Embracing Creativity:
Emergent models demand inclusive, interdisciplinary approaches that account for dynamic systemic change–economics must refrain from punishing creativity.
There was no single massive cause. The new way of life grew inside the old, like a butterfly inside a chrysalis, and when the stir of life was strong enough it burst the old structure asunder. It was not great events, single adventures, individual laws, or powerful personalities that brought about the economic revolution. It was a process of spontaneous, many-sided change.
Robert Heilbroner, The Worldly Philosophers (1953)
Economics must refrain from punishing creativity
The second tenet of design economics emphasizes the need for inclusive, interdisciplinary approaches that account for dynamic systemic change. This principle asserts that economics must refrain from punishing creativity and instead embrace innovative thinking from diverse fields.
Traditional economics often operates in silos, relying heavily on mathematical models and established theories. In contrast, design economics encourages cross-pollination of ideas from various disciplines such as sociology, ecology, psychology, and technology. This interdisciplinary approach allows for a more holistic understanding of economic systems and their impacts on society and the environment.
Pioneers like Marilyn Joy Waring and Riane Eisler exemplify this tenet through their work on time-use surveys and the Social Wealth Index, respectively. These approaches incorporate insights from feminist theory, social sciences, and environmental studies to provide a more comprehensive view of economic value and activity.
Embracing creativity in economics also means being open to new metrics and models that go beyond traditional measures like GDP. Initiatives like Conscious Capitalism and B Corporations demonstrate how businesses can creatively balance profit with social and environmental responsibility.
By fostering creativity and interdisciplinary thinking, design economics aims to develop more adaptive and inclusive economic models. This approach encourages innovative solutions to complex challenges, leading to economic systems that are more resilient, equitable, and sustainable.
Photo by Daniel Klein on Unsplash