Tackling our existential crisis by rethinking economics | Kees Klomp | TEDxUtrecht

TL;DR

The current economic system is causing crises and problems like climate change and wealth inequality. We need to shift towards an existential economy that prioritizes life and integral value.

Transcript

Transcriber: Isabel Kong Reviewer: Elisabeth Buffard Who of you went to school and had economics while at school? Yeah, a lot of you. Another question. Who of you had teachers that told you honestly that the economics that you were being taught was creating crisis after crisis after crisis? (laughter) Well, this basically summarizes my talk today... Read More

Key Insights

• 💱 The current economic system values economic activities over humanity, contributing to crises and problems such as climate change, wealth inequality, and mental health issues.
• 🛟 Shifting towards an existential economy requires aligning economics with ecological principles and prioritizing life and integral value.
• 💱 Young people are driving the demand for system change and connecting societal urgency with personal agency.
• 💼 Business should focus on maximizing life and internalizing external factors to promote a healthy ecosystem.

Questions & Answers

Q: How does the current economic system contribute to climate change?

The current economic system prioritizes constant growth and consumption, which leads to the excessive use of resources and emissions, contributing to climate change. It also values short-term gains over long-term sustainability.

Q: What is the significance of existential economics for young people?

Young people are increasingly recognizing the flaws in the current economic system and demanding change. Existential economics offers them a sense of purpose and meaning by addressing larger societal issues and connecting them to personal agency and activism.

Q: How does existential economics challenge traditional economic theories?

Existential economics introduces ecological principles into the economy, emphasizing the interconnectedness of species and the importance of cooperation. It challenges the neoclassical premise that constant economic growth leads to happiness, highlighting that life-centered values are essential for sustainable wellbeing.

Q: What is the role of business in existential economics?

In existential economics, business aims to maximize life rather than just profits. It shifts from focusing solely on shareholders and stakeholders to considering the rights and well-being of all living beings. Businesses aim to create integral value and internalize external factors to promote a healthy ecosystem.

Key Insights:

• The current economic system values economic activities over humanity, contributing to crises and problems such as climate change, wealth inequality, and mental health issues.
• Shifting towards an existential economy requires aligning economics with ecological principles and prioritizing life and integral value.
• Young people are driving the demand for system change and connecting societal urgency with personal agency.
• Business should focus on maximizing life and internalizing external factors to promote a healthy ecosystem.
• Saving the planet requires saving the economy, as it is a man-made construct that can be recreated to prioritize well-being and sustainability.

Summary & Key Takeaways

• The current economic system treats individuals as material beings, valuing them based on their economic activities and GDP, rather than recognizing their humanity and well-being.

• Despite economic growth, well-being and happiness have not increased, and problems like climate change and wealth inequality continue to worsen.

• Existential economics aims to merge a sense of belonging with a sense of becoming, utilizing the principles of ecology and putting life at the center of economic activities.