Solving Economic Problems

The problem vectors help to tackle the problem effectively and ensure it has both economic and social impact. Solution economy target to accelerate the growing economies and help the problem solvers to support the government in achieving faster delivery of outcome-based solutions.

These outcome-driven solutions are critical as governments are shrinking in size and NGO’s and Non-profit organisation are doubling in many countries. Nyarko (2005) seen that knowledge can be captured through problem-solving.

Thus, it is an economy where we could expect more solutions that would create markets for social goods and trade solutions instead of dollars to fill what citizens need.

In recent years, an entire economy of societal problem solvers has emerged to tackle old problems in new ways.

The most resilient economy is the economy that would open the doors for creativity and would encourage the local small and medium businesses to embrace these solutions attempts.

Solution economy, is a term developed by Eggers and Macmillan (2013 a) to solve the social problems from a multidisciplinary perspective which brings together different background practitioners from businesses, governments, philanthropy and social enterprises to tackle holistically a socio-economic challenge or problem that would serve many stakeholders or beneficiaries.

We live in a creative world where many of us want to bring solutions to common world problems voluntarily.

Therefore, the most resilient economy is the economy that would make such problem-solving economy grows to fill the spaces within this economy.

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’.

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