I think we're going to see a small, but important real world example of this in h coming months and years in europe. And so is the northern european countries going to willingly reduce their own living standards in order to support the southern european peripheral countries? I don't know the answer to that, but i think the g 20, i think the leaders of the world, cannot have the conversation that you and i are having because of loss aversion," he says. "We can live happier lives with considerably less resources"

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