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    One of the most fateful errors of our age is the belief that ‘the problem of production’ has been solved. Things are not going as well as they ought to be going must be due to human wickedness. We must, therefore, construct a political system so perfect that human wickedness disappears and everybody behaves well. In fact, it is widely held that everybody is born good; if one turns into a criminal or an exploiter, this is the fault of ‘the system’. Modern man talks of a battle with nature, forgetting that, if he won the battle, he would find himself on the losing side. The illusion of unlimited powers, nourished by technological achievements, has produced the concurrent illusion of having solved the problem of production. The later illusion is based on the failure to distinguish between income and capital where this distinction matters most. Every economist and businessman is familiar with the distinction and applies it conscientiously to all economic affairs except the irreplaceable capital which man has not made but simply found and without which he can do nothing. For larger is the capital provided by nature and not by man and we do not even recognize it as such. This larger part is now being used up at an alarming rate and that it why it is an absurd and suicidal error to believe and act on the belief that the problem of production has been solved.

    According to the author, the problem of production has not yet been solved because

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    1. inspite of the huge and cry the world over, man is still exploiting his resource base (i.e., nature), to reduce the level of exploitation

    2. of man's failure to realize that his economic activities are adversely affecting nature

    3. technology is yet to be transferred to developing countries

    4. the detrimental effect that the new technologies have when used for achieving economic goals

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