Week with “The Economist”
by Chandrakant Sampat and Niti Sampat-Patel
  
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This is what we found interesting from the current issue of the “The Economist” (June 16th – 22nd June 2012).

 

Notes:

 

The present generation needs a new attitude towards life. This change is essential for our survival and the survival of future generations.

 

  1. Money can’t buy me Love” (page 34). “ ‘Admirable indeed’ is how Confucius described a man who, though living in a mean, narrow street with only a single bamboo dish to eat from,” did not allow his joy to be affected”.

 

  1. The vanishing north” (page 11) “…The Artic is warming roughly twice as fast as the rest of the planet”.

 

  1. “By the end of the century- perhaps much sooner- there will probably be frequent summers with no sea ice at all.”

 

  1. “Artic governments are starting to see a bonanza in the melt…an estimated 30 percent of undiscovered reserves of natural gas and 13 percent of undiscovered oil reserves” may be available to them for their development.

 

  1. “Artic ridges unlocked by global warming will not begin to make up for the costs of climate change.” (Page 16 of the special report)

 

  1. As with ignoring the costs of climate change it is also so with economics and politics. “Between two nightmares” (page 54). “The moral is clear: profligacy leads to economic chaos, political extremism and ultimately to catastrophe for all of Europe. For today’s Germans, prosperity and democratic order must be based on sound money. The German chancellor, Angela Merkel, is in tune with this domestic mood when she insists that the euro zone must embrace a culture of financial stability if it is to overcome its debt crisis.”

 

  1. “Buttonwood” (page 70) describes how today we have adopted to a method “promise now, bill your children”.

 

  1. “Boundary conditions” (page 75). “Pull a spring, let it go, and it will snap back into shape. Pull it further and yet further and it will go on springing back until, quite suddenly, it won’t. What was once spring has become a useless piece of curly wire.” At present it is so with economic stimuli. “…And that, in a nutshell is what many scientists worry may happen to the Earth if its systems are overstretched like those of an abused spring”.

 

Today, mankind is driven by a consumption based GDP growth. It has not learnt any lessons from the wisdom of Confucius and the analogy of “the pull spring”. We are ignoring the Darwinian principle of evolution that, “nature habitually targets and is a miserly accountant punishing the smallest extravagance”. Mankind is in combat with nature.

 

These quotes are taken from ‘The Economist 16th June-22nd June 2012’.

 

Your feedback is welcomed at nitisp@gmail.com and sampat@capitalideasonline.com