What’s the point? It’s this: Economics, as understood for hundreds of years, has played out. The major problems of econ 101 have been solved. We know about supply and demand, marginal utility, choice under uncertainty, and budget constraints. We have a wide variety of tools, ranging from game theory to econometrics, that help us identify these processes in situations ranging from war, to car sales, to dating. We are also seeing how these processes plug into classic macroeconomic issues, such as growth and international trade. However, the market system itself, as indicated by Tim’s concluding chapter, depends on population, innovation, and liberal economic institutions. These, in turn, depend on psychology, group culture, and networks, the domain of sociologists, psychologists, historians, and anthropologists. Economists have shown how the market system processes the inputs, but there’s still much, much more to be said about where the inputs come from. That’s what’s going to be exciting in the decades to come, and I can’t wait to see it. I mostly agree with Fabio here. Economics is played out in the West. However Economics is critical to the success of Africa. There is so much more to study and discover about the interplay of commodities, humans, and infrastructure in Africa, even a half brained scholar would stand a good chance of winning a grand prize. However statisticians are needed even more than Economist. So I'd say ship all the economists, minus this one, to Africa and lets get the ball rolling. Too bad, blogging has been kicked to #25 on my list of priorities at the moment, I'd attempt to keep this joint updated as often as I can. Thanks all.
An interactive map of the world with some interesting socio economic and political data overlay. It is pretty neat and fun to play with, do give it a test drive.
Sometimes it'd be way cooler, if well schooled economist could answer, " I do not know, and the state of science as it is right now, does not equip us to prove or disprove this thesis, thereby confining such research to pure guess work. The 50-50 domain."
Nathan Nunn finds that "without the slave trades, 72% of Africa’s income gap with the rest of the world would not exist today":
My teacher used to say if one looked hard enough one would find a correlation between any two phenomena. The mathematics is secondary, it does not increase the odds of your theory being right or wrong. I wish economist could be more upfront about theories rather than debate between the siting of an R2 in a graph. Nobody gets grants, prizes and peer recognition for saying, 'I do not know'. I wish this was not the case though, because sometimes the search for an explanation at all cost often lead to papers like this. More interestingly, due to the fact that African economists barely have a voice, reallyimmature explanations for Africa's poverty often gain mainstream acceptance, in academia.
According to my calculations, if the slave trades had not occurred, then 72% of the average income gap between Africa and the rest of the world would not exist today, and 99% of the income gap between Africa and the rest of the underdeveloped world would not exist. In terms of economic development, Africa would not look any different from the other developing countries in the world.
JUBA, Sudan — To many people here, one of Africa’s biggest boomtowns is already starting to look like a bust. So says the this conclusion aligns with my idea of economic growth. Too many times we have seen this play out in African economies. There is an unexpected boom, and a few sector of the economy take off and suddenly kaboom! There is a burst as a result of other sectors that have not kept up with the economic growth in the leading sectors of the economy. One may argue the individuals engaging in conspicuous spending in Chinese motor bikes are to blame. That is the conclusion which the Oyinbo' economist will draw. I am not particularly interested in the mechanics of how this happens, because this easily degenerates into debates about minutiae. (One thing I hated about school was spending energy debating about 10 decimal places while kids were dying of hunger on a daily basis...Okay that is story for another day.) Forgetting that a little raises in income in Juba is equivalent to winning the lottery in any Western economy. What is a brother to do? It isn't really like choosing between yellow corn and white maize is exactly difficult or time consuming. I have a soft spot for Sudan, but I have an even softer spot for Nigeria. Going by lore told to us by our parents. Isn't this parallel to what happened in Nigeria during the oil boom of the late 70's? Oh! How my dad's eyes lit up when he declared that Leventis (picture Target or Walmart) ran out of goods, because their supply could not keep up with consumer demand. Why is an amorphous economic growth and a boom in Nigeria particularly scary? 1. What if Nigeria gets it right, so what are we going to do with the new found wealth? What if the FSS2020 achieves its goals? 2. Is the growth in the capital markets and financial services in general necessarily a good thing if the other sectors are lagging so far behind? Isn't that a burst in the making? Enjoy the NYTimes article;
The abundant opportunity for manual labor (skilled jobs are fewer) has put wads of cash into countless young men’s pockets. But much of it is going toward beer and motorcycles. Juba’s streets, which were deserted just three years ago,are now crammed with 12-year- olds whizzing around on shiny new motorcycles that their skinny legs can barely hold up. Many of these children end in the so-called Senke ward, at the city’s main hospital, a ward named after the $700 Senke motorcycle (made in China, smuggled in through Congo) that so many unlicensed boys in tank tops and wraparound shades — no helmets, of course — have smashed into trees, cars and each other.
This underscores my mood about positive coming out of Africa. Can bad Africa become good Africa? At the risk of being the party pooper, I'd suggest the we watch the with and guard the loot more carefully. as that growth may not be enough.
The lesson? Economic growth – even very high one – is not enough for successful development unless it’s derived from an economy that is inclusive and productive as a whole. In contrast, most of Africa’s top growth performers derive their impressive GDP growth figures from a reliance on high-priced natural resource exports, the benefits of which bypass the majority of the population.
Having said that, it appears that Africa is the place to be right now. For the first time Omodudu is considering moving to Nigeria. Updates coming soon.
Francois Woo's $200 million-per-year business is a microcosm of globalization in action. It buys raw cotton from Asia and Africa, ships it to Mauritius, spins it into yarn and makes it into clothes designed in-house. Those are shipped to retailers in Europe, Asia and the U.S. "We have to import all our raw materials, and we are very far from our customers," Woo says. "So the challenge is clear. We have to be the most efficient factory in the world."....Today Cassolongo's company, Cassca Technologies, is one of the only online testing centers in Angola for international IT certification, and as the economy booms--a predicted 35% this year--demand for Cassca courses is soaring. But unlike Woo's, Cassolongo's difficulties are entirely domestic. "We face a lot of corruption," he says, using the Portuguese slang gasosa, which literally means fizzy drink. "Documents don't come out until you pay. You have to have connections everywhere."
India is becoming the the epicenter of our ever the flatening world. I look forward to the day that Nigeria will impact the rest of the world the way the Indians and Chinese have done. Further tipping the trade balance, so that when Nigeria sneezes, the rest of the world shivers. Right now it is in the interest of the world for India to thrive, because some of these companies are poised, to bring about the next wave of growth in the global economy. My opinion is that we have it easier than India, we just haven't found the way to channel the oil money. Lesson learnt: strategic positioning.
Business week ; Indian Companies Hit Their Stride, As India's economy grows faster than ever, its newly confident companies are showing their global ambition. And India's moment is evident in the latest BusinessWeek ranking of Asia's top 50 companies. Indian outfits dominate this year's list.
A few years ago Indian establishment were plagued by corruption and bogged down by bureaucracy, a few decades later the situation has been turned around and these same companies or offshoots of these companies are poised to take over the world. Nigeria stands to learn a lot from these lessons presented by this modern day miracle. While we were asleep they planned and planned. I watch as Nigeria's BPE seem to have process with every sale or lease agreement being controversial. It is obvious this is not the way to plan, this can not be the way to move forward. Sometimes I am not too concerned about the present states of things in home country, but I often tremble at the missed oppourtunity and the cost of the missed oppourtunities fto our country's future. If the waste in Nigeria does not give you sleepless nights, check out the article below. Lesson learnt: Long term planning,growth is path dependent. (no microwave wealth creation).
; But the strength of India's showing stands out the most. The Indian companies represented have plenty in common: smart management, low costs, and—increasingly—aspirations to join the elite ranks of multinationals. "All of India is dreaming bigger and aiming higher," says KeshavSanghi, head of equities for Deutsche Bank ( ) in Mumbai.
Growing Opportunity for African Countries; Analysts predict that India could lack 500000 engineers by 2010. There is is still endemic shortage of electricity and water shortage, in rural India. In other words India is not too far gone in the area of infrastructural development. All hope is not lost, we could be the comeback kids, the late adopters. Lesson learnt: we are trapped in a poverty trap (a dearth of initiatives, chasing money instead of pursuing oppourtunities).
Outsourcing as the third industrial revolution; Mr Blinder, Clinton's adviser and a teacher at Princeton already notes that we have barely seen the tip of the iceberg when it comes to offshoring the eventual dimensions of which may be staggering. Where are we on this one? Personally I think we are wasting valuable time on what Yaradua did or did not do. I think with critical thinking and planning a private-public hybrid type of initiative can get the idea behind a service village off the ground somewhere close to Ogun state. (Close to Lagos, but away from the hustle and bustle).
Addition Comment; Another story poised to emerge out of India is Medical Tourism/ Outsourcing. India is building world class private facilities staffed by docs of Indian origin who have studied and worked in the U.S. With procedures often costing 1/10th of those in the U.S., increasing amounts of Americans are already travelling there.
From draft folder written in April, updated today. Apologies that the [post is short on links. Hey I am looking to crowd source my paper for the Institute of International Affairs, any ideas.
Only a few Nigerians have been able to attain the rock star status accorded . Only a few have managed to do this via the business route sans politique. There are a thousand out there willing and able to contribute to the growth of home country. I personally do not think Nigeria needs that many rocket scientist or too many top of the class students. All we need are people willing to apply true and trusted methods, to our economy and we would be just fine. Ours is not a country that needs to reinvent the wheel, it is all in our hands already. So how do we put this together.
An Iweala being an industry leader with years of experience in a functioning economic system, he/she is probably a bit frustrated with contributing to another man economy while theirs wallow in poverty. Probably feels he has a lot to offer. On the flip side he/she is disappointed with the Nigerian political class, and may describe Nigerian politicians as diabolic from time to time. To him or her Nigeria has become a far away country with a lot of armed robberies making it quite impossible to enjoy a quiet Xmas. He/she has heard about the progress being made, but remains dismissive since there isn't a defined role for them to play.
Planners, we need diligent planners and visionaries who have a few years of experience in systems that work with minimal waste. How do we get this human resource cheaply? Nigerians in diaspora. People whose brains were once pronounce drained. Just like China reverse engineered technology, we stand a chance of being the comeback kids who have managed to reverse engineer human capital.
There are thousands of out there, how do we get them interested in an economy that has disappointed many times in the past. I often face the challenge of getting this group interested in the burst of growth and goodwill presently being experienced by Nigeria. How do we market Nigeria to ours?
To be continued in the next post...
Footnote: 1. Is the contribution by Nigerians living abroad as important as it is often made to look? Are we wasting our time by expecting those living abroad to pitch in and help? Should there really be a framework or getting the diaspora involved? Should they make their contributions as foot soldiers just like everybody else? 2. This post was resurrect for my draft folder and inspired by entry at . 3. The where Indian trained tech. graduates honed their skills in the US and Europe, but returned to India to make things happen. This are lessons worth living by. 4. My Patriotism still isn't working just right.
I have spent a couple of days thinking about this, I feel like this one will not leave me until I put up an entry about this issue. I would start by saying that I have made a conscious efforts to speak good about Nigeria. I felt that would balance the assault on home country by the foreign media. However right now, I am beginning to think the foreign media houses may just be right. I ask for your forgiveness in advance if this entry stoops to the level of an anti Nigeria rant. This brother is deeply frustrated with the political class in Nigeria. Unfortunately, I am not allowed to let out the details of the particular event, otherwise the college funds for my unborn children may be threatened. Oh yes Omodudu is a strategic activist. Back to the gist, a very fine project of mine was shot down by Nigeria politicking, for no reason other than, " this isn't how we do it round here'. It feels like one has to loose all of his self esteem in order get anything done in home country. Incentives and disincentives do not work in our country my brothers and sisters, and the biggest mistake you can make when dealing with this folks is to assume there is an ounce of "doing something for the public" in their heart. The higher you go the more glaring this attitude is. This is the second time this is happening and this brother is pissed off. Why we fold our hands and watch the robbery going beats me. My fear has always been that my people may squander the goodwill, presently being, extended to us by the rest of the world. Though my fear has not been confirmed 100%. I am interested in seeing how the mother ship will be turned around because in my opinion it is close to running aground. I am tired of answering the question, verbally or psychologically " What is in it for me? It better be big" At this juncture I hands off Naija stuff and focus on more rewarding enterprises. I feel like the prodigal son right now. Let sell Nigeria so that I can get my own share and walk away never to look back anymore. Off to the Embassy of Madagascar, this brother is seeking citizenship.
Street dreams are made of these, who am I to disagree, ... Everybody is looking for something. The sub-prime meltdown, is no longer news.I am glad that economist have become overnight celebrities which they ought to have been in the first place. From their doors permanently to letting go of their backing for major investors (those French men are always up to no good) to the miseries of and the call for the head of , these are the signs of the times. The street is blood thirsty, and blood the street will get, An African adage goes thus, success has many fathers and failure is an orphan. I will give room for the academics to sort out their disparate views. For most us the issue has not been whether the economy was headed for a recession or not, its always been. when are we getting out of this recession. The scholars of the have lived up to the name reputation that went before them. You know what they say about how many economist it takes to change a light bulb, ten, one to change the bulb and nine to assume the ladder. Okay that is a boring classroom joke. I will make no attempt advising at this time, I will live that to the pros. I will like a to tell a short story. P's story. A story of the coldness in corporate America. P and I go way back, back to the days when we used to make the impossible happen. You know how the experienced folks always say, there is a loop hole in every law, guideline or stipulation in corporate America, P and I worked those loop holes to the bone. He was a great guy to work with. He had two daughters which he always talked. they were a handful so his wife stayed at home to take care of his two angel. An arrangement that suited Paul just fine. It worked for him, he brought home the bacon and he was sure dinner would be served by the time he got home from those negotiation marathons. Last Friday P's employment was terminated, the reason from corporate, 'we would not meet this quarters targets and the water is sort of murky from here on'. The MAN caught P of regardless of the ten years he had put into it. Little wonder, when I called called P's desk, his mobile and even shot him an email I did not get a reply. I got a call from him much later, he sounded rather laid back for 10 a. m. and just as I started to run through one more scenario, eager to make a deal fall through. P informed me in a rather flat tone, 'Oz, that's not going to happen, the expletive threw me out man'. Management no longer has the dignity to fire you face to face they send you and email on that damned blackberry, telling you the gig is up. Anyway, Paul with an MBA in hand, 10 years work experience, with an expensive lifestyle to boot is home playing horse with his daughters. Its cold out here for a ... There are some things that B-School, graduate school can not teach, and one of them is how to deal with a recession. You read and write papers about economic down-turns feeling quite confident about ones knowledge. Ladies and gentlemen, it is different when you are in the thick of things. This is my first first-hand experience with a market crash, it is a sorry sight, gloom and despair is abundant. It is not uncommon to see a debate session in full swing on the parking lot of private equity firms at 2 p.m. Whatever happened to, 'I do not have time to grab lunch' The phones have stopped ringing, hey we might as well enjoy the nice weather. Economic models do not prepare you for the human and psychological side of crashes. Say hello when you see me walking by, if I do not responsd don't get offended, I am not been cocky, I am caught up meditating on Chicken little was right after all, the sky is indeed falling. See the other installement of the BlackBerry Soldier series. The Slaughter.
A World Bank working finds that AK-47 prices are around $500 lower in Africa than elsewhere - around $150 compared to $650. suggests that western governments should buy Africa's AK-47s. This would transfer wealth to the continent and reduce the means of conflict. What is wrong with this policy? Warlord buys AK-47 for cheap, sells to Western Agency, pockets a handsome profit, buys another AK-47, or even two this time. Warlord becomes rich. The position of a warlord looks more attractive, there are more people trying to become warlords. More civil wars. This is one more case of a simple policy gone wrong. There is always a well-known solution to every human problem--neat, plausible, and wrong. , Prejudices: Second Series, 1920US editor (1880 - 1956).
It is a win-win situation, celebrities and rich western folks adopt a baby from Africa, give them a weird a name, they can then call themselves proud parents, thus stable resume, envy of their neighbours, tax breaks, good ole sense of fulfilment also known as giving back to the planet that has giving you so much. For the kids, an opportunity of living well above average in a Western country. Not bad I'd say. My grouse with this is the deceitful, 'save the world' pretext in which this cases are being filed. As a right leaning, pro-capitalist, sympathetic to the gotta-get-mine philosophy. I believe we all should be more upfront with the new wave of outsourcing child birth to poor African women. If a product satisfies greed shouldn't the fair market value be paid for such a product. I have never been a fan of charities. Charity is a feel-good tonic for the rich, meant to counteract the rape which they have caused the poor. More importantly the prevalence of charitable organisations is a sign of the failure of Capitalism. Note: Capitalism is by itself is not a failure but the current implementation of selective capitalism is the failure. Free Trade somebody.
looks to me like a great idea, African technoratiLOL. Now the content generated by Africans will no longer be lost in the vast ocean of the www. I am not a fan of that candy green color though, too trendy. The badge is a bit too chunky, for a claustrophobic individual like moi. I wish one could choose the size and background for the badge. After all said and done its still a great idea and I am rooting for the Afrigator team. The country channel is the best idea I have seen in a long time. Gracefully acknowledging our differences and still managing to bind us together as Africans.
After reading Forbes's on the worlds most corrupt countries, I had mixed feelings upon discovering that home country was #18. Strikes me as an improvement on the past. Top ten was a mix of African countries and it left a sour taste in my mouth. As usual the professional mockers (Aka Associated Press photographers) were at it again with unflattering . This aside, I was a encouraged to see the acknowledgement of home countries anti-corruption efforts. These are good signs. The Western media may be willing to give us an oppourtunity to tidy up our countries image.
Each passing day I increasingly feel optimistic about our future. We are on the verge of a leap. The global market is matured and ready for our coming of age.
What should every Nigerian do?
1. Put an end to 'siddon look', with respect to our attitude on curbing fraud and fraudsters (I refuse to use the three abominable digits on this blog).
2. Network, network, network, this can not be over emphasised. There is very little room for growth for a divided army in this phase of the global economy. There is a demon which torments us, nobody dares to speak about it. The level of trust for a fellow country man.
3. Repeat after me, EXPLOIT CHEAP LABOR, TAKE ADVANTAGE OF HUGE DEMAND (okay we know the demand is a bit depressed at the moment, a little boost can jump-start an unprecedented wind fall for entrepreneurs).
I am not a fan of elaborate economic analysis dotted with pesky details details which inevitable turn the conclusions on its head, at every turn. The way forward is hidden in plain site.
Dudu Notes...
In the Forbes story Nigeria was praised for its anti corruption efforts. Why did the author have to mention that our finance minister was MIT educated, the author had to put MIT next to the only nice thing he had to say about us uhn!
Next post will be on a few lessons worth learning from India.
So much as been said about the American Real Estate Market 48 firms have gone . My opinion is that this sentiment is over-rated, but like most most macro financial set-ups it does not matter whether it is overrated or not. The emotions of the moment, coupled with a drop in confidence run the show. Picture client A with mortgage payment of about $5000 where the joint income (husband and wife) is about $5,500. When asked why they made such a ridiculous choice, their answer was; "We were cajoled into buying this house". Can someone tell me what a store clerk is doing at the Ferrari dealership? Inasmuch as lenders are driven by greed (that's why they are investors), home buyers who have refused to cut their coats according to their cloth carry as much blame as the lenders themselves. Home buyers should stop whining and fork over those huge payments. Got to go Client A is on the phone again.
For all that, “predatory lending” is a woefully inadequate explanation of the sub-prime turmoil. If sub-prime lending consisted only of lenders exploiting borrowers, after all, it would be hard to understand why so many lenders are going bankrupt. ... Focusing on lenders’ greed misses a fundamental part of the sub-prime dynamic: the over ambition and overconfidence of borrowers.
Imagine you have a choice between earning $50,000 a year while other people make $25,000 or earning $100,000 a year while other people get $250,000. Prices of goods and services are the same. Which would you prefer. Informal survey.
Elsewhere in Duduland I just received my copy of magazine (a photography magazine), it is so so cool, 111 pages and less than 10 ads. Why am I blogging About this? Because the content in JPG is all user generated, members post their pictures, the JPG community vote for which pictures should make it into the issue and kapish the magazine is born. The quality of the print is so good and the pictures are magnificent. This is probably the biggest testament for user generated content, I have ever seen. I am so feeling this move. Wouldn't this be a good framework for a Nigerian magazine. I am thinking of starting one culture arts type sha. But its going to be a PDFmagazine though, I do not have time to chase the printers about. If anybody out there starts this before I do, I will be willing to contribute hala at your boy. Here is a to half of issue 7, its a bit chunky 10meg
Earlier this week used the , analyst were up in arms, waving his commentary off, the rants of an old man well past his prime, they said. How dare you Mr Greenspan use such abominable words as recession to describe our strapping economy. An economy so promising one would think, for a moment, that we were reliving the late nineties all over again. Oh well, the first was written off as a glitch in the system, the second dip was a nuance, we would put that on the account of unscrupulous China. There is no point arguing with the Economists who have successfully predicted 10 out of the last 5 recessions. My focus is on the guy on the streets, the broker, the sales person, the account manager and the relationship manager. I am talking about the Blackberry Soldier.
The Blackberry Soldier..
The blackberry wielding, PDA flashing, smart phone flipping, messenger bag carrying individual, he comes complete with a sweet mouth. He has the paraphernalia of the busy and multi-tasking squad. His income depends solely on how many emails he can reply in sixty seconds. He is risk loving, and earns a premium on the risk.
The Slaughter...
Since November of '06, the soldier has been at war with the economy, hanging on for dear life. This week the battle was lost, it was a massacre, there is blood on the streets. Three major investment banks closed shop today, thousands of workers in finance lost their jobs today. The soldier was left with not barrack to retire to. Imagine this, you arrive at work in the morning and there is a notice on the door, all operations are suspended, and you find yourself without a job. Management didn't have the decency to allow the staff to reyrieve clippings of Homer Simpson on the office bulletin board.
The warriors dilemma...
How will the bills get paid? Mortgage, car note, Brooks Brothers credit card, black-berry bill, LOL. I should not be laughing, this are perilous times. Suddenly that aerodynamic Saab becomes a burden rather than a status symbol. Chei... if only he was informed of things to come, shey he would have chilled on the happy hour thing, saved some money. All those burnt bridges, friends abandoned forthe sake of the 'career'. Missed family hook-ups and cook-outs, all for the sake of climbing the corporate ladder.
Capitalism will play the working class over and over, leaving us with the short end of the stick. We shrug it off, and we live to fight another day. My heart goes out to all those who lost their jobs today and throughout the month of February. I leave you with the sound track from Hustle & Flow, It's hard out here for a pimp...
This article is in the so I have decided to paste it here for all to read.
Silicon Valley's Immigration Problem, 03.05.07, 6:00 AM ET If you could choose between starting a high-tech career in India or the U.S., which would you pick? Indian immigrant Rosen Sharma opted for the U.S. in 1993 and has done extraordinarily well here. But if he were just coming out of college these days, he says, he would pick India. The business opportunities are better, he says, and quality of life issues are at least as good: Nice housing? Schools? Safe streets? The chance to feel prosperous on a young engineer's salary? India is holding its own just fine against the U.S., he believes. Sharma's answer is unnerving. A big part of the U.S. tech boom over the past 20 years has come from our ability to pull in the best and the brightest from India, Taiwan and other Asian countries, year after year. We've taken it for granted that these talented immigrants want to come here and that they will help the next generation of American start-ups achieve greatness. But Sharma's perspective demands our attention. In 1993, he says, after graduating with flying colors from the Indian Institute of Technology in Delhi, Sharma headed straight for the U.S. So did most of his classmates. Of the 40 people in Sharma's graduating class at IIT Delhi, he says, all but three came to the U.S. It was a smart move for him and a great deal for the U.S. Sharma earned a Ph.D. from Cornell University and has since started more than a half-dozen companies--building products, generating revenue, rewarding investors and creating jobs. Now he sits on five company boards and runs his own start-up, SolidCore Systems, in Palo Alto, Calif. The U.S. is home to Sharma now. He's applied for U.S. citizenship. He's raising his children here. He wants the U.S. to be an engine of innovation, for U.S. companies to build sought-after products and to generate good returns for workers and shareholders. But Sharma, who is president of the IIT Delhi Alumni Association, says the next generation of Indian engineers are unlikely to feel the way he does: Last year, only 10 of the 45 IIT graduates who went through the same program Sharma did decided to pursue jobs in the U.S., he says. If this represents a trend, it will have significant consequences for the U.S. AnnaLee Saxenian, now dean of the School of Information at the University of California, Berkeley, has devoted years to tracking the impact of immigrant entrepreneurs. Along with researchers at Duke University, she reported in January that foreign-born immigrants helped start one of every four U.S. technology start-ups over the past decade. Together, those companies employed 450,000 people and generated $52 billion in sales in 2005, according to the study. As America staggers toward the next national election, we'll hear plenty of slogans about making the U.S. "more competitive." Candidates will debate tax policies and vow to fix our public schools. Chances are you won't hear them talking about making the U.S. more receptive to ambitious graduates from overseas. But they should. But take another look at my first question: It doesn't just apply to foreign nationals. If you're a bright young person born in the U.S., where should you begin your career? In this country or abroad? "Overseas," asserts Sharma--but this time, for positive reasons. In order for U.S. companies to be competitive, to serve the largest number of customers and build the most suitable products for customers all over the globe, they will need executives who have broad global experience. Students are already sensing this trend: Several months ago, when I spoke to business school students touring Silicon Valley about job prospects, many said they were actively considering international opportunities, too. It sounds like a contradiction--that the U.S. should continue to try to try to woo the best and the brightest from overseas even as homegrown emerging stars seek their fortunes outside our borders. But in a world where competition is truly global, that kind of exchange program makes sense--particularly if those Americans eventually return home and help build stronger companies.
This caught my attention because the topic is close to my dissertation. Mr Wessel's ideas are cutting edge and definitely goes against the grain, he is essentially suggesting, though in a subtle way, that economists in developed countries do not get 'it'. Which from my experience is absolutely true. A high school student from any developing economy can pick holes in the theories put forward by most of the best papers in developmental economics.
We are forced to live through these, day in day out, due to the imbalance of power. The stronger dude is right even when he is glaringly wrong. Academics of African descent ought to forge together in order to bring forth a formidable voice. A voice worth reckoning with. This guys do not know half of the things they claim to know. Developmental economics is unique as it can not be put in any neo-, post-, pre- box. It's case dependent.
When next any of those Ivy league trained boys talk about the causes of under-development in Africa, please ask them my favorite question. Have you ever been to Africa? If they answer NO, please tell them to "hang it". Why is that? Why aren't more poor countries catching up faster? One view, articulated by Ms. Krueger, is that so-called Third World governments and their First World advisers applied sound economic principles incorrectly or without sufficient attention to the reality. Policies to encourage exports and shield embryonic industries from imports until they got rolling sounded good, for instance, but bred corruption, infantilized industries and created politically powerful vested interests that blocked needed change. Another view is that poor countries got bad advice and paid the price, but that today's experts know much more than their predecessors. "We don't have recipes, or a checklist," Mr. Edwards says. But, he says, we do know the ingredients: educating workers, accumulating capital and investing it widely, improving productivity. Even he concedes economists are better at dissecting success stories -- China, for one -- and identifying particular reasons for each one's success than generalizing to advise struggling countries what steps to take to boost living standards for the masses. A third view is that earlier economists focused on the wrong thing. Mr. Johnson, among others, argues that what really matters is having solid political, legal and economic institutions -- courts, central banks, honest bureaucrats, private-property rights -- that allow entrepreneurs to flourish. Imposing what seem to be sound economic policies on corrupt, incompetent or myopic governments is doomed. Building strong institutions is a necessary prerequisite. In this camp, there is a running side argument about which comes first: the institutions or the educated people who create them. Was the Constitution key to U.S. success, or was it Jefferson, Madison and Hamilton? Technological advances and the spread of markets likely will boost the overall income of the world significantly over the next 25 to 50 years. "But," Mr. Johnson warns, "at least half the world's population will likely not participate fully" -- unless his crowd finds better ways to spread prosperity along with better health to poor countries.
I saw these f report on elendureports.com, the investigative journalism guys, I tend to take the reports from agencies like this with a pinch of salt, at the same time there is no smoke without fire. This reports shows how the current Central Bank president lives like an emperor. The part that caught my eye;
As a matter of fact, the Governor of the Central Bank of Nigeria goes to work in a larger convoy than the Vice President of Nigeria, according to out investigations. In the CBN Governor’s convoy are at least three Sport Utility Vehicles (SUV’s) commonly referred to as Jeeps in Nigeria. There are also motorcycle outriders, a bullion van and other vehicles.
What? Bullion van, did this dude see the four walls of a college at all? What kind of satisfaction does a human being derive from being escorted by a bullion van. See me see trouble o, wonders shall never end, and he is supposed to be one of the few enlightened ones o.
