Exploring Interdisciplinarity

For their last blog in my Network Economy Class, I asked the students to pretend that they were grandparents who–having lived to a ripe old age–had witnessed everything from the depression era to the present. Imagine, I said, that your grandchild, age 20, comes to you asking for advice about how to best prepare for the future. Having done all the readings for the network economy class, and having participated intensely in all of the discussions, what might you advise? Here are some excerpts from the students’ blogs.

Here are some excerpts from what students’ blogs.

According to Corinna Wu,

always prepare an alternative/alternatives for your goal, either for the sake of a fall back plan, or just for insurance, because nothing is certain, even if you are on top of your game. Be humble, and listen to all outlets, do not close any doors.

Jimalyn Yao might agree. Sitting around the kitchen table with her grandchild–a familiar occurrence in her household–she would emphasize that our deep involvement in our environment does not necessarily imply that we have a deep individual affect on it. Citing Beinhocker, she says:

economics truly is an evolutionary process, and by that same token, it rides the tide of collective change, and not specific ones.

Sherri Berman assumes that by the time she reaches 90 or so, she will be nostalgic for the good old days when life was simple. She would tell her grandchild: 1) Be multifaceted; 2) Be flexible; 3) Do NOT live in a vacuum!

Christina Politi wants her grandchild to think big and to move forward notwithstanding the vicissitudes of changing times and complexity.

Emily Zwelzer would serve her wisdom up with tea and crumpets, saying:

Think of the fitness landscape as the yellow brick road in mythical Oz, adapting to the bumps, and terrain of this path will allow you to survive in uncertainty. The road will undergo phase transitions, sometime perilous (as in time of economic crisis, war, or crisis) but as long as you change along with it you will not be left behind.

Mark Wenger would employ the phrase, Whatever will be, will be. As he says:

This phrase accomplishes two very helpful things: 1) identifies that the larger fitness landscape is beyond your individual control .. and 2) that you do the best given the circumstances you are in. . . its straight out of Beinhocker’s evolutionary economics.

Matthew Tyrrell’s advice is to be true to oneself. As he says:

Find strength in your imagination; it’s what makes you special. Look for the good in people. Put value in relationships. Listen to those who disagree with you. Find what you stand for and stand in it; be the structural hole. The world changes at a constant rate but we need energy (in the form of love, heat and food) that will remain the same.

Jake Landis would caution his grandchildren against a belief in equilibrium, noting that:

Equilibrium is true for baseball players hitting above average, and umbrella sales when its raining, but the human element is unpredictable. Evolution is about surviving challenges and adapting, not returning to the center.

What about reading Erik Beinhocker? Will his book, The Creation of Wealth be out of date? Not according to Rebecca Jacob who drew upon a case, which occurred decades ago–the Soviet Union 5-year manufacturing plan that produced shoes no one wanted. She advised:

Prepare for uncertainty and risk. This might seem counterintuitive, [as] a step by step plan for the future may appear the better thing to do. But what if the future doesn’t fit the plan, as is so often the case?

In her blog, Hope for the Best, Prepare for the Worst, and Expect the Unexpected, Lauren Alfry cited her own grandfather’s advice. He was a taciturn man, so when he spoke it had all the more impact. As he advised Lauren:

Success is where preparation and opportunity meet!

Many students have been affected by the recent economic crisis, and what it bodes for the future. According to one, achieving success in the future will require challenging conventional views, especially the advice and analysis of pundits, equity analysts, and popular economists. Juliette Arnaud, who brings a French skepticism to her writings, might agree. As she urged:

Evolution does not always mean progress. Embrace it! As [her] great grand-father used to say: life is unfair.

NEED I SAY MORE? Imagine how my students might affect the fitness landscape.

On Technorati: Add new tag, advising the young, blogging, complexity, disequilibrium, Erik Beinhocker, networked economy, realizing the future, uncertainty

Last Thursday night, I taught my last class for the semester on The Network Economy. One of my favorite courses, it strives to explain, as well as transcend, some of the anomalies of neoclassical economics, by considering what other theoretical/disciplinary perspectives might have to say about the economy. I ask the students not necessarily to buy into the theories, but rather to try each of them on for size, to see if they fit the situation at hand, and add new insights to their understanding of the complex array of events taking place about them.

So, over the course of the semester, we take a tour, and work our way through the territory of behavioral economics, socioeconomics, Schumpter’s reasoned history, innovation theory, transaction cost economics, networking, complexity theory, as well as evolutionary economics.  We bring all of these theories together in our last class, when we read the final section of Eric Beinhocker’s The Creation of Wealth. As my students and I discussed, this book is not only an introduction to complexity economics, it is–-at one and the same time–-a good guide for living in the modern world.

. . . this book is not only an introduction to complexity economics, it is–at one and the same time–a good guide for living in the modern world.

Although, in his book, Beinhocker aims to characterize complexity, and it relevance for the world today, his message is decidedly simple and straightforward: Do not put all your eggs in one basket! Experiment instead, he says.

Accordingly, businesses should avoid committing themselves to one big strategic plan, based on a linear projection of how the future may unfold. To the contrary, business must embrace uncertainty, spreading their resources across a variety a strategies, which are flexible enough so that, if necessary, they can be easily scraped  or readily adapted to meet the demands of changing contingencies. Likewise, individuals must prepare themselves for an uncertain future by appropriating a wide variety of talents and skills and investing in a process of life long learning. In the same fashion, government policy makers must work at one and the same time on a variety of fronts, developing strategies that can be employed under a number of diverse circumstances. As importantly, in each of these situations, these experimental approaches must be structured so as to provide constant feedback and learning, which can then be incorporated into future strategies.

While teaching my Thursday might class, I was suddenly struck by the realization of how well the Communication Culture and Technology Program adheres to Beinhocker’s guiding principles.  For example, our course offerings are modular components, which together comprise one of seven potential clusters of interests.  Students draw upon these course offering to develop a curriculum that is uniquely suited to their needs.  Like complexity, the process is non-linear. Students rarely end up in the place, or mind set, where they started.  One might even say that their interests co-evolve together with the course material, insofar as they learn what they like as they go, and mix and match courses to build out a unique curriculum of their own. Equally important–at least from my point of view–they learn to draw on a wide range of disciplines with the greatest of ease.

I am always saddened when a class come to an end. In the Network Economy Class, we were just getting to know one another. Fortunately, there is another semester, and another year. I look forward to seeing you all at CCT, whether as a student, an alumni, or just out of curiosity.

On Technorati: addressing uncertainty, business strategies, Communication, complexity, Culture and Technology Program, Erik Beinhocker, life long learning, The Networked Economy