GOVERNMENTS NEED ECONTREPRENEURS

I had the privilege a few weeks back to have lunch with a couple of guys that I think will become future leaders in policy discussion in Australia. The two men I refer to are Jordan Eliseo, the chief economist at ABC Bullion and Lindsay David author of "Australia Boom To Bust" and "Print: The Central Bankers Bubble".  We engaged in a lively debate and although we did not agree on everything it was refreshing to discuss policy with creative minds that have a grounded education in economics and a wealth of entrepreneurial talent and experience.

Aside from the great policy ideas (leave that for another blog) the discussion got me thinking about my own personal journey of rethinking economics and how it applies to my business experiences. Listening to Jordan and Lindsay and opening up a lively discussion with economists with entrepreneurial flair was inspiring. It also provided a personal "light bulb" moment as the discussion  provided clarity on policy to drag the economy out of  what I see as a world wide debt deflationary recession. These guys understand economics but they are also acutely aware of what policy works and what doesn't because they have worked within existing policy framework and the rules and regulations that flow from this policy framework.

It seems that economists need to embrace entrepreneurs, entrepreneurs need to get a proper grounding in how an economy really works and politicians should build a team of advisors with an understanding, grounding and experience in both. Politicians don't need entrepreneurs or life long academic economist professors. Governments the world around need think tanks headed by individuals that boast a combination of skills. They need to be an economist that has been exposed to an entrepreneur, or an entrepreneur that has been exposed to the teachings of an economist (that understands how an economy works). This morphed skill set provides a new type of job category I like to call "econtrepreneurs". Governments need "econtrepreneurs".

The fact is the "econtrepreneur" understands that the functionality of a diverse, dynamic and complex global economy. They understand what it takes to run a business, spur growth, promote employment, bolster confidence and get the wheels turning again. How can a life long academic economist guide policy discussion on how to spur business investment when they have no experience in what drives investment decisions because they have never owned, managed or worked a business for themselves? How can an entrepreneur tell an economist what is wrong with the economy if they are only basing their decision wholly and solely on how policy is affecting their own business? Again the "econtrepreneurs" will see both points of view and I am discovering so many of them are now willing to speak up and lead debate. Jordan Eliseo and Lindsay David are two guys, Gerry Brady the man behind boomfinanceandeconomics.com is another name from the Australian brigade.

I am beginning to notice a growing number of "econtrepreneurs" speaking out, leading discussion, reaching into media and tabling some policy solutions in the USA also. Nick Hanauer is one of the big names that I believe fit into the "econtrepreneur" brand. Nick was the first non family investor in Amazon and now heads up his own venture capitalist company based out of Seattle. He has a proven history and a pedigree in getting a job done. It is no wonder that, in Washington state, where Nick has campaigned long and hard for a $15 minimum wage that it has now been adopted.

I have spent the last 2 years living in Seattle and I have seen the amazing resilience that Washington State and in particular the city of Seattle has had during this financial crisis. Thriving businesses, Amazon, Nintendo, Boeing, Microsoft all still there and thriving. Home prices in Seattle were recovering for the right reasons, real demand driven by the great job opportunities and a $15 minimum wage. Nick Hanauer campaigned hard, he was inspirational, aggressive and passionate. He wrote a blog and an article on income inequality but it was his TED talk that really made me take notice. Here is the link to the TED talk that echoes much of the discussion points I have covered in previous blogs from his vision for pitchforks and revolution to the economy being an ecosystem.


https://www.youtube.com/watch?v=q2gO4DKVpa8


I believe that  "econtrepreneurs" will create the momentum for change. They won't let little failures discourage them from continuing to raise awareness for the changes they feel are necessary to have an economy that works for everyone. They are used to rejection and willing to forge ahead when many would give up, it is what defines them. The aim of this blog is to highlight the fact that there are good people in this world that have real solutions and brilliant suggestions that should be debated and discussed on policy and a way forward for the world.

We are fast approaching the need for an inclusive not divisive world solution and global financial system. If there is no change we will see a revolution. I concur with Nick Hanauer on the "pitchforks are coming" vision. in fact almost a year ago to this very day I warned the protestor movement would gain momentum in my piece here http://carneycapitalmanagement.blogspot.com/2014/03/tracy-chapman-was-right-just-20-years.html

Today we see global protests, Baltimore is taking is the focus in the USA at present where police brutality was the trigger for violent protests. The mainstream media are making this story one with a focus on race. It is so much more than that. Today it is Baltimore, a few months back it was Ferguson Missouri. Cities burned to the ground not just by African Americans but by people absolutely disgusted about a system that preaches fairness but delivers accelerating inequality. Baltimore and Ferguson have exploded into a firebrand protest, both are a symptom of Americas failure to address the explosive mix of race, police brutality and inequality.

We need policy changes and we need them now. We need them delivering the outcomes that most effectively and efficiently deal with the issues that have built this tsunami of angst, anger and dissent. We need policy makers to get serious about reform, we need leaders not career politicians, we need inclusion and open debate... we need econtrepreneurs with a passion for change and a compassionate disposition. We need people to rally for change, to believe that one voice CAN make a difference because one voice can be the change.

For those still not convinced I urge you to listen to the words in the song in the clip below, understand that you are lucky and take some time out to contemplate what it means to make a difference. The images along with the words are compelling.

 https://www.youtube.com/watch?v=PivWY9wn5ps

Please feel free to comment and please share this blog if you enjoyed it. It was written to express a message so close to my heart. We need change, there are great people delivering solutions motivated to leave the world a better place than what it was when they found it.