Towards a new Moral Economy

Photo of art exhibited at the Satchi Museum, Duke Square, London, UK. As I wasn’t planning to use this here I didnt note down the artist’s name. Contact the gallery to learn more: https://www.saatchigallery.com/video_tours.php (Awaiting artist’s link from gallery, will update asap)

Over the past year I have been developing theories about an economy that meets our individual, organisational and societal goals, a new Moral Economy.

I recently began a series of lunchtime sessions at UCL, with Masters students in the Development Planning Unit where I teach (the DPU). The purpose of these voluntary sessions is to engage students in developing the ideas and road-map towards a new Moral Economy.

In our first session on Monday the the 8th October we attempted to distinguish between Economic Development and Social Development.

After a 45 minute brainstorm we came to a shared understanding of economic development as the process of getting people and organisations (with their resources at hand) around good ideas and making them happen.

We found that placing good ideas at the heart of economics is a powerful concept. It allowed us to re-define micro-economic efficiency as an economy that reduces the transaction costs of getting people and organisations with their resources at hand around good ideas, and making them happen.

So what is a good idea?

In a Moral Economy, we came to an understanding that a good idea is one where the goals and aspirations of the individuals and organisations involved (those who come together around an idea) are aligned with the goals and aspirations of society at large (people and the environment).

In a moral economy, people and organisations get together around good ideas and co-create the future we want to see in the world.

Creating such alignment between the goals and aspirations of individuals, organisations and society a large is the foundation of a new Moral Economy, a purpose-driven economy; a spiritual economy.

Brainstorm by DPU students — Illustrated by Kavita Shah: https://twitter.com/_KavitaShah

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Next Blog (Session 2): https://medium.com/urbanemerge/how-do-we-transition-to-a-new-moral-economy-db793a3903f

Note to participants of the DPU lunchtime sessions: If you are inspired to share your thoughts in blog posts, photos or videos please let me know and I will add your links below. Together we can achieve more!