‘SAFE ASSETS’: TIME FOR A RETHINK?
‘Unprecedented’ would appear to be the watchword of this third decade of the 21st Century, just as much as ‘disruption’ has been for the century to date.
The relevance of Albert Hirschmann’s ideas to a world that is still reeling from the Covid-19 pandemic which is transitioning to an endemic, and is now confronted with the horror of war in the Ukraine, and the effective isolation of Russia from much of the global economy, should be obvious. To recap: ‘Hirschman’s ‘Hiding Hand’ argues that creativity is the key problem-solving tool when we face unexpected situations; and that it is only via the experience of impotence when faced with the unexpected that we develop the innovative knowledge to solve problems, and that ‘rational choice’ often stifles innovation and creativity. ‘Possibilism’ is an approach to escaping ‘straitjacketing concepts’ such as perceived “absolute obstacles, imaginary dilemmas and one-way sequences”, with Hirschman noting that such “obstacles” can often turn out to be an asset or, at the very least, a spur for change. Hirschman also argued that such “inverted sequences” should not be seen as having primacy over ‘orderly sequences’, but rather as a means to ‘increase the number of ways in which the occurrence of change can be visualized’. Both of these now seem to be appropriate as prisms through which to view the current set of dilemmas facing policymakers and markets.”
HIRSCHMAN’S ‘HIDING HAND’ ARGUES THAT CREATIVITY IS THE KEY PROBLEM-SOLVING TOOL WHEN WE FACE UNEXPECTED SITUATIONS; AND THAT IT IS ONLY VIA THE EXPERIENCE OF IMPOTENCE WHEN FACED WITH THE UNEXPECTED THAT WE DEVELOP THE INNOVATIVE KNOWLEDGE TO SOLVE PROBLEMS, AND THAT ‘RATIONAL CHOICE’ OFTEN STIFLES INNOVATION AND CREATIVITY.
19 | ADMISI - The Ghost In The Machine | Q1 Edition 2022
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