Managing Greed

Men want to satisfy their wants. Economics deals with wants satisfaction. Wants and desires multiply They are the indiscriminate offsprings of the mind .When they are satisfied at the lowest level more and more desires and wants manifest and demand fulfilment. This becomes greed. The nature of greed and its growth are like pouring ghee into fire. The intensity becomes great. When resources are not available to satisfy greed, crooked methods are sought. Greed commands resources and this need not be based on priority. So resources are cornered by people who perpetuate and promote greed. Though we may call many of them entrepreneurs, many turn out to be thieves of society.
When the tendency to satisfy greed becomes predominant in society such a society adopts all means fair and foul to muster resources. This leads to extensive borrowing since own resources may be inadequate. Excessive borrowing creates a situation that repayment of loans becomes difficult and default occurs. This sets in motion a chain reaction and the economy collapses causing fall in employment and rise in economic misery. The lone culprit is greed.
Thus the bane of society is greed and if we want to improve society and its economic condition we must curb greed. Greed results in wastage of resources. The recent stock market crash and global meltdown confirm this phenomenon.
Recent global melt down had its origin in human greed which prompted individuals to acquire assets even at the risk of heavy borrowing.Banks welcomed borrowers to further their business. This led to business boom and later a bubble burst. We are yet to recover from the onslaught of this big hit. Share markets crashed. Banks collapsed .This resulted in loss of millions of jobs. Loss of income caused proliferation of misery. Economic theory based on multiplicity of desires and wants can only offer a faulty structure with loose foundation.
How long it will last is any body's guess. How far can the wants theory of progress go?
Are not resources cornered and wasted?
Are there not priorities for human existence? Why not upgrade human values which will definitely scale down greed and ensure better standards of living for all instead of extreme happiness for a few and acute misery for many. Controlling greed is the function of controlling the mind with the power of the intellect. If our educational system can achieve this in a decade steadily we will definitely march towards stable progress without tears. Let us start building up a global value system relinquishing greed. Let us not salute greed as an engine of economic progress