An Algorithm for Responsible Prosperity: A New Value Paradigm

Abstract

We need a value revolution, a radical rethink of our financial value framework. It is only after reinventing our value paradigm that we will be able to inspire and trigger the choices and actions necessary to ensure enhanced equality, welfare, and sustainability within countries and across the planet. Only then can we truly engage and pursue the qualitative and quantitative changes needed to cope with the unprecedented challenges we face today. We need a new core principle of finance that establishes our responsibility in space, similar to how Greenwich establishes 0° longitude. We also need to adjust our equations of value, to ensure we translate our new framework into a new set of tools that helps public and private entities design and execute their impact more responsibly. Indeed, the principle of space value of money and the associated metrics can help translate our vision of prosperity and justice into a daily tool for responsible value design, measurement, and creation, an algorithm for responsible prosperity. By requiring that we take responsibility for the space value impact of each pound invested in space, the space value tool allows us to design our impact into the future. When we collectively begin to design our impact in line with responsible value creation, we will be able to adjust our course and remedy for decades of financial education focused entirely on risk, time, and the interests of the mortal risk averse investor. The transformation proposed here does not just ensure the proper and effective deployment of the necessary investments for a green recovery, when applied to central banking and money creation, it also reveals the blueprints of the architecture that could be used to finance the global investment drive that is necessary to avoid a new series of sovereign debt crises following unprecedented levels of government borrowing.