I am a firm believer that economics is a good thing. If we have the financial means to handle life’s necessities, then we can expand and grow. Maslow’s Hierarchy of Needs is a classic example of this idea. Maslow proposes the following hierarchy of needs from the bottom to the top. The premise is that you cannot advance to the next level until you have satisfied the lower levels. The progress is Physiological (air, food, water, shelter) – Safety (protection, security, order, law, stability) – Belonging (affection, family, relationships) – Self Esteem (achievement, status, reputation, responsibility) – Self-Actualization (growth and fulfillment)
A person needs the financial resources in order to the climb up this ladder. If you are hungry self-esteem and self-actualization is the last thing on your mind. Thus economics play a critical role in our ability to grow and develop. Our ability to improve our condition and therefore the future of our civilization requires financial resources. Wealth generation stems from the output of commercial enterprises. In the evolving global economy it requires openness to global enterprises. To ignore this reality is to deny a perspective on how we ensure that commercial benefits everyone. This is a complex environment and requires innovative and thoughtful way of exploiting commercial enterprises. Good governance is necessary because there are those whose climb up this hierarchy forgets the compassion to make sure benefits are universal. When an economic outcome benefits all, it has greater dividends to those at the top of the hierarchy. Fixing commercial institutions to address the necrotic structures is a critical need in this transformational era.