Wednesday, October 19, 2011

Overpopulation and Lack of Morality are Major Economic Issues

Jeffrey Sachs is an American (mainstream) economist and Director of The Earth Institute at Columbia University. I was pleased (but shocked) that he addressed two "hot" issues (Overpopulation and Lack of Morality) and their effects on the economy.

In the first video "7 Billion People Equals (At Least) One Major Problem" he explains that the current population growth is not sustainable and that we must find ways to control this growth. His solution is to decrease the fertility rates, by actually decreasing the child mortality rate, as in developed countries couple make many babies to make sure they will be taken care of during the old age as there is no social security over there and traditional kids have to take care of parents. I don't think this would cut it, but this is a starter.

In the second video "U.S. Can Come Back by Rediscovering Virtue", he explains that if Americans can rediscover virtue and morality (a la Marc Faber), the US economy will improve. He started by saying "First I would like a return to legality. So much of the financial crisis was not only about poor judgment, but breaking the law... We need a moral economy -- if everybody thinks they can push every limit we're not going to have a functioning society."
He continues by saying we need a more collective actions and at the individual level he calls for each of us to strive to be virtuous, both in our personal behavior (regarding saving, thrift, and control of our self-destructive cravings) and in our social behavior as citizens and members of powerful organization, whether universities or businesses.

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