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Unformatted text preview: Farshid Moradi. Student#: 211031150. Tutorial (Monday, 4:30) Quote We can trace each of the major failures of our economic system to the misperception of money as wealth If we look upstream for the ultimate cause of the economic crisis that is tearing so many lives apart, we find an illusion: the belief that money is wealth. Because money represents a claim on so many things essential to our survival and well-being, we easily slip into evaluating economic performance in terms of the rate of financial return to money, essentially the rate at which money is growing, rather than by the economys contribution to the long-term well-being of people and nature. We can trace each of the major failures of our economic system to the misperception of money as wealth. Once the belief that money is wealth is implanted firmly in the mind, it is easy to accept the idea that money is a storehouse of value rather than simply a storehouse of expectations, and that making money is the equivalent of creating...
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This note was uploaded on 03/27/2011 for the course BUSINESS A 1340 taught by Professor John during the Spring '11 term at York University.
- Spring '11