Si Economics Hub

Shifting away from a heavily analytical approach towards a systems thinking approach to economics based more on maps and network visualizations is an important change that needs to come about in our understanding of economies. Just one of the topics we are exploring in our hub: https://lnkd.in/eNgXfwnu

The guide, "Wellbeing Economy Policy Design Guide, How to design economic policies that put the wellbeing of people and the planet first" emphasizes that developing a Wellbeing Economy requires not only new policies but also a shift in how we relate to and govern the economy. The guide stresses the importance of meaningful participation and holistic thinking, with the aim of co-producing outcomes with communities and stakeholders. It acknowledges that this is a first iteration and invites ongoing collaboration to continue building the Wellbeing Economy. Source: https://is.gd/nPrrqe

The economy as a complex and evolving system: https://lnkd.in/eJPYtAXF This presentation by Eric Beinhocker makes the case that the economy is not the static equilibrium system of traditional theory but is in fact a “complex adaptive system”. He discusses what that perspective means and how such an understanding radically changes our notions of how the economy works and how it might be made to work better for more people. Eric also closes with some thoughts on implications of this perspective for politics, policy, and the future of capitalism.

Moving beyond our current industrial age paradigm to economics will require us to develop new full-cost accounting frameworks - to account for not just the intended consequence but also the negative externalities. Full cost account is just one of the topics we are exploring in our hub: https://lnkd.in/eNgXfwnu

Traditional economics often relies on negative feedback and diminishing returns missing critical elements like how events propagate through systems and the intricate networks of connections that influence outcomes. What might we discover if we looked at systems and connections beyond the traditional economic model?

Shifting away from linear equilibrium models towards an understanding of economies as networks of value production and exchange is key to shift beyond industrial age economics. This graphic from Doughnut Economics Action Lab (DEAL) illustrates the importance of distributed networks of production and exchange as a new basis of economic organization. https://lnkd.in/dxzmcVn

Have you read it yet? In Doughnut Economics, Oxford academic Kate Raworth identifies seven critical ways in which mainstream economics has led us astray, and sets out a roadmap for bringing humanity into a sweet spot that meets the needs of all within the means of the planet. En route, she deconstructs the character of ‘rational economic man’ and explains what really makes us tick. She reveals how an obsession with equilibrium has left economists helpless when facing the boom and bust of the real-world economy. She highlights the dangers of ignoring the role of energy and nature’s resources – and the far-reaching implications for economic growth when we take them into account. And in the process, she creates a new, cutting-edge economic model that is fit for the 21st century – one in which a doughnut-shaped compass points the way to human progress. https://lnkd.in/eYczrJim

The @Center for Economic and Social Rights came up with a strategy for "Transforming the Global Economic System" This report highlights a systemic approach to transforming the global economic system by focusing on critical areas for change. By advancing rights-based reforms, identifying synergies, and challenging harmful narratives, it fosters cross-movement mobilization for a more just and sustainable future. A powerful call for systemic action! Source: https://is.gd/9eIpaY

We need an economic model that "recognizes that economies, societies, and the rest of the living world, are complex, interdependent systems that are best understood through the lens of systems thinking. And it calls for turning today's degenerative economies into regenerative ones, and divisive economies into far more distributive ones." Form Doughnut Economics Action Lab: https://lnkd.in/dxzmcVn

Introducing Life-Ennobling Economics: https://lnkd.in/eZ7jD-iz