Embodied Economies: How our Economic Stories Shape the World | Denise Hearn

TL;DR

Economic narratives shape our society and determine how we value different aspects of our world, and it is crucial to critically rethink and reconfigure these narratives for a successful civilization.

Transcript

good evening everyone I'm Andrew Warner I'm one of The Producers here at the long now Foundation thanks for coming out tonight I'm really excited about our talk tonight uh looking at history the two biggest dangers the civilizational continuity seem to be climate crisis and bad fiscal policy that creates economic inequality we spend a good amount o... Read More

Key Insights

• 🌍 Economic narratives shape societal values and determine how we value different aspects of our world.
• 🥺 The profit paradigm has become detached from productive investment, leading to higher inequality and social and economic problems.
• ❓ Economics is an emergent system influenced by moral and social dynamics, and dismantling objectivity is crucial for a more holistic understanding.
• 🤔 Unweaving economic narratives requires a shift from fragmented thought patterns and the co-creation of new stories and paradigms.
• 👷 Markets are not separate from society but are constructed through shared norms and regulations, making it necessary to critically assess and reconfigure market structures.
• 🪡 Institutional and regulatory changes are needed to address the detrimental effects of private finance and foster a more equitable and sustainable economic system.

Questions & Answers

Q: What are the two biggest dangers to civilizational continuity?

The two biggest dangers are the climate crisis and bad fiscal policy leading to economic inequality.

Q: How do economic paradigms manifest themselves in society?

Economic paradigms shape the values and structures of society, as seen in the structures and skyline of cities, which represent the dominant economic institutions of their time.

Q: How has the concept of profit evolved throughout history?

Profit, as we understand it today, is a relatively recent concept. It did not exist before the mid-19th century, and its accounting methods have been influenced by various economic eras.

Q: How does the myth of objectivity and neutrality in economics affect markets?

The myth of objectivity and neutrality in economics overlooks the influence of power dynamics, social inequalities, and cultural narratives on market participation, resulting in skewed economic reasoning and market outcomes.

Summary & Key Takeaways

• Economic narratives, often taken for granted, are shaping our societal values and structures.

• The current profit paradigm, driven by financialization, has led to a disconnect between financial markets and planetary realities.

• Unweaving objectivity and neutrality in economics is necessary to understand the moral and social dynamics influencing markets.

• The system's resilience to change can be attributed to its emergence as a co-creation of fragmented thought patterns.