Human Economics Part 1 – Internal

Here are two interesting Ted Talks I came across over my weekend:

The first discusses the scientific evidence that demonstrates that people are better motivated through internal drivers (Autonomy/Mastery/Purpose) than external incentives (bonus/rewards). While our economic system has been set up for the speedy, repetitive execution of simple well instructed tasks (best achieved through competition), we operate with much more brilliance when we are driven by those internal factors. Look at them- they are the embodiment of everything we associate with Entrepreneurs or Masters of any field.

The realization is coming at a time when the rise of technology has allowed us to automate these efficiency driven repetitive tasks and hand them over to machines. I think we are on the curve of a technological tipping point where its advances doesn’t serve to threaten us (or our jobs)  but then pushes us to get more creative, more human, with our application to business and innovation. It could explain the rising trend in micro-enterprises and looser, more dynamic company structures that have developed in the new age tech, media, marketing and other creative sectors. It allows for more collaboration between autonomous self-mastering structures rather than the industrial system where people took blind orders from the large chain of command. And yes I am sure Google, Amazon, Facebook and Apple still have chains of commands but I am certain if you dig deep you will see their success lies in the cultivation of that internal driver in each of their employees. You just have to walk into an Apple store to see the grin of pride on the shop assistants face. A grin of pride thats recognisably different to a grin from a waiter awaiting a big tip

Autonomy | Mastery | Purpose

each one a truly human need to have confidence in their capabilities and motivated to unleash their potential. Those who can tap in to these internal drivers, and the leaders who can cultivate them in their teams, will takes us all to the next stage of our own economic development.

check this out: Rework.Jobs

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One Response to Human Economics Part 1 – Internal

  1. Diya Sukh says:

    Great talk. I’ve been hearing whispers of intrinsic motivators, but being trained in economics it’s hard to totally discount the notion of incentives. It’s the only explanation I have for why banking [is/was?] a highly coveted career path – because you [are/were] paid A LOT of money to do it. Now everything is shifting to social networking…those jobs are the most coveted and I’m sure they are coveted because they present the opportunity to change the world (purpose). I know for myself that autonomy, mastery and purpose are my biggest motivators. Now if I could just find a ROWE environment…..

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