Re-Thinking Economics

In conversation with Christian Felber, a reknowned Austrian economist, writer and university lecturer with a unique philosophy on the common good in economics. He believes that our economy should serve a higher purpose than just capital accumulation. Instead, he proposes that economic success should be measured based on contributions to the democratically defined common good.Here are some key takeaways from our discussion:Redefining Economy: Christian argues that there's a deep confusion about the definition and goal of the economy. He aims to redefine economic activities as oriented towards the greater good, not just capital accumulation.Aligning Economics with Democracy: He highlights the contradiction between the core values of economics textbooks and the basic values of democratic constitutions. He emphasizes the need to align economic activities with the values of human dignity, solidarity, social justice, ecological sustainability, and democracy.A New Measure of Success: Christian proposes replacing GDP with a dashboard of a nation as a more reliable compass and guiding star. This approach aligns with Aristotle's definition of economy and the basic values enshrined in democratic constitutions.The Common Good for All Life: He suggests that the contemporary common good should include all life, not just humans. You can reach Christian Felber here  and find his books here.Naturally, you  can reach out to Charlene Normanabout all things the 5Cs.   Ready to benchmark your leadership impact? Take this 5-minute Stewardship Quiz and get a personalized report showing exactly where you rank - plus actionable strategies to elevate your performance.The 5Cs Podcast connects forward-thinking executives who are building sustainable competitive advantages while driving positive impact. Think of it as an exclusive network of leaders who understand that stewardship isn't just good ethics - it's good business.Connect with Charlene Norman on LinkedIn, find her at her website, subscribe to our Substack for strategic insights, or download the full series on Spotify and Apple.