Solving Economic Problems
The most resilient economy is the economy that would open the doors for creativity and would encourage the local small and medium businesses to embrace these solutions attempts.Solution economy, is a term developed by Eggers and Macmillan (2013 a) to solve the social problems from a multidisciplinary perspective which brings together different background practitioners from businesses, governments, philanthropy and social enterprises to tackle holistically a socio-economic challenge or problem that would serve many stakeholders or beneficiaries.Inspiration labs were developed by the research, as part of an international project called Inspiration Economy, over three years ago, to tack socio-economic problems in a disruptive way through identifying first the problem vectors.
This help to thrive the socio-economic development efforts of any community.
In this paper, we shall explore the different types of socio-economic problems confronted in the three years’ journey of Inspiration Labs carried out the Inspiration Economy Project and in different countries. Imagine the world if we were able to double, triple, or even quadruple the number of problem solvers, the diversity of solutions, and the scale of social impacts.
The discussion of each of the economic vectors for each problem is followed by a proposed framework on the ‘economic solutions vectors’ shows how to tackle any socio-economic problem-solving and lead to the economic development that supports the flourishment of the targeted communities. Imagine if every government and primary private sector opened up their toughest socio-economic challenges, or problems and directed their resources for many problem solvers and the social enterprises.
However, the government’s need to be willing to have more accessibility to important data for its partners that would differentiate its outcomes.
The more government provide and collaborate on knowledge sharing the more we would witness a different solution economy that would also create a cultural transformation. Problem-solving and solution economy could be applied to any organisation, be it government, NGO’s or private sector.