Economists know that the market is important in economic life - it is where competition takes place and transactions happen. They also know that the government is important. It sets the rules under which markets operate, decides on priorities for societies and delivers benefits.

But what economists often underrate or ignore is the importance of communities - proximate communities, the places where we live. Not our country, but the few square kilometres where we spend much, if not most, of our lives. Our community is what we experience every day. It is a world of its own, where we build relationships with neighbours, give and receive support, and even transact, often without money or formal contracts.