What is Common Good Economics ?

Common Good Economics represents a fundamental shift from traditional market-focused economic thinking to an outcomes-oriented approach where process matters as much as results. This framework, championed by economist Prof. Mariana Mazzucato in her work "Governing the Economics of the Common Good," challenges us to rethink how we structure our economic systems.

At its core, Common Good Economics isn't just about correcting market failures after they occur. Instead, it focuses on proactively shaping collective goals and outcomes. The emphasis lies on how we collaborate, how we innovate, and how we structure finance, not merely on what we achieve.

This approach represents a paradigm shift from reactive redistribution to proactive pre-distribution. Rather than waiting to redistribute some of the wealth after it's been created and concentrated (one of my concerns with philanthropy), Common Good Economics seeks to influence how value is created and distributed from the outset. It's about setting objectives that serve the collective good, rather than simply correcting problems after they emerge.

In fintech, this thinking transforms how we approach financial innovation. Rather than simply digitising existing financial products, Common Good Economics asks us to design financial systems that actively promote inclusive prosperity from the ground up.

Consider how fintech platforms could embed equity into their architecture: digital wallets that work offline or with basic phones, removing smartphone barriers; micro-investment platforms that automatically round up purchases for low-income users; fractional ownership tools that make property investment accessible at $10 rather than $10,000; or savings products that reward collective goals rather than just individual accumulation.

This isn't about charitable initiatives bolted onto profitable products. It's about fundamentally reimagining how financial technology can create value that serves collective wellbeing whilst remaining commercially viable. When we design with pre-distribution in mind, we might structure revenue models that benefit all stakeholders, not just shareholders.

The implications are significant for fintech leaders: instead of competing solely on speed and convenience, we could differentiate by demonstrating measurable positive impact on financial inclusion, wealth building, and economic resilience across communities.

What would change in your fintech strategy if collective financial wellbeing became your primary design principle rather than just user acquisition metrics?