“Where are all the big ideas?” The MoneyWeek Challenge

Not sure if you’ve seen it, but Merryn Somerset Webb opened up a challange this week in her blog post entitled: “Where are all the big ideas?“.

Her main theme is that lots of people are expecting some magical solution to the economy in Europe, but there seems a lack of solutions that are going to help countries like the UK get out of this mess. As she says:

“Much of Europe and the UK seem to think that you can buy growth. They are, we keep being told, voting for prosperity not austerity. But you can’t just vote for prosperity. Life doesn’t work like that. You have to create it. And, given the overriding problems of the West – debt and unemployment – you can’t just create it by borrowing more and spending more….Right now the populations of the one -time developed economies of the West are very vocally demanding real change. It is beyond us why their governments don’t have a real go at giving it to them. All your big ideas below please.”

Writing Monkey with a Pin, has got my brain going. I wonder if the answer is to inspire the nation with a competition. Here is part of my reply to Merryn’s challenge:

“What is needed is to review the whole system afresh with a blank sheet of paper. We set up a competition with a significant prize open to all academics, students and anyone else who has a view. Competition objective: If you were creating a new system now for the best 21st century society, what would it be and how will it work?

The competition needs to inspire the whole nation’s imagination, not just the few that are currently involved in the political process. Think high profile Apprentice style TV competition with the best teams fighting it out to create the blueprint for making Britain great again. It needs buy-in from Jo Public and their involvement.”

I assume MoneyWeek don’t think this is such a daft idea either, as they’ve just added reference to it in their weekly news roundup:

What do you think?