Embargoed until 9 am (UK time) on 30th October 2024.
On 30th October 2024, the prestigious Royal Society Journal, Interface, published an article entitled “New lessons from Biology for economics and business: a systems approach to non-market environments.” The article is authored by Yunhee Lee, founder of a Korean Consultancy company, Macoll, Colin Mayer, former Dean of the Said Business School, Dennis Snower at the Institute for New Economic Thinking, and Denis Noble, well-known systems biologist from the Department of Physiology, Anatomy & Genetics.
Colin Mayer commented: “The bedrock of the emphasis in economics on markets and competition is being fundamentally shaken by the profound reconceptualisation of biology that is currently in progress. To date, notions of evolution in biology based on survival of the fittest have provided a strong justification for the promotion of competitive markets in economics. However, with the growing recognition of the inadequacy of Neo-Darwinist reductionist interpretations of evolution, the presumed analogy between biology and economics is rapidly eroding.
Instead, as the significance of top-down, environmental as well bottom-up, genetic factors are being incorporated in biological models of evolution, so too social and environmental influences are being included in cooperative as well as competitive models of business and economics. These developments have profound implications for the formulation of business practice and public policy, and in particular for combining the two in what we term in the article “Systems Public Affairs”.
Denis Noble commented: “The article provides a clear solution for businesses to follow. Systems Public Affairs (SPA) shows the way forward for adjusting the evolution of businesses to match the rapid evolution of their market and non-market environments.”
Yunhee Lee commented: “I am deeply honoured to have had the opportunity to collaborate with Professor Denis Noble, Colin Mayer and Dennis Snower on this paper. Building upon my experience in the application of non-market strategies, I introduced the concept of Systems Public Affairs (SPA), and I am profoundly grateful to my co-authors for their invaluable contributions in establishing a robust theoretical framework. Through this paper, I aspire to provide global business leaders with a pathway to fulfil their corporate objectives through SPA, promoting sustainable growth for both corporations and society. I am confident that this pioneering management approach will serve as a strategic lever to address the inherent challenges of capitalism, mitigate regulatory risks, and ultimately advance corporate success in a responsible manner.”
This Press release has already led to two national newspapers in Korea, the Chosun Ilbo and the Joongang Ilbo featuring major articles on the paper.
Cultural Background: Voices from Oxford Director, Dr Sunghee Kim, has created publicity and collaboration initiatives over many years that have led to national newspapers and TV in Korea featuring the paradigm shifts in interdisciplinary projects between biology and economics that are clearly now happening there. She has been the cultural bridge between East and West, culminating in this prestigious publication and its enthusiastic reception by national media.
A pdf of the article can be downloaded HERE.
