The Need for a Serious Rethink on Economics

7 Pages Posted: 6 Sep 2014

Date Written: September 4, 2014


The main argument in the paper is that the bench mark of perfect competition is grossly inadequate and needs to be modified to recognize the sustainability of nature. Such recognition will lead to significant shifts of axiomatic premises in economics. The revised axioms could comply with premises advanced in religious doctrines and would further curb the excesses in markets that have been the source of various crises.

Suggested Citation

Thampapillai, Dodo Jesuthason, The Need for a Serious Rethink on Economics (September 4, 2014). Lee Kuan Yew School of Public Policy Research Paper No. 14-27, Available at SSRN: or

Dodo Jesuthason Thampapillai (Contact Author)

Crawford School of Public Policy ( email )

ANU College of Asia and the Pacific
J.G. Crawford Building, #132, Lennox Crossing
Canberra, Australian Capital Territory 0200

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