I think we'll start defining wealth and success differently and develop new approaches to consumption. Things that have always signified wealth and security - home ownership, new cars, luxury goods - have become a burden for many people and will be replaced by more experiential consumption like travel and recreation, self-improvement, and so on. By divesting themselves of certain big-ticket possessions that have been keeping them tied down, people will gain a new freedom to live more meaningful lives. Changes in consumption and lifestyle are key to Great Resets.
Richard FloridaI call the age we are entering the creative age because the key factor propelling us forward is the rise of creativity as the primary mover of our economy.
Richard FloridaPlaces that succeed in attracting and retaining creative class people prosper; those that fail don't.
Richard FloridaToo much of what led up to the crisis in the old bubble daysโthe conspicuous consumption, the latter-day Gatsbyismโwas fueled by a need to fill a huge emotional and psychological void left by the absence of meaningful work. When people cease to find meaning in work, when work is boring, alienating, and dehumanizing, the only option becomes the urge to consumeโto buy happiness off the shelf, a phenomenon we now know cannot suffice in the long term.
Richard FloridaWe need to remake and reinvent our housing system so that it supports the flexibility and mobility of our economic system broadly. Home-ownership is rewarded by the federal tax code, which made great sense when that piece of the American Dream, and all the consumption that came with it, was essential to rebuilding the economy. These days, however, it feels like a huge penalty to people who want to travel light within the new mobile economy without a mortgage to hold them back.
Richard Florida