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Advanced Techniques and Modeling in Business and Economics
Submitted:
13 November 2024
Posted:
14 November 2024
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As the world grapples with the compounding crises of environmental degradation, social inequality, and economic instability, the imperative for a radical rethinking of prevailing financial systems and economic governance frameworks has never been more pressing. Drawing on the transformative principles of Innovationology, a pioneering new science, this article offers an exploration of how the field of finance can be reimagined and reinvigorated to drive sustainable, equitable progress on a global scale. Transcending the limitations of neoclassical economic models and shareholder-centric approaches to value creation, Innovationology-informed finance provides a comprehensive, systems-oriented lens for understanding the complex, interdependent relationships between monetary systems, financial markets, and the broader social and ecological context. By embracing the core principles of Innovationology - collaborative governance, value-driven innovation, and adaptive resilience - this framework empowers policymakers, financial practitioners, and civil society actors to anticipate emerging economic and financial risks, respond to disruptive shocks, and continuously evolve innovative solutions to address the world's most pressing challenges. Through in-depth case studies and interdisciplinary analyses, the article delves into pioneering initiatives that have harnessed the power of Innovationology to redefine the role of finance in driving sustainable, equitable development, from innovative public-private investment mechanisms that channel resources towards regenerative, community-oriented projects to collaborative platforms that are reshaping the rules and practices of global financial governance. It unpacks how these initiatives have navigated the entrenched power dynamics and narrow profit-maximizing incentives that have historically undermined the potential of finance to serve the broader public good. Crucially, the article also examines the profound implications of Innovationology for the future of economic policymaking, the role of emerging and developing economies in shaping global financial systems, and the potential for more inclusive, sustainable models of value creation and distribution. By positioning Innovationology as a vital lens for reframing the study and practice of finance, this article offers a bold, visionary pathway for cultivating the collaborative, adaptive capacities necessary to address the world's most pressing challenges and unlock a more equitable, regenerative global future.
Shafiq Rehman
et al.
,
2023
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