Actuaries for Transformational Change

Diane Coyle's article on 'Change is needed in the next generation of economists" FT 5 October could not be more timely. However, we would not frame this as only a problem for the next generation of economists. On the contrary, we need to reinvent our paradigms now for economists and the other professions.  The many multifaceted problems we face – climate change, biodiversity loss, profound inequality, populism, and nationalism - are interlinked, wicked, and systemic. Humanity is flying like a flock of swans into disaster. This tragedy of consciousness is unfolding as we speak.  Economics, a human construct based on prevailing societal narratives, holds an important key as policy makers rely on this "dismal science" on decision-making and regulation. We need a new vision – and it calls for imagination, courage, and judgement.  We hold it to be self-evident that the way we live and organise our lives is not sustainable. The reform is on the system and not within the system. One key element of change is for economics to link up to both science (social biology - evolutionary psychology) and humanities (especially ethics). And other disciplines. This is an argument for multi-disciplinarity or consilience. E.g. we are not always maximisers on which current neoclassical economics dogma assumes. We are communitarians as well. We need to rebalance towards collective interest. Otherwise, economics will work in the ineffective and vacuous space of intellectual conceptualisation. We have pluralism and diversity of prescriptions. Systemic interventions require reflective listening and skillful engagement – and the professions are not good at this. The work is simultaneous on all levels and multiple fronts. We must expand our time horizon. We must bring to life humanity's purpose and societal narratives. Deep engagement and dialogue across all segments of society is critical. For professional economists, lawyers, accountants, actuaries, and others, it is the awakening of our responsibilities, obligations, and ethics for the public interest. We have lost our way in the last forty years.  The Actuaries for Transformational Change and many actuaries are integrating insights of cutting-edge thinkers and commentators like Diane Coyle so that we can help in producing the catalytic effect on our profession in helping to instill behaviors of ethical and cultural change. How can we collectively influence our professions towards a more ethical and sustainable future? The future is sustainable, ethical, and fair because it must be. Samuel Achord Ashok Gupta Oliver Bettis Nick Spencer Henry Richards Henry Thompson John Kay Nico Aspinall Lucy Saye Hugh McNeill Nick Foster Andrew Smith Craig Turnbull Helena Ingram Matt Saker Grahame Stott