The retrospective assessment of the unfolding COVID-19 pandemic has once again shown that humanity is often unable to deal effectively with existential issues until it is (almost) too late. This paper addresses and explains the shortcomings of mainstream economic thinking that contribute to this predicament, and proposes a reframed model of human capabilities. Its primary aim is to improve the scientific assessment of economic phenomena, therefore providing a methodology-oriented case study for the proposed model. In the context of a growing 21st century perma-crisis, such expanded visions of economic agency will prove crucial in various arenas of transformation.
The retrospective assessment of the unfolding COVID-19 pandemic has once again shown that humanity is often unable to deal effectively with existential issues until it is (almost) too late. This paper addresses and explains the shortcomings of mainstream economic thinking that contribute to this predicament, and proposes a reframed model of human capabilities. Its primary aim is to improve the scientific assessment of economic phenomena, therefore providing a methodology-oriented case study for the proposed model. In the context of a growing 21st century perma-crisis, such expanded visions of economic agency will prove crucial in various arenas of transformation.