Mitigating World’s Trident Crises-Burgeoning Debt, Ageing Population and Climate Change: In Quest for Sustainable Policies

Abstract

The crisis has brought the international financial system to the edge of a breakdown with many leading economists already considering periods of recession. However, two other crises are simultaneously impounding on planet earth, in particular the detrimental effects of climate change coupled with an ageing population. This innovative and original research attempts to find solutions to curb the effects of the three crises. Overall, the paper finds that man can come out of this labyrinth of intertwined ordeals by fostering an utterly new approach to policies. Long-term approach to decision-making, network optimisation, social banks, radical changes in the work environment (flow concept to be ingrained), limits to speculation in derivatives, policy-oriented research in lieu of sophisticated mathematical models, shift from ‘‘Egonomics to Economics’’ checks on growth of the artificial economy and re-engineering of bank loans approvals via inclusion of sustainability reports, will all create a better state of living, apart from scaling down any potential crisis. Above all, this paper shows that the equilibrium concept used by economists is utterly flawed and needs to be revisited to factor in the metaphysical world-in essence the non-material wealth which requires mind power as the main thrust since true equilibrium manifests when material world is balanced to the metaphysical world. The policies suggested are considered to be full-proof not only in mitigating the effects of the current crises but also in obviating any further crisis on mankind.