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BR Research

The most dangerous deficit

Published August 14, 2009 Updated August 14, 2009 12:00am

We spend a lot of our time discussing, clarifying, scrutinising and defending a lot of indicators to explain the state of our economy. We talk about fiscal deficits, energy deficits, current account deficits and what not, but one key indicator that we continuously overlook is the rampaging character deficit present in the country.
Bringing this deficit to a suitable level could very well be the end to all our problems, economic or otherwise. One may point out that this is an argument best left to a debate on sociology or psychology and has no place in hard core economics. But it is increasingly evident that lack of civility and sense of holding ourselves responsible for our work has a damaging effect on our bottom line.
Character deficit leads to reduction in quality, productivity decrease, and the flight of the good and hardworking for greener pastures - the "brain drain effect" that we are so fond of citing - apathy sets in, people just dont care anymore, other, more harmful avenues for self-fulfilment are explored and adopted, all at the cost of our national betterment.
Anger at the feeling of being trapped with no way out leads to retaliation through crude forms. Breach in law and order is one such example. Having no means to achieve justice through official channels, many take law into their own hands. Retribution is aimed at public and private assets leading to high economic losses.
How did we fall into this deficit? Theres really no clear answer. The fault is no ones and everyones at the same time. If all our efforts feel wasted and go unnoticed, if everyone around us is comfortable with the bare minimum, if all our arguments seem to be addressed to a brick wall, if blame is doled out but responsibility never taken, then the only option left is to conform.
At the heart of every economic activity is the fine blend of morality and fairness, governed by one of the smallest implicit conditions called self-regulation - the result of bettering oneself always, simultaneously bettering others.
A strong conscience allows an individual to take in the bigger picture. No longer consumed with his own immediate progress, he is able to forgo personal gratification for the sake of others, for the sake of prospering society as a whole. This form of thinking leads to a domino effect of success; from ensuing equity in contracts to taking the time and energy to train others and bestow valuable, experience-learnt knowledge in order to ensure a bright future to the young.
Our conscience is our guide, and if, through apathy, we have silenced our conscience, then what hope have we? The solution is almost as painful as the problem as it requires a systematic change, one individual at a time, who must stick to his resolve to listen to his conscience while everyone else jibes and goads him at his "stupidity" to make a change.
Remembering national days are times not only for celebration but also for introspection, to ask ourselves what we have done right and what we have done wrong and whether making a change is worth the effort. This is merely a respectful offering of a portion of food for thought.

Copyright Business Recorder, 2009

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