Towards a New Economics
Tim Crabtree
Senior Lecturer in Economics &
Programme Lead, Ecological Food Systems
Schumacher College
Matthew Crawford on Descartes
According to Descartes:
“If I am thinking, I must exist. This is the secure beginning
point that must serve as the foundation for knowledge
altogether…….
Attention is therefore demoted. Or, rather, it is redirected.
Not by fastening on objects in the world does it help us
grasp reality, but by being directed to our own
processes of thinking, and making them the object of
scrutiny. What it means to know, now, is not to
encounter the world directly (thinking you have done
so is always subject to skeptical challenge), but to
construct a mental representation of the world,
according to canons of correct method.”
Dominant Western Approach “New” approaches
Ontology
(the study of
being)
Reductionism – the whole can be
understood through its parts.
Separation between subject and
object
Inter-being
The “web of life”
Relational perspectives
Epistemologies
(the study of
knowledge)
Materialism
Objectivism
“I think therefore I am”.
A universal mathematics.
The “new” scientific approaches, including:
- Complexity thinking
- Phenomenology
- Deep ecology
- Action research
- Contemplative inquiry
Pedagogy
(approaches to
teaching and
learning)
Individualistic and competitive.
Separation of the knower from the
known.
Living in community
Project based learning
Design charrettes
Inter-disciplinary co-operation
Ethics Education leads to a distancing
and disconnection from the world.
Self-interest, competition and
survival of the fittest.
Inter-connectedness
Relationship
Importance of community
Co-operative & collaborative behaviour
To practice is to go beyond ideas
To practice is to go beyond ideas, so you can arrive at the
suchness of things.
"No idea” conception – as long as there is an idea, there is no
reality, no truth. "No idea" means no wrong idea, no wrong
conception. It does not mean no mindfulness. Because of
mindfulness, when something is right, we know it's right,
and when something is wrong, we know it's wrong.
We are practicing sitting meditation, and we see a bowl of
tomato soup in our mind's eye, so we think that is wrong
practice, because we are supposed to be mindful of our
breathing. But if we practice mindfulness, we will say, "I am
breathing in and I am thinking about tomato soup." That is
Right Mindfulness already. Rightness or wrongness is not
objective. It is subjective.
Right View is the absence of all views
Relatively speaking, there are right views and there are
wrong views. But if we look more deeply, we see that
all views are wrong views. No view can ever be the
truth. It is just from one point; that is why it is called a
"point of view." If we go to another point, we will see
things differently and realize that our first view was not
entirely right.
Buddhism is not a collection of views. It is a practice to
help us eliminate wrong views. The quality of our views
can always be improved. From the viewpoint of
ultimate reality, Right View is the absence of all views.
Right View – Understanding Interbeing
If we look deeply into the nature of our universe we can
see all things as profoundly interdependent. In traditional
Buddhism this was originally called dependent co-arising.
At the heart of this understanding is the realisation that
we have no separate self, that everything is empty of a
separate self in a universe which is in a constant state of
flux and change. The interdependent nature of all
phenomena is central to Buddhist teachings.
Emptiness is always emptiness of something, it is empty
of a separate self – i.e. interbeing, meaning connected to
everything.
Thich Nhat Hanh
Interdependent Co-Arising
The Buddha expressed Interdependent CoArising
very simply: "This is, because that is.
This is not, because that is not. This comes to
be, because that comes to be. This ceases to
be, because that ceases to be."
In the sutras, this image is given: "Three cut
reeds can stand only by leaning on one
another. If you take one away, the other two
will fall."
“Emptiness” in a table
For a table to exist, we need wood, a carpenter, time, skillfulness, and
many other causes. And each of these causes needs other causes to
be. The wood needs the forest, the sunshine, the rain, and so on.
The carpenter needs his parents, breakfast, fresh air, and so on. And
each of those things, in turn, has to be brought about by other
conditions. If we continue to look in this way, we'll see that nothing
has been left out.
Everything in the cosmos has come together to bring us this table.
Looking deeply at the sunshine, the leaves of the tree, and the
clouds, we can see the table.
The one can be seen in the all, and the all can be seen in the one. One
cause is never enough to bring about an effect. A cause must, at the
same time, be an effect, and every effect must also be the cause of
something else. Cause and effect inter-are. The idea of a first or
only cause, something that does not itself need a cause, cannot be
applied.
Flowers and compost
The wave of birth and death
Double grasping
If you believe that there’s a subjective
consciousness that exists separately from the
object of your consciousness, then you are
caught in an error called double grasping. You
are caught by this way of seeing subject and
object as two different things.
Ill fares the land, to hastening ills a prey,
Where wealth accumulates, and men decay.
Oliver Goldsmith, The Deserted Village (1770)
“For 30 years we have made a virtue out of the pursuit of
material self-interest: indeed, this very pursuit now
constitutes whatever remains of our sense of collective
purpose. We know what things cost but have no idea
what they are worth……….
The materialistic and selfish quality of contemporary life
is not inherent in the human condition. Much of what
appears natural today dates from the 1980s: the
obsession with wealth creation, the cult of privatisation
and the private sector, the growing disparities of rich and
poor. And above all, the rhetoric which accompanies
these: uncritical admiration for unfettered markets,
disdain for the public sector, the illusion of endless
growth. We cannot go on living like this……..
And yet we seem unable to conceive of alternatives.”
Wendell Berry
• That we live now in an economy that is not sustainable is not
the fault only of a few mongers of power and heavy
equipment. We all are implicated, by economic proxies
thoughtlessly given, by thoughtless consumption of goods
ignorantly purchased……. The antidote is affection,
connection, and a broader definition of education — to study
and appreciate practical skills like the arts of land use, life
support, healing, housekeeping, homemaking.
• This is the economy that the most public and influential
economists never talk about, the economy that is the primary
vocation and responsibility of every one of us.
John Maynard Keynes (1883-1946) in The General
Theory of Employment, Interest and Money
“Practical men who believe themselves to be
quite exempt from any intellectual influence, are
usually the slaves of some defunct economist.
Madmen in authority, who hear voices in the air,
are distilling their frenzy from some academic
scribbler of a few years back”
“There is no alternative”
At university I was taught:
• That people are self-interested, rational
and competitive, and that more
consumption will create well-being.
• That firms should focus only on profit and
growth, that decreasing returns to scale
will prevent monopoly power
• That economies best function with “free”
markets, free trade, growth maximisation,
deregulation, privatisation, globalisation….
Rockstrom et. al 2009, Nature
Planetary Boundaries
Green zones = our planetary ‘playing field’ or ‘Gaia gift’
Who produces the world’s food?
Source: www.farmaid.org
Paradigm:
• Nature is a stock of resources
to be converted to human purposes
• The market is the ideal organising
mechanism for everything
• Money measures value
• Growth is good
• Self-interest is good
Goals:
Profit, growth,
competition
Rules/structure:
Share company
maximising shareholder
value
Orthodox economics
“When the crisis came, the serious limitations of existing
economic and financial models immediately became
apparent. Macro models failed to predict the crisis and
seemed incapable of explaining what was happening to
the economy in a convincing manner. As a policy-maker
during the crisis, I found the available models of limited
help. In fact, I would go further: in the face of the crisis,
we felt abandoned by conventional tools. . . . In this
context, I would very much welcome inspiration from
other disciplines: physics, engineering, psychology,
biology.”
Jean-Claude Trichet
“Economics is a broken science, living in a kind of Alice
in Wonderland state believing in multiple, inconsistent,
things at the same time…….Economics today needs a
revolution in thought a much as Astronomy did at the
time of Copernicus and Galileo.”
George Cooper, ex-Goldman Sachs trader (PhD, Physics)
in Money Blood and Revolution (2014)
“In order to change an existing paradigm you do
not struggle to try and change the problematic
model. You create a new model and make the
old one obsolete.”
Buckminster Fuller
The historical record: bubble prosperities, recessions & golden ages
1771
Britain
1829
Britain
1875
Britain / USA
Germany
1908
USA
1971
USA
1890–95
Europe
1929–33
USA
1929–43
1848–50
2000/7–?
1793–97
TURNING
POINTINSTALLATION PERIOD DEPLOYMENT PERIOD
Telecom mania, Internet
emerging markets
and NASDAQ
London funded global market
infrastructure build-up
(Argentina, Australia, USA)
Railway mania
Canal mania
The roaring
twenties
Bubble
Sustainable global
knowledge-society ”golden age”?
Post-war
Golden age
Belle Époque (Europe)
“Progressive Era” (USA)
The Victorian Boom
Great
British leap
Golden Age
Each Golden Age has been facilitated
by enabling regulation and policies for shaping and widening markets
Brian Arthur: Increasing returns
There are several things that are different about high tech. One
of them is that there are typically increasing returns, network
effects, and upfront costs........ So this is not a situation where
everyone gets 10 or 15 percent market share. You typically find
80 percent market shares, 70 or 80 percent, like CompuServe or
Microsoft have in their markets. The next player might have 20
or 30 percent, and then there are a few bit players. This is
because there are increasing returns and diminishing costs, and
the more advantage you have the more advantage you get. The
more people who use Windows, the more likely I am to use
Windows.
Andrew Haldane –
Bank of England's Chief Economist
A rocking-horse is a useful metaphor for how mainstream
neoclassical economics believes an economy responds
to shocks:
• The horse/economy is initially stationary in stable
equilibrium until perturbed.
• The response of the horse/economy to being
perturbed is entirely predictable – depending on how
hard you hit it, where, and so on. Laws of motion are
approximately linear in nature and can be
independently modelled.
• Eventually (and predictably), the horse/economy will
return to its initial equilibrium position.
The limitations of Newtonian economics
Mainstream economic models are based on notions of
equilibrium. Like a pebble thrown in a pond, these models
elegantly predict that the economy should return to calm
and stable state.
However, the post-2008 recession has reminded us that the
economy behaves in no such way:
• non-equilibrium processes and reflexivity (self-fulfilling
bank runs);
• non-normality (fat-tailed stock market returns);
• non-linearities and discontinuities (animal spirits, popping
of asset bubbles); tipping points (sovereign debt crises);
• multiple equilibria (unemployment scarring/hysteresis);
• network effects (financial contagion, peer effects).
What if we think of the economy as a
herd of real horses?
Hitting one horse with a stick will cause the whole system to
move unpredictably, and one thing is for certain: it will not
return to a single predictable state of rest. In this world:
• Striking a horse/the economy will have knock on effects on
other horses/parts of the economy
• The response is unpredictable. There will be very complex
interactions, possibly stampedes! Impulses can set off
processes that are highly non-linear and interdependent.
• When and where the economy returns to rest is very
uncertain. There is no single equilibrium, and the field may
not resemble its initial conditions!
From simple systems to
complex systems
• Human beings, and the societies they live in,
are complex.
• So, we cannot assume that interventions will
have a straightforward causal effect.
Complex systems
Source: Morris and Martin
‘Complexity Thinking’ approach
• Self organising: encouraging a system which will
spontaneously emerge as the actions of autonomous
participants come to be interlinked and codependend
on each other.
• Evolutionary: the system will be able to change its
structure and processes as it adapts to maintain its
viability within a changing, dynamic context. In other
words, the system will be designed to learn from its
experiences.
• Complex behaviour arises from interaction
• Complexity theory focuses on relationships
• The distinguishing feature of complex systems is that they can
create new order
• Complexity theory builds on Systems Theory
• Complex systems are non-linear and their specific behaviour is
unpredictable
Eve Mittleton-Kelly, LSE
W. Brian Arthur
I was saying that small events can lock the economy into
different structures and that it’s fractal – that there are
structures within structures, that the entire economy
isn’t the best of all possible worlds. Capitalism does not
lead you to the best of all possible worlds………
the whole edifice that had been built up for 200 years
was threatened. You couldn’t do economics statically
anymore. The equilibria that manifested were not the
best of all possible worlds. Markets were not perfect.
Small events could lead you to inferior solutions.
W. Brian Arthur
• Standard economics is very good for being shoehorned into an image of
19th-century physics. It was precise and accurate and static; it concerns
itself with equilibrium. I began to realize that what really interested me
was to see the economy not as static but as unfolding, and as patterns
that were always unfolding.
• The economy is always unfolding, and at a more fine level business is
always unfolding.
• If you ask Taoists how they see the world, the first thing they’ll tell you is
that the world is changing. Everything is always changing, everything is
always unfolding, and it is our job as human beings to allow things to
unfold. You can give a little nudge here and a nudge there, influencing
things at the proper time in your own way, but the world is not seen as a
machine. The world is seen organically as a collection of unfolding
patterns.
• things in this world emerge from elements that structure themselves. The
mind, they said, is not a vessel to be filled with facts or ideas. It too
emerges. The mind is an emergent phenomenon. All this they said a
thousand years ago.
Complexity Theory
• W. Brian Arthur:
• Standard sciences tend to see the world as mechanistic. That sort of
science puts things under a finer and finer microscope. In biology
the investigations go from classifying organisms to functions of
organisms, then organs themselves, then cells, and then organelles,
right down to protein and enzymes, metabolic pathways, and DNA.
This is finer and finer reductionist thinking.
• The movement that started complexity looks in the other direction.
It’s asking, how do things assemble themselves? How do patterns
emerge from these interacting elements? Complexity is looking at
interacting elements and asking how they form patterns and how
the patterns unfold. It’s important to point out that the patterns
may never be finished. They’re open-ended……..anything
complicated and interactive seems to unfold and develop new
structures.
The Mechanistic View of the Old
Economy
• Now switch to business or the economy. The old thinking is that business
and the economy are mechanistic. People talk of linkages, that things have
to be "on the right track," that we need to fine-tune things, get it up to
speed. If only we understood the mechanisms, we could fine-tune the
economy.
• At deeper levels in business there are decision-makers, agents, and at any
time each agent faces a set of problems, probably with a capital "P," and
to those problems there are Solutions. This just happens to be a structure
we laid on business, trying to make it a science.
• We believe there are Problems and there are Solutions. Implicitly it means
that if you are managing there is a feeling here that you can actually frame
the problem correctly so that there is a Solution with a capital "S," and it’s
up to you to learn how to arrive at that solution. But all this only works in
repetitive business, where you can optimize and the problems are well
defined. It appears in that case that management’s problem is to optimize,
to get it right. Lower costs, get quality up, keep everything moving, make it
smooth, make things reliable, solve the problems, and find solutions.
That’s old thinking.
Brian Arthur:
The economy is not in “equilibrium”
To the degree that uncertainty and technological
changes are present in the economy—and certainly
both are pervasive at all levels—agents must explore
their way forward, must “learn” about the decision
problem they are in, must respond to the opportunities
confronting them.......agents are not just reacting to a
problem they are trying to make sense of; their very
actions in doing so collectively re-form the current
outcome, which requires them to adjust afresh. We are,
in other words, in a world of complexity, a complexity
closely associated with non-equilibrium.
•Standard sciences tend to see the world as
mechanistic. That sort of science puts things
under a finer and finer microscope.
•The movement that started complexity looks in
the other direction...... Complexity is looking at
interacting elements and asking how they form
patterns and how the patterns unfold.
Brian Arthur:
Complexity economics & Taoism
Standard economics is very good for being shoehorned into an image of 19thcentury
physics. It was precise and accurate and static; it concerns itself with
equilibrium. I began to realize that what really interested me was to see the
economy not as static but as unfolding, and as patterns that were always
unfolding ..........
If you ask Taoists how they see the world, the first thing they’ll tell you is that
the world is changing. Everything is always changing, everything is always
unfolding, and it is our job as human beings to allow things to unfold. You can
give a little nudge here and a nudge there, influencing things at the proper
time in your own way, but the world is not seen as a machine. The world is
seen organically as a collection of unfolding patterns.
From representations of systems to
participation in dynamic processes
• We are immersed in problems of organised
complexity – these are situations where you
have a moderate number of variables, but
strong non-linear interactions amongst those
variables.
• This involves dealing simultaneously with a
sizeable number of factors which are
interrelated into an organic whole.
Patricia Shaw
We are used to thinking/seeing/experiencing in terms of a world
of separate THINGS apart from ourselves at need to be
managed,
•Things are clearly defined, identifiable, separate, bounded,
stable, graspable, measurable, countable entities.
•They may be material things or intangible conceptual things
such as organisations, jobs, managers, systems, leaders,
resources, strategies, plans, goals, targets, budgets, meetings,
cultures, visions……
•Such things can be connected, arranged, ordered, organised by
design into structures.
•Such ordering connections are universal, linear, rational,
sequential, predictable, neutral.
Complexity invites us to think/see/experience in terms of a world
of PATTERNED FLOW in which we are inextricably immersed.
 This dynamic flow is not uniform but patterned as events and
activities emerging in webs of interdependent relating.
 Patterning (irregular regularities) emerges spontaneously
through self-organisation at many scales simultaneously.
 Such self-patterning processes are local, reciprocal, non-linear,
lateral, unpredictable, improvisational in which both individual
and social identities are emerging simultaneously.
 Continuity and change are emerging simultaneously as
exploration of the adjacent possible with all its
creative/destructive potential.
Warren Weaver
We must “stop thinking of science in terms of its spectacular successes in
solving problems of simplicity.” He is optimistic about the potential
application of the methods of organised complexity, but counsels:
“do not expect science to furnish a code of morals, or a basis for
aesthetics......[nor] furnish the yardstick for measuring, nor the motor for
controlling, man’s love of beauty and truth, his sense of values, or his
convictions of faith. There are rich and essential parts of human life which are
alogical, which are immmaterial and non-quantitative in character, and which
cannot be seen under the microscope.” His conclusion is that “our morals
must catch up with our machinery”.
•Weaver, W. (1948). “Science and complexity,” in American Scientist, 36: 536-
544
Neo-classical
economics
“New” economics
The individual
Utility maximising.
Rational agents, not
influenced by others.
The firm
Share-holder owned.
Key objective is to
accumulate capital.
The macro-
economy
Increase in GNP is key aim.
Markets are best coordinating
mechanism.
Neo-classical
economics
“New” economics
The individual
Utility maximising.
Rational agents, not
influenced by others.
Not wholly rational.
Social being, networked.
Well-being not solely equated
with consumption.
The firm
Share-holder owned.
Key objective is to
accumulate capital.
Multiple objectives.
Multiple stakeholders.
New forms required, e.g. BCorp
& employee ownership
The macro-
economy
Increase in GNP is key aim.
Markets are best coordinating
mechanism.
Complexity analysis.
Systems thinking.
Alternative economic
indicators.
Core economy & the
commons.
Ha Joon Chang
• Economics should be defined not in terms of
its methodology, or theoretical approach, but
in terms of its subject matter, that is, the
economy (money, jobs, transfers,
consumption, production).
• If you follow this definition, there are many
different ways of studying economics.
Energy
Reclaiming
Finance
Democratizing
& Localizing
Ownership
73
Resilience and Transition
Building a Co-operative Economy Closer to Home
KEYFUNCTIONS
BASIC NEEDS:
Food Shelter
Reclaiming
the Commons
Thich Nhat Hanh
“The twentieth century was the century of
individualism, but we don't want that anymore.
Now we try to live as a community. We want to
flow like a river, not a drop of water. The river
will surely arrive at the ocean, but a drop of
water may evaporate halfway.”
Soup Lunch Pilot
Local Food Links – 2013 - 14
• Two hub kitchens
• 25 staff
• 24 schools, 3 nurseries, 1 day centre, 8 lunch
clubs
• 1200 meals per day
• Turnover: over £500,000 p.a.
• 2014 – 15: turnover will double due to free
school meals programme
Wessex Reinvestment Trust group
Established in 2002, the group has 5 separate
structures:
• Wessex Reinvestment Trust, a registered charity.
• Wessex Community Assets, which supports local
economic development.
• Wessex Reinvestment Society, which provides
business loans.
• Wessex Resolutions CIC, which provides home
improvement lending.
• An LLP with 3 associates.
Wessex
Community
Assets
Community
Land Trust
Housing
Community
Shares
Community
Renewables
• Established in 2010
• CLT Network award winner in 2012
• Now supporting 12 projects
• To build 123 affordable homes for local
people – mostly for rent
• All on community-owned land
• With up to £5m of grant
• And generating incomes for communities.
Somerset – Norton CLT and Yarlington Housing
Blackdown Hills – Upper Culm CLT and Hastoe Housing
Dartmoor – Christow CLT and Teign Housing
Dorset Community Energy
• Funding was secured
from the Big Lottery to
set up a new co-operative,
Dorset Community
Energy
• Initial target 6
community owned solar
PV projects on schools
and community buildings
in Bridport, Dorchester
and surrounding parishes
Partners
Network members:
A Team Foundation
Biodynamic Land Trust
Bulmer Foundation
Buzzbnk
Campaign for Real Farming
Charity Bank
Centre for Innovation in Voluntary Action
Cooperative and Community Finance
Community Shares Unit
Ethex
Federation of City Farms & Community Gardens
Fresh Management Solutions
Gaeia, Global and Ethical Investment Advice
Holly Hill Trust
International Centre for Social Franchising
Real Farming Trust
Schumacher College
Shared Assets
SLM Partners LLP
Triodos Bank
Wessex Community Assets
FEA’s Just Growth Programme
• A funding and support programme, designed for the
food/farming sector.
• Aims to provide a combination of grant finance, loan
finance and specialist business support. The grant figure
per successful application is up to £20,000, matched with a
similar loan, plus a similar amount raised by the group
through a community share issue or crowd-funding.
• Cooperative & Community Finance, and the Real Farming
Trust, representing the Funding Enlightened Agriculture
(FEA) network, jointly put forward this proposal to the
Esmee Fairbairn Foundation.
• It has been accepted, subject to the proviso that funds
(£281,000) must be drawn down and spent within an 18
month period.
WORKSPACE FINANCE CAPACITY
BUILDING
Dorset
Community Energy
Ethical Paradigm:
• Sustainable
• Ecological
• Connected to place
• Democratic
• Fair and just
Features of the new economy
Distributed
Modularisation
Aggregation
Crowd intelligence
Produsage
Self organising
Curation
Open licence
Version control
Attention economy
Networks and diffusion
• Random networks (rapid,viral, fashion)
• Scale free (short links but some with longer &
many links who act as hubs)
• Small world (primarily short term links,
diffusion slower & by groups)
From scaling to complexity
Starting point not a particular project or
technology but emerging ecology of projects
each of which has its own generative capacity,
and constanly creating new networks with other
projects
Mondragon, Spain
84,000 employed in
256 co-operatives
Supported by Mondragon Co-operative Corporation
The firm:
a new economics perspective
- The economy is an evolving (or “complex”)
process, not a static machine. Cf Brian Arthur’s
paper (2013).
- The organisation (= a network of people and
technology - not just the corporation) is a crucial
unit of economic activity.
- Organisations are like species in an ecosphere –
there is variation and evolution.
Ten characteristics of ‘enlivened’ civil economy
i.strong element of the voluntary
ii.driven by idea (mission).
iii.process as significant as outcomes
iv.management as mobilisation.
v.formation
vi.collective intelligence & sharing of know how
vii.human centred technology
viii.not scale but organic distributed growth.
ix.expansion of network rather than expansion of enterprise
x.social financing
Neo-classical
economics
“New”
economics
Buddhism
The individual
Utility maximising.
Rational agents, not
influenced by
others.
Not wholly rational.
Social being,
networked.
Well-being not
solely equated with
consumption.
Seeks to maximise
well-being, but
needs a clear
“path” to avoid
suffering. Altruism
can moderate
selfishness.
The firm
Share-holder
owned.
Key objective is to
accumulate capital.
The macro-
economy
Increase in GNP is
key aim.
Markets are best
co-ordinating
mechanism.
Neo-classical
economics
“New”
economics
Buddhism
The
individual
Utility maximising.
Rational agents, not
influenced by others.
Not wholly rational.
Social being,
networked.
Well-being not solely
equated with
consumption.
Seeks to maximise
well-being, but
needs a clear “path”
to avoid suffering.
Altruism can
moderate
selfishness.
The firm
Share-holder owned.
Key objective is to
accumulate capital.
Multiple objectives.
Multiple stakeholders.
New forms required,
e.g. B-Corp &
employee ownership
Right livelihood.
Right relationship
with stakeholders &
environment.
The macro-
economy
Increase in GNP is key
aim.
Markets are best co-
ordinating
mechanism.
Neo-classical
economics
“New”
economics
Buddhism
The
individual
Utility maximising.
Rational agents, not
influenced by others.
Not wholly rational.
Social being,
networked.
Well-being not solely
equated with
consumption.
Seeks to maximise
well-being, but
needs a clear “path”
to avoid suffering.
Altruism can
moderate
selfishness.
The firm
Share-holder owned.
Key objective is to
accumulate capital.
Multiple objectives.
Multiple stakeholders.
New forms required,
e.g. B-Corp &
employee ownership
Right livelihood.
Right relationship
with stakeholders &
environment.
The macro-
economy
Increase in GNP is key
aim.
Markets are best co-
ordinating
mechanism.
Complexity analysis.
Systems thinking.
Alternative economic
indicators.
Core economy & the
commons.
Impermanence – no
equilibrium.
Build a frame:
compassion,
altruism, generosity.
GNH.