Credit means ..
Few hours away from Accounting mid-term and I have numbers bouncing all around me. Fed’s loss didn’t help me allow prepare well too. The “end of era” of greats like Sachin and Fed have happened just too many times to given any great importance, yet there is a remote fear about Fed.
I just can’t imagine what all are lined up for tomorrow, am looking forward for saturday to suddenly appear bypassing other days.
Got the stats test marks and I lost marks because of a silly mistake ?! I can’t believe this is continuing to happen with me.
Anyways,coming to the topic of post, “The word credit derives from the Latin word credere, meaning to believe“, that I read from this “Ethics in finance” speech by RBI Governor. The original speech has many interesting insights. My favorite would be
People often forget that the godfather of modern capitalism, and often called the first economist – Adam Smith – was not an economist, but rather a professor of moral philosophy. Smith had a profound understanding of the ethical foundations of markets and was deeply suspicious of the ‘merchant class’ and their tendency to arrange affairs to suit their private interests at public expense. In his book, “A Theory of Moral Sentiments”, Smith argues that a stable society is based on sympathy, a moral duty to have regard for one’s fellow human beings. In short, Smith emphasized the ethical content of economics, something that got eroded over the centuries as economics tried to move from being a value based social science to a value free exact science.