In the News (from Ynetnews): “Fischer: Israel handled crisis well” President Peres expressed his proficiency in the Israeli economy and revealed that he reads articles written by the world’s greatest economist. “I was surprised to read important economists saying they have reached the conclusion that there is an economic factor influencing the economy more than anything else and which they have no knowledge of: The state of mind,” said the president, noting that there are ways to deal with a state of mind. “I think that in Israel as well it’s important not to sink into melancholy,” he said. “My impression is that compared to other countries we are above the average. …we are on the right track, at least in terms of regulation.”
My Comment: What these economists are calling the “state of mind” is actually the influence of the human attitude on the economy. This influence is, in fact, the defining factor, because the economy is a reflection of society’s relationships.
Because the relationships have become different – global, the economy must now account for people’s complete inter-connectedness. Economists should understand that in the future, those who will succeed and win are the ones that build business for the common good.