Excerpted from Survival of the Richest: Escape Fantasies of the Tech Billionaires by Douglas Rushkoff. Copyright © 2022 by Douglas Rushkoff. Reprinted with permission of the publisher, W. W. Norton & Company, Inc. All rights reserved. Once, while addressing a conference of German bankers and policymakers, I told the story of how a steelworkers union applied the principles of “bounded economics” to their own retirement funds. Instead of investing them in the stock market, they began investing in construction projects that hired union steelworkers. They created jobs for themselves with their assets, which also generated returns. This worked so well that they took things a step further and invested in senior housing projects for retiring steelworkers and their parents — essentially getting three forms of return on the same investment.“Is that legal?” one of the German bankers asked incredulously.“Yes,” I replied. “This is how bounded economics works. You don’t outsource your investments to the stock market. You invest in things that come back to you or your community in multiple ways.”An economist rose and introduced himself as Doctor-Professor-something. “Mr. Rushkoff,” he began. “Your ideas are interesting but, I’m sorry to say, pure fantasy.” Some of the others chuckled. “Can you tell me, what is your background?”Instead of telling them about my PhD or tenured professorship in digital economics, I simply glanced at the backdrop behind me on the stage and answered, “Blue.” I may have been unnecessarily snide, but I …
Circular economics can make us happier, less stressed – Big Think
