In 1776, Adam Smith wrote “The Wealth of Nations,” laying the foundation for modern economics. His ideas about free markets, competition, and the division of labor became the cornerstones of classical economics. Smith's framing moved the study of economics beyond the philosophical discourse into a more empirical and analytical realm. His concept of “the invisible hand,” which argued that individuals acting in their own self-interest could contribute to the overall economic well-being of society, became the central tenet of modern neoliberalism.
It feels important to point out: one guy published a book of his thoughts on the creation and transfer of value in the marketplace and those ideas are now the established foundation of how we understand markets and their underpinnings today.
Before Adam Smith, economic ideas were intertwined with philosophy, politics, and ethics. Smith systematically analyzed the dynamics of production, distribution, and consumption of goods and services, emphasizong the importance of specialization and division of labor, illustrating how these could lead to increased productivity and economic growth. By advocating for minimal government intervention in markets, Smith's ideas laid the groundwork for the development of capitalist economies.
Nearly 250 years later, as the planet literally burns because humans have overextracted and unconsciously disposed of so much of the Earth’s natural value, perhaps it’s time to devise a new frame from what has value in the world.
Futureconomics seeks to investigate and contemplate the challenges we face in the world today, and how our understanding of what has value shapes the practices we’ve accepted as completly “normal” and the actions we take as a result.
Perhaps with moral imagination, we can imagine a future that looks different from the past, an economics of human thriving and well-being that puts the invisible hand to rest, once and for all.
Exciting! Looking forward to seeing what you do here.