The Importance of Intersubjectivity and Central Banks' Monetary Policies

Lucas Charbonnier

Lucas Charbonnier

Apr 15, 20244 min read

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The Importance of Intersubjectivity and Central Banks' Monetary Policies

Intersubjectivity, which refers to the relationship between multiple consciousnesses or subjects, plays a crucial role in our lives. It allows us to understand the complexity of the world and gain access to our own selves. In a similar vein, central banks' monetary policies are essential for regulating economies and ensuring stability. While these two topics may seem unrelated at first glance, they share common points that highlight the importance of interconnectedness and balance.

The main mission of the European Central Bank (ECB) is to contain inflation at a level it considers optimal, which is around 2%. This differs from the Federal Reserve System (Fed) in the United States, which prioritizes economic growth to maximize employment. However, after the unprecedented global economic crisis caused by the American subprime mortgage crisis, the ECB adjusted its policy to avoid hindering the fragile recovery. It now aims to balance short-term growth and long-term inflation considerations. On the other hand, the Fed has experienced fluctuations in its interest rates over the years, with significant decreases during the 2007-2008 financial crisis, followed by a prolonged period of low rates until the end of 2015. It then saw a gradual increase before a rapid decrease due to fears of an economic slowdown.

These historical developments in central banks' monetary policies demonstrate the need for adaptation and equilibrium in response to changing economic circumstances. Just as the ECB adjusted its approach to support recovery, individuals also rely on others to gain perspective and understanding. Autrui, or others, provide us with a valuable external viewpoint that allows us to see ourselves more objectively. Sometimes, being too close to ourselves can lead to a lack of objectivity and self-awareness. The gaze of others acts as a mirror, reflecting back to us our own identity and enabling us to gain a better understanding of who we are.

However, the gaze of others can also be limiting. It can lead to the labeling and objectification of individuals, restricting their freedom and creating a sense of alienation. This highlights the importance of establishing authentic and non-conflictual relationships with others. Dialogue and mutual understanding are essential in fostering genuine connections and promoting the search for truth. Love and friendship, when based on respect and recognition of the other person's dignity, can transcend the limitations of mere subjective emotions and become moral virtues.

Kant argues that love cannot be commanded as it is a matter of sensation and not of will. However, what we owe to others is not love but respect. This means treating others as ends in themselves, respecting their inherent human dignity, and refraining from using them solely as means to our own ends. Generosity, similarly, extends beyond giving to those we love and encompasses giving to all, including those we may not personally like, out of a sense of duty towards humanity and respect for others.

Returning to the initial question of whether the presence of others can truly alleviate our solitude, we find that the answer is twofold. While the presence of others can provide companionship and alleviate the feeling of loneliness, it cannot completely eradicate solitude. Solitude is an inherent aspect of human consciousness, as each individual's perspective is unique and ultimately unshareable. Paradoxically, the presence of others can sometimes exacerbate our solitude, especially when conflicts arise or when others fail to understand us. However, through genuine and empathetic connections, the presence of others can also provide solace and comfort.

In conclusion, the intertwining of intersubjectivity and central banks' monetary policies reveals the importance of interconnectedness and balance in our lives. Just as central banks adapt their policies to support economic stability, individuals rely on others to gain perspective and understanding. The gaze of others allows us to see ourselves more objectively, but it can also limit our freedom if we are objectified or labeled. Genuine relationships based on dialogue, respect, and love as a moral virtue can transcend subjective emotions and foster a sense of connection and understanding. Ultimately, while the presence of others cannot completely eradicate solitude, it can provide solace and alleviate the feeling of loneliness.

Actionable Advice:

1. Foster genuine relationships based on dialogue and mutual understanding to gain different perspectives and enhance self-awareness.

2. Practice respect and recognition of others' inherent human dignity, treating them as ends in themselves rather than mere means to our own ends.

3. Extend generosity beyond personal preferences and give to all, out of a sense of duty towards humanity and respect for others.

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