How to bring economics into the 3rd millennium by 2020

This paper argues four theses and outlines an action plan. 1. The Global Financial Collapse has created a climate among the intelligentsia - that strongly supports fundamental changes in economics as a discipline, but this climate is unlikely to have significant effect. 2. Six basic and interconnected categories of institutions comprise the economics profession: university departments, associations, journals, classification systems, economics 101 textbooks, and its basic narrative. The institutions currently filling these categories are together closed to major change and capable of resisting all attempts at serious reform. 3. The combination of digitalization and globalization has rendered economics’ existing institutions in five of the six categories anachronistic and vulnerable not to reform but to being superseded by new institutions within ten years. 4. These new institutions will emerge only if their linked realization becomes the goal of informed, co-operative, non-profit entrepreneurial pursuit. A rough outline of how these goals could be realized is offered. [ real-world economics review, issue no. 54 . http://www.paecon.net/PAEReview/issue54/Fullbrook54.pdf ]