
Usage
Context Usage
Business
Used in CSR reports and by sustainable businesses to describe a framework for valuing environmental and social capital.
Academic
Discussed in economics, sustainability, and political science journals as a critique of mainstream paradigms.
Everyday
Rare. Might appear in high-level discussions about climate policy or social justice.
Technical
A label for a set of economic models that internalize externalities and prioritize systems resilience.
Examples
By Part of Speech
verb
British English
- Policymakers are now looking to new-economics principles to reshape the budget.
- They hope to new-economics the entire industrial strategy.
American English
- The report argues for new-economics-ing our approach to infrastructure.
- We need to new-economics the tax code to account for carbon.
adverb
British English
- [Not a standard adverbial form for this compound]
American English
- [Not a standard adverbial form for this compound]
adjective
British English
- Her new-economics perspective was influential in the committee.
- They published a new-economics manifesto.
American English
- The senator's new-economics agenda gained traction.
- It's a classic new-economics proposal.
Examples
By CEFR Level
- The new economics is about people and the planet.
- Some experts talk about a new economics that focuses on happiness, not just money.
Learning
Memory Aids
Mnemonic
Imagine a 'new' map for the economy (economics) that includes forests, communities, and happiness, not just factories and money.
Conceptual Metaphor
ECONOMY IS AN ORGANISM (to be nurtured, not just a machine to be maximized).
Watch out
Common Pitfalls
Translation Traps (for Russian speakers)
- Avoid a direct translation like 'новая экономика', which typically refers to the 'new economy' of tech and services. 'Новая экономическая теория' or 'альтернативная экономическая теория' is closer.
- Do not confuse with 'economic reforms' ('экономические реформы').
Common Mistakes
- Using it as a countable noun (e.g., 'a new economics') – it's usually uncountable/the 'New Economics'.
- Confusing it with 'new economic policy', which is more specific.
- Capitalizing it inconsistently; often capitalized as a proper noun when referring to the specific movement.
Practice
Quiz
Which of the following is most closely associated with 'new economics'?
FAQ
Frequently Asked Questions
No. 'The new economy' typically refers to an economy dominated by information technology and digital services. 'New economics' refers to alternative theories about how the economy should work.
Thinkers like Kate Raworth (Doughnut Economics), Herman Daly (Ecological Economics), and Tim Jackson (Prosperity Without Growth) are central figures.
Not necessarily. It is a broad church. Some strands seek to reform capitalism to make it sustainable and equitable, while others advocate for more radical systemic change.
Organisations like the New Economics Foundation (UK), the Wellbeing Economy Alliance, and academic journals like 'Ecological Economics' publish relevant research and commentary.