New Research from many quarters has started to show that even when economic growth does make us wealthier, the greater wealthier no longer makes us happier. Happiness is not material consumption over desire only(money is needed) but we must add intellectual pursuit,spiritual satisfaction and good health as the numerator.The denominator of desire may be dampened when America is suffering from recession in 2008. Such may be extended to the world re globalization. What is the economy for? I would advocate social economics because economics can not exist in a vacuum. As such,it must be applied to a society.
Problems such as global warming,high prices for food and fuel et al.plus the growing inequality diminishing the existing lifestyle of the middle class folks is very much in evidence. Such problems are shared in China as well.
The motive of self-interest for material goods must be dovetailed with public interest otherwise social stability would be disrupted.
In short, ethics and moral philosophy must be taken into consideration for the leaders in USA and in China in the 21st century.
Francis Shieh a.k.a. Xie Shihao on Saturday,April 12, 2008 at 2.28 p.m.
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