ABSTRACT
Economies need embedding if they are to truly contribute to the wellbeing of all. That is an old lesson that apparently needs to be relearned by every generation. Economies are not just autonomous systems, like the weather, but are human products and are there to fulfill human purposes. So, we have to formulate these purposes clearly so that we will be able to judge – we used the term ‘evaluate’ earlier – whether we are really doing well. The initial purpose of the economy was, as we explained above, the great escape from poverty; but now it is the creation of a long-term sustainable and inclusive economy. For this “mission,” as economist Mariana Mazzucato would call it, 1 it is essential to embed the economy in the political, natural, and social environment. Only if they are properly embedded, ‘reconnected,’ can the innovative ‘makers’ of an economy fulfill their role properly.
