In the system reset video, the main idea is about imagining if we built an economic system built on abundance rather than scarcity. FabLab is focused on learning to make their own things because we are going to have to redesign the world around us by addressing specific issues and needs. Some designers believe that digital fabrication technology can create an economy of the future and create new experiences. Through capitalism and production, we need to take a hard look at the kind of harmful waste and amount that is produced. This leads us to the concept of the “circular economy.”
In the McKinsey podcast, “Why the circular economy is all about retaining value,” they start by talking about what a circular economy is. It is defined as that which seeks to rebuild capital, whether this is financial, manufactured, human, social or natural. This is important because of the flow of goods and services. It considers each part from both the producing end and consumer end. There is a continuous circle of materials and retains as much value as possible. They explain how it isn’t just about recycling, but rather multiple loops across the entire chain that also have to do with fixing the parts of the system before the issues arise. This is important to consider because we have a limited amount of resources on this planet and we have to conserve what we have left; better technology is a big part of making this happen. This system is a value-creation driver because we can leverage creative solutions.
I think the most important point that relates to both the sources is the circular economy, the value that it has and how it can change a system. The reason why this is so important is that we need to start thinking about changing the system to make a real change instead of fixing issues that come up which are surface level.
