Abstract We are living in a crowded creative world where problem-solving is not a commodity or a unique skill for leaders, but it is somewhat becoming a must for survival, for future foresight and competitive economic differentiation.Literature has a significant gap in the area of the economics of problem-solving, despite the recent rise of the term ‘solution economy’.
Solving Economic Problems
In recent years, an entire economy of societal problem solvers has emerged to tackle old problems in new ways.In this paper, we shall explore the different types of socio-economic problems confronted in the three years’ journey of Inspiration Labs carried out the Inspiration Economy Project and in different countries. Imagine the world if we were able to double, triple, or even quadruple the number of problem solvers, the diversity of solutions, and the scale of social impacts.The discussion of each of the economic vectors for each problem is followed by a proposed framework on the ‘economic solutions vectors’ shows how to tackle any socio-economic problem-solving and lead to the economic development that supports the flourishment of the targeted communities. Imagine if every government and primary private sector opened up their toughest socio-economic challenges, or problems and directed their resources for many problem solvers and the social enterprises.Seattle’s Fare Start is an excellent example of economic problems.This catering company and restaurant are staffed by cooks hired through a job placement program.However, the government’s need to be willing to have more accessibility to important data for its partners that would differentiate its outcomes.The more government provide and collaborate on knowledge sharing the more we would witness a different solution economy that would also create a cultural transformation. Problem-solving and solution economy could be applied to any organisation, be it government, NGO’s or private sector.A rapidly growing and evolving solution economy now focus on social impact currency that if compared to the real value it would convert to millions. Christensen (2015) seen that solution economy is like a ‘solution revolution’ where governments are now tackling complex problems such as climate change, poverty and crumbling infrastructure through more partners.This collaborative economic practice could close the existing gap between government performance and citizen expectations, as it is improving ‘solution orientation’.Cite this paper: Mohamed Buheji, Understanding the Economics of Problem-Solving. Imagine how innovations would spread across the world would be and how we could tackle most complex problems in more inspiring outcomes.A Longitudinal Review of the Economic Influence of Inspiration Labs- Three Years Journey on Socio-Economic Solutions, American Journal of Economics, Vol. Buheji (2018 a, b) and Eggers and Macmillan (2013 a, b).