I wanted to start off this morning using an American poet and novelist, Langston Hughes. And I quote him to have said, “What happens to a dream deferred?” It is a question now facing millions all over the world, especially young people. Why? Because of poverty. Because of excessive inequality
Archive
I actually think you can trace many many of these big systemic crises to being symptoms of the flawed idea that economic growth can go on indefinitely, exponentially, on a finite planet. That’s sort of my North Star. And then as a finance person, why do we think we need economic growth? Well, because the way our capital system works is that capital demands that growth.
I think at a fundamental level I just believe in human agency. And I think that everyone should feel like they can participate and shape the economy, rather than feel like they’re experiencing symptoms of the economy. When the recession happened, there was all this chatter around well, the Fed is going to do this. Or the banks are going to do this. And government is going to do this. And there was no narrative around what people are going to do.
Just as this country did a hundred years ago, it’s time to rethink the basic bargain between workers and companies. As greater wealth is generated by new technology, how can we ensure that the workers who support the economy can actually share in the wealth?
Google just has to grow. It has to keep growing. But Google grows at its own peril. Google grew so much that what happened? It outgrew Google. Google had to become what? Alphabet. Now what is Alphabet? Alphabet is not Google. Alphabet is a holding company. So Google’s new business as Alphabet is to do what? It’s to buy and sell technology companies. So, once a company becomes just too big to flip anymore, it becomes a flipper of other companies.
My thinking is how do we design systems that provide for every aspect of our humanity? How do we design a city that cares for all of our needs? You know it’s not just thinking about shelter, but it’s thinking about our food and our air and so, obviously the types of industry we have are very different, because we have to make sure that our air and our water is clean. And that our food is readily available, and that we have spaces for contemplation and reflection. And that we have places for communing with each other.
I like to think that we are an intelligent species. I mean, actually the people that often get this most quickly are the people who are poorest, because they know the system doesn’t work. But so many of our supposedly brightest people pick this up and don’t question it. And then we have the all the whole field of economics, which is an ideology built on assumptions that if you examine them are absurd. Because you know, economists simply look at the economy as a pricing system. They’re not system thinkers. Part of the cause our crisis is that we’re not educated to think in terms of systems.
In the future, we have to change the way we look at consumption. That’s why I’m such a big proponent of the sharing economy. Because it’s not an issue of if it’s going to happen, it’s when it’s going to happen. And I’d rather people voluntarily adopt it now and start realizing the benefit of it now while we’re still in this kind of relative land of plenty, than be forced into it later when all of a sudden there’s not enough water to cover Phoenix anymore because it’s a huge city in the middle of a desert and they have to go on water rationing.