Societal change and progress in an evolving world: Beyond the maximization logic and to the adoption of satisficing choices for sustainable development
Abstract
While globalization fosters convergence among nations, it also amplifies economic and political competition, altering balances and leading to recurrent crises within capitalism. The maximization logic alone is no longer tenable as a foundation for the decision-making process. The decisions taken by socioeconomic agents and characterized by bounded rationality, significantly influence dynamic change, and drive societal progress within the socioeconomic system—capitalism. Therefore, this conceptual paper aims to revitalize the debate on the transition from the maximization logic to the adoption of satisficing choices for sustainable development, placing itself within the open questions today on the new ways of conceiving the future, modernity, capitalism, and society. While adopting novel socio-economic paradigms may be challenging, sound governance remains crucial in addressing critical issues arising from globalization and capitalism’s autopoiesis. This paper may contribute to advancing the theoretical framework in the field of behavioral and social science by offering an insightful synthesis to better understand the complexity involved in designing effective well-being policies within a sustainable capitalistic system.
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