Today, in America right now, we only can think of growth in quantitative terms. And in a resource-constrained environment, how frickin’ stupid is that? You’re actually imposing your own death sentence by not being able to get over the grip of this quantitative dynamic.
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.
What’s key…is that we all need to work together. There’s no way for all of us to know about each other. We’re in that part of this new way of being that there’s too many players. It’s too chaotic. There is no center, there is no hub. But we need to find ways to work together, and to lose the idea that any one of us is the solution. Because if any one of us were the solution, we wouldn’t be where we are now.
We know very little about complex financial systems and how systemic risk, as it’s called, is computed and how you would manage policies. And if you look back at the financial crisis, you can either say, as many economists do, “It all had to do with badly-designed rules,” which may be part of the story; it’s certainly part of the story. Or it may have to do with the interaction of those rules and human nature, like mortgage broker greed, optimism… And you see it not just in individuals who now have houses and foreclosure, but at the highest levels.