If you do not understand spirituality, you will fail even in economics. Look at how common people live their daily lives. Do we inquire into what we are doing? We do things because others are doing the same things. Out of ignorance, you act; and out of greed, you keep acting. Economics does not address the problem of ignorance. Economics also does not address the problem of greed. It is the Upanishads and the Gita that address these problems.
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Questioner: Good evening, sir. I'm Gauri. Sir, I would like to ask a question regarding the global recession. Sir, as we know the global recession has risen from 4.7% in 2021 to 8.8% in 2022. Because of this, we are facing a cost-of-living crisis in many countries. Thus, as a result, we are focusing on the growth to solve this issue. And the leading economists of the world have also predicted, that we will face a recession in 2023 as well. Sir, you have talked earlier about how Vedanta can help in solving the problem of poverty and global warming. Sir, can Vedanta also solve the problem of recession?
Acharya Prashant: Can Vedanta solve the problem of recession? Where do recessions come from? Look at, for example, the last two recessions that we have faced. The 2001 dot-com bubble and the 2008 housing crisis, the mortgage bubble. So, what happened?
The 2001, I was in college those days. What was happening? Everybody wants to invest in technology companies, without knowing what that technology is about. And internet-based technologies were very, very nascent at that point. The companies that were receiving sky-high valuations, you know, forget about them having profits; most of them did not even have any product. No product, and yet a lot of money was flowing into them. No product, and yet a lot of money was flowing into them. How was that happening?
