Social Common Capital@FtCTokyo

https://www.youtube.com/watch?v=nTUZYA5-D_M&list=PL3C6eF-zu5AYohNL1ZgOBqlwwJ29x-lTO&index=31

• social common capital (Social Common Capital) Overview
• Concepts to complement the shortcomings of capitalism (e.g., inequality)
• Protect and manage resources and institutions essential to people's lives in a public and regional manner, rather than leaving them to the market.
• Health and medical care, education, natural resources, and infrastructure are typical examples.

Background and Advocacy

• Advocated by the late speaker's father (Hirofumi Uzawa)
• Developed a philosophy that emphasizes the "human mind" even though he is an economist
• While at the University of Chicago, interacted with Joseph Stiglitz, George Akerlof, Milton Friedman, and others

Capitalism and Social Common Capital

• Market economy encourages innovation, but creates inequality and price gouging
• If important social infrastructure (healthcare, education, infrastructure, etc.) is left solely to the pursuit of profit, there is a risk that it will become unavailable to all.
• A system is needed to "protect what is necessary for everyone in the community and government."

Specific examples and applications

• New Corona Reaffirms Importance of Medical Care
• Inequity will increase if the environment (natural resources, air, water) and infrastructure (roads, water, electricity, internet) are treated only by market principles.
• Relevance to SDGs: Social common capital can play a role in linking multifaceted goals like the SDGs

Current Trends in Economics and Related

• Adam Smith's "moral emotivism": emphasis on empathy and cultural foundations
• John Stuart Mill's "steady state": a prosperous society can be established without economic growth.
• Uzawa's Mathematical Economics: Analyzing social common capital using mathematical methods while being aware of the limitations of economics (neglect of non-priced value, limitations of imagination)

Future Outlook

• Research is being continued and developed at Kyoto University and other universities.
• Examples of results in nature restoration agriculture (e.g., savanna reforestation): Exploring the compatibility of economic growth with the environment and society
• Shift from quantity to quality (a society that pursues peace, beauty, and happiness, not competition)
• The power of art: countering the negative aspects of capitalism and making people aware of nature and beauty, as in the case of Naoshima.

summary

• Social common capital is a public mechanism to "leave no one behind".
• An important perspective to harmonize efficiency and competition promoted by capitalism with humanity and the natural environment.
• Interested parties are welcome: we are looking for collaborators in mathematical and practical aspects.

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