Markets do not replace human relationships. They rely on them.

6-APRIL-2026

Scottish economist and philosopher Adam Smith is often regarded as the father of modern economics. In his seminal work The Wealth of Nations, Smith lays out the vivid metaphor of “the invisible hand” of the market.

Sadly, Smith’s work is often derided as promoting greed and self-interest as the necessary requirements of a strong market-based economy. Digging deeper, we see that Smith touches on something far more insightful than greed. He describes human connection as the bedrock on which a health economy is built.

The economy is sometimes thought of as a machine, with gears and levers and buttons to press that will maximize efficiency and boost productivity. But in fact, at its core the economy is nothing more than a network of human relationships. Every transaction depends on trust, expectations, norms, and some degree of mutual recognition.

“No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable,” writes Smith. He understood very well that a healthy, desirable economy is more than the measure of the GDP, stock market valuations or labour productivity.

He also understands that economic exchange is deeply social: “It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.” Although this quote is often used to emphasize self-interest, it also shows that economics is rooted in human interdependence. Our daily lives depend constantly on other people.

Relationships. Interdependence. Social benefit and well-being. This forms the basis of the economy. It is something sacred and divine.

Yet the economy in 2026 feels anything but sacred and divine. It feels volatile. Uncertain. Toxic.

Tariffs have been weaponized to maximize damage on weaker opponents. Oil price shocks – the fall-out of war and violence in the Middle East – are ravaging household budgets. Extreme weather events and climate change are pushing humans to the limit.

Let’s step back and breathe. It is now more important than ever to understand the sacred and divine aspects of the economy.

Jobs, wages, housing, and productivity are not just technical issues that need to be solved. They are questions about worth, dignity, and how we value one another. A healthy economy should measure how people are honoured, not only how much they produce.

So let’s be stoic about the economic chaos swirling around us. Let’s not give energy to that which we cannot control. Instead, let’s focus on what we can control.

• For businesses, that means regarding your client as a human being, not just a click on your website.
• For leaders, that means treating your staff with dignity, not as simply an expense line on the budget cutting into the bottom line.
• For employees, that means remembering your boss is human too, one probably dealing with stress, emotions and insecurities like everyone else.
• And for entrepreneurs, it means focusing on solving real people’s problems, not just doubling or tripling your EBITA.

Human connection lies at the core of the economy. Everything else is just detail that we layer on top. The more we focus our attention on the sacredness of human connection in the economy, the more resilient the economy becomes.