Economics Runs on Two Things: Fear and Greed

The news headlines that catch our eyes are about going to the moon or crashing into a catastrophe. People like to have excitement. Even the negative and sad stories arouse the news media's interest because that news is saleable to people.

Global people watch on the trending news radar when the cryptocurrency market rises or goes down. They expect something trending, good or bad.

• The recent collapse of the Silicon Valley Bank (SVB) in the US also got to do the same to the news media and the people.

• The actual affected people's lives are devastated by the shutdown of the SVB. But we are eager to read what is coming next.

Now, we are watching how "Uncle Sam" (the mighty US government) is taking steps to save people's investments through the collapsed SVB.

Economics is an academic discipline.

Any academic subject should have scope to study and research. Economics is no exception. Economics involves a lot of mathematics, statistics, and probability theories.

• But, the problem with statistics and probability theories lies in the risk of being eaten up by complex realities assumed to be taken care of by many upcoming golden dreams of futuristic technologies.

• Economics may predict a very high growth of certain wealth, but complex realities may act as the spoiler.

Economics may predict that the money in the bank will increase many folds, but the reality may find that no cash is available in the bank's deposit vaults to dispense!

Economics runs on two things: Fear and Greed!

• What are the things that naturally come to our minds when we deal with money and wealth?

• I don't know whether you would agree with me, but I admit that "fear" and "greed" are the two things that come to my mind whenever I deal with money and wealth.

Economics is a beautiful subject with much scope for study and research.

• I don't hesitate to state that economics is a subject that purposefully neglects real-world conditions and projects a dreamy picture of the future.

Economic studies are mainly driven by the people's "greed" and "fear" in such a cunning fashion that economists appear to be saints or messiahs.

• Are "fear" and "greed" making economics useful for global citizens' life?

This should be the question.

Conclusion

The actual wealth resources of the world are limited.

• Economic predictions can do nothing to overrule nature, the superpower next to the heavenly God.

The real and most pertinent question of life is living.

• Global citizens need three basic things: work, food, and shelter.

Do the current economic policies serve to achieve the needs of the people?

Finding answers to this question is a need of time.

Postscript

<?> Is the word "economics" not reflecting an appropriate meaning?

<?> May "market" be more appropriate than "economics?"

<+> May we look at the cryptocurrency world under the same glass?

About me (Unity, aka, Debesh Choudhury)

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Text Copyright © 2023 Debesh Choudhury — All Rights Reserved

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Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.

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#economics #money #banking #finance #life #technology

Mar 14, 2023