How can we create an entire economy geared toward good? Focusing on personal, social, and societal purpose.
I’m not an economist, a sociologist, or a psychologist. I am an entrepreneur. Entrepreneurs constantly look for opportunities, hoping to find emerging trends or spot inspiration for new products or services. This kind of pattern recognition first helped me see the enormous potential for pro bono and has now helped me discern the underlying thread in what appears to be myriad emerging trends of the last decade. It’s helped me comprehend how they are all driven by the pursuit of purpose–together, they create the Purpose Economy.
In the last ten years, social innovation has become big business. Conferences and magazines are dedicated to the topic, and legions of consultants and entrepreneurs help individuals and companies adapt to this new way of operating. Under President Obama, the White House now has an Office of Social Innovation and Civic Participation.
Harvard professor and corporate strategist Michael Porter launched the “Social Progress Imperative,” a global index that strives to look beyond gross domestic product and provides a ranking of countries globally, based on the extent to which they are meeting the social and environmental needs of their citizens. It is one of several similar efforts, including the United Nations’ Universal Periodic Review, that focuses on aspects such as human rights and social impact rather than economic factors in order to evaluate nations’ progress.
The conversation about work is also rapidly evolving, with the emergence of new fields of research (such as positive psychology) and new search and recruiting firms focused solely on helping people find meaningful work. Search firms like ReWork, On- Ramps, Idealist, and Commongood Careers (which uses the catchy tagline, “Will work for social change”) are thriving. Books like Adam Grant’s Give and Take and Martin Seligman’s Flourish are redefining not just what drives employee engagement and productivity but what improves employee well-being. These new concepts inspire different approaches to management and careers. Applications from the best talent in the nation have flooded these firms, just as Teach for America has been now for over a decade.
A generation of Purpose Economy pioneers, like Whole Foods Market’s John Mackey and Virgin’s Richard Branson, are challenging others to follow their lead and to create new frameworks both to do well and to do good, which raises the bar for the business community and turns successful theories into movements. Richard Branson launched the B Team, a coalition aiming to go beyond traditional corporate social responsibility, and instead embrace what they call Plan B: “a plan that puts people and the planet alongside profit.” John Mackey and his team are promoting a new model for business he calls Conscious Capitalism, which inspired his book of the same name.
The Latest on: Purpose Economy
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The Latest on: Purpose Economy
- Why farming is more important than IT to India's economy and why MSP reforms shouldn't waiton February 21, 2024 at 6:22 am
Helps them maintain their relative (to rest of the economy) standards of living ... though it does not mention the reference cost level for this purpose. We examine this premise and determine the ...
- The economy's gone from strength to strength after the pandemic — but no one quite knows why, or what comes nexton February 20, 2024 at 2:21 am
The US economy just keeps defying doomsayers' warnings of a stock-market crash and recession. Here's how we got here, and what 2024 might have in store.
- Great Lakes group touts fish skin, scales as future economic boonon February 19, 2024 at 7:00 pm
A group of Great Lakes states and Canadian provinces is trying to develop a market for fish products beyond the bits that get fried, baked and broiled.
- Transcript: Israel’s economy slumpson February 19, 2024 at 4:00 pm
Israel’s economy shrinks 20 per cent ... So it has a sort of strategic purpose. But the second reason, I think, was that this was a test for Ukraine’s new top commander, Oleksandr Syrsky, and the ...
- UK repeal of legal duty to protect all-island economy will have ‘little effect’on February 19, 2024 at 6:55 am
A UK government move to scrap a legal duty to protect an all-island economy will have little practical effect, Stormont’s Economy minister has said. Conor Murphy said economic l ...
- The bizarre fiscal rules limiting room for tax cuts aren’t fit for purposeon February 18, 2024 at 5:59 am
After last week’s byelection results, the Conservative Party is in desperate need of something that might boost the Government’s popularity. Step forward the Chancellor, Mr Jeremy Hunt. Surely, in a ...
- Election Lessons and Economic Hopes: Saturday UK Briefingon February 17, 2024 at 3:00 am
Hello from London, where we’re still digesting taking the Suffragette line to Gospel Oak and the Weaver route to White Hart Lane.
- How the world’s falling birthrate is leading to economic catastropheon February 17, 2024 at 12:00 am
I had always known I didn’t want to have children, but why?” says Ruby Warrington. In her 40s, happily married and child-free, Warrington is a journalist and the author of a new book, Women Without ...
- Stagnating UK Economy Is Crying Out For Rate Cutson February 15, 2024 at 4:00 pm
It puts the government in an even tighter predicament as contraction in the third and fourth quarters confirmed that the economy is in recession, destroying one of Prime Minister Rishi Sunak’s five ...
- Viewpoint: The 'Great Gloom' is here, but it doesn't have to take holdon February 15, 2024 at 1:06 am
The Great Resignation and Quiet Quitting are giving way to a new phenomenon, writes Erin Moran of The Dr. Nancy Grasmick Leadership Institute.
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