and bottom left right and center The
Three Musketeers The Three Little Pigs
but how radical where the three
musketeers really until they hooked up
with d’Artagnan
what would the Three Little Pigs be
without the wolf the classic antihero
would we even know about the three
little bit of the three bears I don’t
know if they were little three bears one
was little wasn’t he
three bears if a Goldilocks hadn’t gone
on the robbed for their porridge we are
on the dawn of a new age
wherefore it’s the magic number this is
the age of the fourth Industrial
Revolution and we are heading into
economics for point naught it’s time for
a fourth way so this is the basic
premise behind fourth where you thinking
actually we’re stuck in this binary
system at the moment we’ve seen this in
really sharp focus in recent years with
the yes/no in/out referenda and this is
the key binary which underpins it
economic and social and the way that
this is characterized in economics a lot
of the time is that everything that’s
about business innovation science money
money is on this side and everything
else is dismissed has been beyond
economics it exists outside of that so
it’s this economic social polarity
that’s been settled
currently we have a lot of movements and
activity in this middle bit so value off
and now you hear these terms placemaking
Community Development regeneration more
often than not as pay that arrow it goes
that way so still this is very dominant
this like right side of fiscal economics
is very very dominant in these and
there’s a lot of activity as I say and a
lot of it is being sold by consultants
and think tanks and so you get these
things like inclusive growth
good work Universal Credit it’s a
popular one community wealth building
and what that does is take one bit from
this side and
but from that side and kind of skew them
together but what you get when you do
that point in a plus and a minus
together is get nothing great nullifiers
both of them and you get like this
toothless consensus in the middle all
very abstract aims Community Development
in that is the community being developed
or is it doing the development who knows
it’s not clear so so this is well
actually there’s a there’s a political
school of thought around that as well
called fedway thinking which came under
prevalence and its own Tony Blair’s time
but as I say it’s time for a fourth way
so fourth way thinkin rejects both the
left side and the right side and this as
I say tooth for tooth is consensus of
the middle and instead adopts a human
unconnected view were thinking and a
particularly connected view of the
economy and of economic thinking it’s
it’s a human vision for where we might
take our or economics as we go forward
and it’s the fourth in sorry it’s the
fourth in this series of schools of
thoughts if anyone’s familiar with
economics which starts with state
centric then free-market socio economics
laterally and now we’re in world were
just on the course of what Otto Sharma
and MIT in Boston who’s brilliant calls
ecosystem economics so this ecosystem
economics is characterized by an
awareness of the role of the individual
in global economics in the global system
and and also by an idea of connectivity
and how people are connected to economic
systems so currently there is a real
frustration amongst economists and
amongst all of us I think about the
systemic failure and the limitations of
the current system to reflect this new
age that we’re moving into and from an
economics perspective a lot of that is
around how we measure economic success
and economic growth ecosystem ecosystem
economics is a post growth world and so
this is our opportunity
to rethink what we what we view as sucks
economic success and what we mean by
growth as well a lot of the systems that
underpin basic economic form as well
I have limitations to them so Education
and Skills a lot of the time events in
universities race aha geared toward
skills and jobs in the labor market not
to human development so I think you’d
off to the organizers of this and other
TEDx in universities for for change in
that they said what’s happening there is
that we’re going into this economics for
point naught but we’ve still got the
systemic skills structure of the first
Industrial Revolution right so I don’t
know when I said we’re going into the
fourth Industrial Revolution I bet you
all remember the steam and the mills and
everything the first one but maybe a bit
shaky on the second and third ones right
and here we are and this is the fourth
now the fourth one innovation people
think about innovation as IT is science
and think about skills as digital skills
but actually this is the World Economic
Forum top 10 skills for 2020 and
actually it’s the top 10 skills for
digital jobs in 2020 as well the top 4
because I like to think in 4th complex
problem solving critical thinking
creativity people management all
innately human skills so more and more
from an economic perspective we are
acknowledging that there is this need
for collaboration for human connection
and there’s a great way going on at the
moment by a professor called
my Rihanna matza q2 and former
colleagues of mine I used to work at the
Royal Society of Arts and they are
developing ideas around mission oriented
economies or oriented you know mission
economies anyway and that idea is that
we work across boundaries and we
collaborate towards creating movements
so I’m should say if this juncture by
the way I’m not a trained economist at
all I did my
my two degrees were in English
literature so I’m more likely to write
you a poem than right you were forecast
release and you only really need to look
at my bank account to know that I’m not
a numbers woman either well this isn’t
just me who’s expressing this
frustration with with how economics is
measured with productivity with GDP as
the measure of productivity
it’s a globally recognized problem so to
the extent that last year an investment
bank called letter one in partnership
with Goldman Sachs and Wael Bank and
although very you know left-wing social
organizations like that but I was a
competition they creates a global
competition to find an alternative to
GDP this is me presenting some of my
thoughts on on how we might go about
that at the university of salford so I’m
doing a PhD there at the moment and I
was at this conference with the day
before the competition deadline right so
these a lot of these are my time
colleagues and I love this picture
because it shows you just how engage in
an interest in economics can be if you
look at all the panel members right my
one of my colleagues is children like
you know the largest cup of coffee that
I’ve ever seen these guys are like
holding themselves awake this guy you
know and and then there’s me anyway so
so that was the day before this in
economics a deadline was doing so I
don’t know if there’s any academic
colleagues in the audience as well but
when you have when you have colleagues
over from from Italy in this case you’ll
have to take them out and show them a
[Music]
that was my colleague dancin on the
tables in the night time and that is my
Fitbit so at four in the morning
I’d already completed 10,000 steps which
i think is conclusive proof that dancing
on tables with wild Italians is really
good for your health right now the
deadline is six o’clock in the night for
this global economics competition so I
hate o’clock the next morning I’m on the
phone to me mom you know I’m like in the
me housecoat and I’m covered in hangover
food positions got to be in tonight and
all this anyway I do we write classic
17:59 time stamped in brilliant and then
a couple of weeks later in the
competition they announce the results
and in the competition number one was
the University of Manchester economics
team number two was the University of
Cambridge economics team number six was
Claire divani
and a non non economist solo hung over
ideas around economics right sorry this
is what I put forward this is the Nobel
Prize and what I’d like to do now is to
have a bit of audience participation now
I know you might grimace saying that
because boy I am reminds that she just
stood off oh come on participation as
well why I actually sang the last time I
did this so you’re really lucky because
I’m not singing but you’re gonna
participate instead so what I’d like to
do is the phase two rows like the posh
seats yet you guys can be placed and
then the next two rows can be
individuals the next two rows can be a
collective the next two rows
collaborative and then the back row will
global sustainability goals yeah I like
that I like that yeah so we’re gonna do
an economics Mexican wave so we’re going
to start with place and then go through
the back so phase two rows first go
place
individuals collective
Conte collaborative global
sustainability goals yay individuals
oh no individuals place place
individuals yeah sustainability girls
[Applause]
okay so what I’m trying to describe you
is that this is a connected system of
economic measurement and what I’ve tried
to express is our place and individuals
respond to each other and then how
through this four tier system of
individual contribution collective
contribution collaborative contribution
and then creating a movement we can we
can put a line through so how you can
both contribute to place as an
individual how it can contribute to you
and how you then can contribute as an
individual to global sustainability
goals right so if one of my Sam Riley
was talking about cultural icons before
or my cultural icons is Sam Riley right
because what Sam Riley did was he got
his in one chair as an individual then
he got his Tom on his little stick right
I’m formed a collective and then they
collaborate with the people from other
cities including me so I was
infestations and and they’ve created a
movement around so and and Adam and
Simon and the guys who put this TEDx on
today as well you know individual
contribution to what’s going on in a
global movement and applause for Adam
and the guys I don’t know if anyone
still not yes yeah so in Manchester
we’re testing out some of this thinking
with a citizen like collective called m4
and as you can see there those that
brings together three three areas of
thinking feeling and doing so we have we
have an impact orb in in Manchester
which is around social impact we
research that through the cisternae
citizen led think-tank and then those
capacity building as well so that is
about whole self development and again
it’s about getting people to think about
that how they responders and
jewelle – the economic structure necking
on global economic systems so now I want
you to do another exercise and you’ve
got to trust me because I want you to
close your eyes there’s no movement I
kind of heard a groan wasn’t you sound
was um so close your eyes for a minute
right
work with me think about yourself as an
as an individual and how connected you
feel to yourself right now as an
individual how connected you feel to
Chester how connected you feel to the
people next to you in this room how
connected you feel to the University of
Chester – Chester as a place to the
culture of Chester the society of
Chester the space of Chester and what do
you do what can you do as an individual
to contribute to global sustainability
goals okay you can open your eyes now
have you ever felt a connected to
economics before right I’ve got a
postscript to add about the competition
the global competition so the top ten
entries got published in in a beautiful
journal lovely forum very nice very rich
obviously they’ve got quite a lot of
money between them the whale bank
Goldman Sachs and others and they sent I
was three copies to everyone and yes
they didn’t put a stamp on it
so the World Bank didn’t pay their
postage on my of my entry that they sent
me and I have to pay three pounds to
collect it right that’s economics 101
mines four point north a three pound
fine it’s time for the Fourth Way thanks
very much [Applause]