Standard definitions for economics say that it is about “cost-benefit” thinking. Everything costs time or money or effort or lost opportunities but offers different levels of expected benefit. Economics, in this view, matches decisions to this “menu” of items and prices.
This implies the need for new indicators such as:
Call for papers: “Uncertainty and Economic Activity: Global Perspectives” [PDF]
They say that practitioners of a field are always like general “fighting the last war” not this one, like the French generals in 1940 who were mentally in 1914.
One must augment all economics textbook talk in this direction of risk-and-uncertainty without which all analyses are like backward-looking “stills” as opposed to forward-looking “moving pictures.” All standard textbooks are uninformative on these issues.