English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Zendy Plus

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Zendy Tools

Zendy Open

Despite all our great advances in science, technology and financialinnovations, many societies today are struggling with a financial, economic andpublic spending crisis, over-regulation, and mass unemployment, as well as lackof sustainability and innovation. Can we still rely on conventional economicthinking or do we need a new approach?  I argue that, as the complexity of socio-economic systems increases,networked decision-making and bottom-up self-regulation will be more and moreimportant features. It will be explained why, besides the "homo economicus"with strictly self-regarding preferences, natural selection has also created a"homo socialis" with other-regarding preferences. While the "homo economicus"optimizes the own prospects in separation, the decisions of the "homo socialis"are self-determined, but interconnected, a fact that may be characterized bythe term "networked minds". Notably, the "homo socialis" manages to earn higherpayoffs than the "homo economicus".  I show that the "homo economicus" and the "homo socialis" imply a differentkind of dynamics and distinct aggregate outcomes. Therefore, next to thetraditional economics for the "homo economicus" ("economics 1.0"), acomplementary theory must be developed for the "homo socialis". This economictheory might be called "economics 2.0" or "socionomics". The names arejustified, because the Web 2.0 is currently promoting a transition to a newmarket organization, which benefits from social media platforms and could becharacterized as "participatory market society". To thrive, the "homo socialis"requires suitable institutional settings such a particular kinds of reputationsystems, which will be sketched in this paper. I also propose a new kind ofmoney, so-called "qualified money", which may overcome some of the problems ofour current financial system.

Economics 2.0: The Natural Step towards A Self-Regulating, Participatory Market Society