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Get inspired by the revolutionary power of caring economics

Good for your: social wellbeing 

Topics: new economic model, compassion, altruism, collective responsibility, greater good, neuroscience research

As a community always on the lookout for new tools, knowledge, or initiatives that can contribute to creating a healthier, more prosperous and sustainable world, I was recently struck by the concept of Caring Economics.

 

It’s pretty apparent to all of us that the current socio-economic system we operate in is simply not sustainable and therefore looking for alternatives becomes a necessity.

 

Of course, coming up with a valuable alternative is no small feat but do I believe that often the best answers lie in the center of our hearts. And what makes Caring Economics particularly fascinating is that it presents us with a new way to look at human prosperity.

 

Inspired by a conference by the Mind & life institute, Caring Economics is the result of conversations that the Dalai Lama held with top scientists, psychologists, and economists from all over the world to find an alternative to the current system we are in. Here is a great 5 min video where you can quickly learn the rationale behind this philosophy presented at the World Economic Forum. For a more in-depth deep dive, here is another engaging presentation to check out.

 

So what is it all about?

 

In the current situation, our concept of economics focuses predominantly on seeing prosperity as a matter of consumption, income, and wealth for individual gain. The challenge with this approach is that although it does hold some value, it often ends up being one-dimensional limiting our ability to look beyond our self-interest, a fundamental aspect of the collective wellbeing of people and of the planet.

 

Caring economics invites us to put focus on other aspects such as compassion and altruism to drive positive change & purpose in our lives. While it’s no perfect solution to end poverty or overcome injustice, it challenges us to think differently, in a more human way.

 

So are we really that selfish?

 

The simple answer: not always.  Studies show that we can be motivated by power and achievement, by consumption and wanting just as deeply as care and having a sense of meaningful belonging.

 

And the reason why it can represent a great path to explore is that it not only sounds good but it does good too. In fact, being able to be empathetic and compassionate is a fundamental skill to have as it not only improves our emotional intelligence but also boosts our overall health, mental self-care, ability to think clearly and deal with stress as this great study by social neuroscientist Tania Singer shows.

 

But beyond fuelling our self-interests, these findings are hugely significant as they show that through our personal growth & development, we also become more caring and affiliative, open to cooperation, thus enabling you to better take care of yourself and at the same time act for the greater good. How about that for a Win-win!

 

So how can we bring these wonderful concepts of Caring economics into our day in a practical yet empowering way?

 

Start small. Think about the work you do and the usual relationships you have with colleagues, partners, or clients.

 

In the next important conversation with someone, think of how you can take a step back from your self-interests and put your focus instead on being of service and support to the other person. Need a little inspiration to help you get into that vibe?

 

Try out our guided 2min Inspire generosity wellbeing hack, you will be pleasantly surprised by the results you and the other person will get. That, after all, is true value creation!

Live fully!

Filippo

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