Here's how you can harness creativity for success in Economics.

La teorías es importante. De hecho, es el fundamento de todo lo que hacemos y proponemos. Sin embargo, hay que tener en suficiente criterio para tener un ojo en la teoría y otro en la realidad de la que somos parte. La clave 💡: de nada sirve que uses la teoría más rebuscada, complicada y plena de fórmulas si no ayuda a resolver la problemática con la que estás lidiando 🤷🏽

Creativity is something that needs to be build up on existing knowledge. We need to use existing knowledge to create a new value. This process strongly depends on the innovative potential of the person. Now, we are not all the same, and we cannot expect that creativity can be learnt. But creativity can be reflected differently in different domains - in arts, in sciences, in economy... Most important to stimulate creativity is problem solving approach. To solve a problem, one need to be primarily educated to understand the problem, and then to have innovation capacity to implement and convert knowledge and ideas into solution, by using different tools and methodologies as written on the left.

Creativity in any field doesn't exist alone. It is dependent on existing ideas. For example, behavioural economics draws ideas from psychology, literature draws ideas from human experience and imagination, and anthropology draws ideas from human cultures. To harness creativity in Economics, we must be able to look within what already exists and re-create from there.

Questioning norms is like being the kid in class who always asks, “Why?” and sometimes “Why not?” Challenge the status quo and never settle for “because that’s how it’s always been done.” Picture yourself as a curious detective, sniffing out outdated practices and uncovering fresh, effective approaches that make everyone go, “Why didn’t we think of that?”

The goal of participatory economics is to create a just, sustainable, and democratic economy that meets the needs and capabilities of all participants. Work is distributed in such a way that no person is permanently burdened with less pleasant or less demanding tasks. This promotes a balanced work environment and improves job satisfaction. Implementing a participatory planning process can be very complex and time-consuming. It requires extensive communication and coordination between various stakeholders, which can significantly impact efficiency.

Harnessing creativity in economics involves leveraging data visualization as a potent tool. By transforming intricate datasets into visually compelling stories through graphs, infographics, and interactive charts, you uncover hidden patterns and trends that raw data alone might obscure. Creative visualization not only enhances personal analysis but also communicates findings effectively to stakeholders, facilitating informed decision-making. This approach not only fosters deeper insights into economic phenomena but also enhances the accessibility and impact of economic analyses, ultimately driving success through clarity and strategic foresight.

In economics, data can further be visualize using models and / or equation to should the relationship between and among various data and variables. This gives clear impact and causal relationship.

Different teams bring various backgrounds, experiences, and expertise. This diversity leads to creative and innovative solutions, as problems are viewed from multiple perspectives. Employees can acquire new skills and best practices, contributing to continuous improvement and personal growth. However, it is important that communication and coordination between teams are managed effectively to avoid potential misunderstandings and conflicts. However, collaboration among different teams also carries risks. When different perspectives and interests are involved, it can take longer to reach a consensus. The need for extensive communication and alignment can significantly slow down the decision-making process.

Collaborating broadly is like hosting a potluck dinner where everyone brings their unique dish to the table. Work with diverse teams from various fields to gain new perspectives and ideas. Imagine yourself as a social butterfly, fluttering around different disciplines, gathering insights and forging connections that lead to innovative breakthroughs.

I embrace uncertainty in economics and apply Stochastic Models in valuing alternative Strategies. Before I go Quant 🤓 Model here on you, let me just go back to the basics. Risk occurs when you can define all the possible States of Nature in a process And can apply a Probability to them. Uncertainty occurs when you can define all the possible States of Nature in a process But Cannot assign Probabilities. Extreme Events occur when you cannot even define all the possible States of Nature nor Probabilities. Stochastic Models are defined as combinations of Deterministic (mu dt) + Stochastic (sigma dz). Option Models apply in all States of Nature and can help evaluate the Flexibility, Synergy, Growth & Attrition of Alternative Strategies

Embracing uncertainty is like surfing on a wave of chaos with a smile. Accept that not everything will go as planned and learn to adapt quickly. Picture yourself as an adventurous economist, riding the unpredictable waves of the market with confidence, flexibility, and a sense of humor, ready for whatever comes your way.

In the realm of cultivating a habit of continuous learning, I believe it's crucial to acquire knowledge from government ministries, particularly central banks. Keeping updated with these platforms not only enhances one's understanding of practical economic matters but also ensures access to current and relevant information.

Continuous Learning in Multiple Disciplines has helped me in many ways that I could not imagine at the beginning. I started out focusing on the stock market when I was 16 years old. I had a job after school and invested my earnings in stocks through the Uniform Gift to Minors Act. I had my father call my Merrill Lynch broker to tell him what to buy or sell. I learned all the accounting ratios and heuristic multiples and read Benjamin Graham. My account grew, mainly through contributions. At one point the broker suggested that I buy a Treasury Bill. Not Fun! College choice was Chemical Engineering. My father, not surprised, said there were PhD engineers washing dishes and packing groceries. I knew how to do those jobs. No Worries!

La creatividad en Economía se basa en la teoría de la economía conductual, que muestra cómo las limitaciones cognitivas y los sesgos psicológicos influyen en la toma de decisiones económicas. Al reconocer estas limitaciones, podemos diseñar estrategias que aprovechen la creatividad y la innovación para abordar problemas complejos. La aceptación de la incertidumbre y la utilización de escenarios y simulaciones se alinea con la teoría de la economía de la incertidumbre de Keynes, que destaca la importancia de la adaptabilidad en entornos económicos cambiantes. En mi opinion al combinar estos fundamentos económicos, podemos fomentar una cultura de creatividad e innovación en la Economía.