“We need to start thinking about the economy as a holistic, natural system”.
Thursday, 18 February, 2010 Leave a comment
What is the “Econosphere”?
It is the world created by and governing human decision making, and it is our home. It provides for us and nurtures us. It reacts to and informs our every interaction and, if we understand it, allows us to optimize the use of our life spans moment by moment. This environment is not, however, one made of oxygen and hydrogen, oil and steel, high mountains and low plains. Rather, the Econosphere is our social environment, where we work, live, raise our families, and govern ourselves. We need to start thinking about the economy as a holistic, natural system. To those who are inclined to see it, it is breathtaking choreography on a global scale with billions of performers, each one in character, playing his or her unique role so that the entire ensemble shines. The Econosphere provides for us, yet it is also of us.
These are the words of Craig Thomas* a seasoned economist (profile below) and his manifesto can be read by following this link.
I find it of particular interest because it is yet more evidence that even hard-nosed economists are recognising the responsibility to embrace the other pillars of sustainability: environment; social; cultural.
All of which is very reassuring but does make the analysis and management of an increasingly complex, holistic, system ever more difficult. THE CASE FOR A MODEL-FREE MEANS OF PERFORMING THESE TASKS GETS STRONGER WITH EVERY NEW RESEARCH PAPER AND ARTICLE…AND I CAN’T WAIT TO START DELIVERING SOLUTIONS IN UK…COMING SOON.
*About the Author
Craig Thomas is a veteran private-sector economist, working today as Senior Economist at one of the largest
financial services firms in the United States. Among his previous posts, he was Director of Research for
Citi Property Investors, Citigroup’s private equity real estate arm, developing information that drives billions
of dollars of investment decisions. Specializing in regional, macro, and real estate economics, he has
modeled and analyzed myriad markets and asset classes, presenting his findings worldwide. His economics
columns quickly gathered an avid readership of more than 30,000 economists and noneconomists who
appreciate his unique ability to explain complex theory in a simple and entertaining way.