An Inclusive & Creative Economy is Resilient
A healthy economy relies on human judgment just as much as the common drivers of development. When people have confidence in the future, individuals are more likely to consume and invest, thus accelerating economic growth. Yet, conversely, when things are unpredictable, it can deter public and private confidence in the future, which leads to lower investment and stagnant growth. Additionally, one’s perception of the feasibility of long-term future opportunity is a clear indicator of economic health. Questions arise, such as: are there appropriate protections for the most vulnerable? Will citizens be able to weather shocks and stressors they may face on a daily basis? Are there clear opportunities to invest in one’s future? Thus, an inclusive economy must provide people a sense of stability and confidence.
To recap, at Access Ventures, we believe true inclusion involves seeing all people (of diverse identities and backgrounds) as valuable and that each person offers unique contributions to our communities and economies. Therefore, we believe the economy represents not just an engine for industry, but an opportunity to demonstrate the inalienable dignity of all people and that a system that prioritizes people will be more inclusive and creative. And when an economy is inclusive and creative, it is more equitable, dynamic, and resilient. Equitable in that the economy means there are more opportunities available to enable upward mobility for more people. And dynamic in that the economy has high rates of growth and innovation and can withstand shock in the face of disruption.
A resilient economy is a stable economy where individuals, communities, and companies have confidence in their future and confidence that their economic decisions will not cripple them with the slightest disruption.
It’s only fitting this final post on what we believe to be the indicators of an inclusive and creative economy falls sandwiched between a celebration of Martin Luther King, Jr. and the inauguration of our next President. From the dawn of this week, remembering the peaceful and persistent voice of a man who championed equality; to the close of this week under the leadership of a man tasked with the seemingly impossible task of unifying a nation. It is clear we need to be reminded once again of the fragility of the American experiment and that it has to receive constant reinforcement from those who remain convinced of its promise. By definition, resilience is the strength to bounce back from any setback or challenge and a resilient economy is a stable economy where individuals, communities, and companies have confidence in their future and confidence that their economic decisions will not cripple them with the slightest disruption. The resiliency of individuals, households and communities allows them to weather shocks and stressors that disproportionately affect vulnerable communities.
Therefore when an economy is… more equitable, dynamic, and resilient we will see:
- Increased economic prosperity (agency)
- Reduction of inequality
- More people able to access and participate as workers and business owners
- Increased opportunity within the labor market
- Not just jobs, but quality jobs
- Social and economic well-being increasingly sustained over time
In the words of Martin Luther King Jr., “No work is insignificant. All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence.” At Access Ventures, we work to build an economy and community that reflect the diverse values, needs, aspirations, and desires of its people. We believe that an economic environment dictated not by narrow-minded self-interest, but by valuing the importance of pursuing equitably distributed growth, growth that is optimized to extend opportunities to every citizen. Dignity remains inherent to our value and worth as human beings. Everyone is born with it, and as such, we all have a deep, human desire to be treated as something of value. Equity, fairness, and justice – these make up the bedrock of dignity. When people talk about these components, they are stating loudly that the human condition is not how it should be. Vulnerable people everywhere face systemic opposition. Therefore, it’s not okay to simply build a functioning economy. We must build a more inclusive and creative economy—an economy that demonstrates this inalienable truth.