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For years, we've grown dependant on American consumers as the world's spenders of last resort. They've kept Europe out of recession, allowed China to industrialise, and prevented global deflation. But at the same time, they've not been looking after their own futures. ↗
Personally, I don't see old economics and behavioural economics as opposed. It is useful to assume people are rational as a good approximation to their long term behaviour, but it would be unwise not to think how in practice their behaviour may deviate from that simplifying assumption. ↗
And I asked my mother about it; I said, 'Is there something wrong?' She said, 'God... God makes people. You understand that, don't you?' And I said, 'Yeah!' She said, 'Who makes a rainbow?" I said, 'God.' She said, 'I never presumed to tell anyone who could make a rainbow what color to make children.' ↗
The re-establishment of an ecological balance depends on the ability of society to counteract the progressive materialization of values. The ecological balance cannot be re-established unless we recognize again that only persons have ends and only persons can work towards them. ↗
