Opinion (Joseph E. Stiglitz, Nobel laureate in economics and professor at Columbia University): “Soon after the global financial crisis erupted in 2008, I warned that unless the right policies were adopted, Japanese-style malaise – slow growth and near-stagnant incomes for years to come – could set in. While leaders on both sides of the Atlantic claimed that they had learned the lessons of Japan, they promptly proceeded to repeat some of the same mistakes. …
“Policymakers’ response to the crisis failed to address these issues; worse, it exacerbated some of them and created new ones – and not just in the US. The result has been increased indebtedness in many countries, as the collapse of GDP undermined government revenues. Moreover, underinvestment in both the public and private sector has created a generation of young people who have spent years idle and increasingly alienated at a point in their lives when they should have been honing their skills and increasing their productivity.
“Instead, our current difficulties are the result of flawed policies. There are alternatives. But we will not find them in the self-satisfied complacency of the elites, whose incomes and stock portfolios are once again soaring. Only some people, it seems, must adjust to a permanently lower standard of living. Unfortunately, those people happen to be most people.”
My Comment: Our nature, egoism, is above our mind, and we are in its power. It forces us to act irrationally, even under the threat of our own death. As it is said: The angel of death brings a sword to a man and the sword has a drop of poison at the tip, and he is forced to open his mouth and swallow it, to fulfill his egoism, a sense of life, although this drop kills him. The elite cannot limit itself in exploiting society, even under the threat of unrest, wars, and self-destruction.