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2006-12-21

Economic growth not brain drain...

This keynote address delivered by Philip Emegwali is thought provoking, I got the link from Iyanda, this girl is a good writer, I was disappointed when her piece ended, I wanted more.
The Emegwali piece is here, I am aware of the some of us being too lazy to click, so I have the first three paragraph pasted below. The section in bold is of interest to me, and It goes to prove my point that non-economist ought to keep their hands-off economic analysis. Why? because it serves no purpose to stem the tide of brain-drain, there is no reason why that should be a policy objective. We as Africans ought to desists from Kangaroo policies that are unattainable. A slowing down of the brain drain can only be a by product of a larger picture, fondly known as Economic growth, and over time development. Otherwise nice piece from one of Nigeria's best brains.
IMF has new books/papers out, read them with caution though, too many interests at play here.
Emegwali's piece
I once believed that capital was another word for money, the accumulated wealth of a country or its people. Surely, I thought, wealth is determined by the money or property in one’s possession. Then I saw a Deutsche Bank advertisement in the Wall Street Journal that proclaimed:
“Ideas are capital. The rest is just money. ”I was struck by the simplicity of such an eloquent and forceful idea. I started imagining what such power meant for Africa. The potential for progress and poverty alleviation in Africa relies on capital generated from the power within our minds, not from our ability to pick minerals from the ground or seek debt relief and foreign assistance. If ideas are capital, why is Africa investing more on things than on information, and more on the military than on education? Suddenly, I
realized what this idea could mean for Africa. If the pen is mightier than the sword, why does a general earn more than the work of a hundred writers combined? If ideas are indeed capital, then Africa should stem its
brain drain and promote the African Renaissance, which will lead to the rebirth of the continent. After all, a renaissance is a rebirth of ideas. And knowledge and ideas are the engines that drive economic growth.
what economic system do we have its the economic system that determined distribution of income and wages.



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