timelets

“The three types of narrative – belonging, obligation and causality – fit together to forge a web of reciprocal obligations. ”

“Narratives have a third function: we learn how our world works through stories that link actions to outcomes. Our actions become purposive. Experiments show that we rely more on stories than on direct observation or tuition. By joining them up into a causal chain, actions that are not in our immediate self-interest may then look rational, creating enlightened self-interest. At its best, this expands our knowledge. At its worst, it creates a rupture between reality and what we believe – narratives as ‘fake news’. True or false, stories are powerful. In their devastating analysis of the financial crisis, two Nobel Laureates, George Akerlof and Robert Shiller, conclude that ‘stories no longer merely explain the facts, they are the facts’.”

Paul Collier. “The Future of Capitalism.”