The reality of economic development is that, however we feel about them, elites exist and the elite bargain does matter. And an elite bargain that accelerates economic growth may not necessarily be the same bargain that maintains that growth.
All in Economic Growth
The reality of economic development is that, however we feel about them, elites exist and the elite bargain does matter. And an elite bargain that accelerates economic growth may not necessarily be the same bargain that maintains that growth.
It is not enough for policymakers to announce important ambitions and policy promises, we need all of Malaysia’s collective brain — our institutions, our cultural norms — to want to change as well. And that can be difficult.
Technology need not be predestined, and technology policy is something policymakers can influence. Governments can and should shape the kinds of digital technology they believe their countries can adopt and deploy.
When it comes to competition, if Malaysia’s largest firms primarily compete among themselves for an “island-type” market size, how productive can they actually be?
Questioning the wisdom and the authority of the past is how progress progresses. We will not achieve a true merdeka of self-determination for our country if we, at the societal level, do not ourselves possess a merdeka of our spirits.
Our National Recovery Plan must chart a path towards a more sustainable and inclusive prosperity. We must be ambitious, bold and imaginative. But most of all, we have to be patient.
Economic development will have occasional failures as by-products of its progress. The optimal “experimental failure” level in a country is non-zero.
Trust grants a sense of security in society that those being governed will be taken care of by those who govern. It builds a foundation for society to build on…
Without attempting something bold, our every social, political or economic possibility will always be “20 years away” or some faraway vision for us to achieve.
Ultimately, while we must certainly care about infrastructure and the economy, it is real lives and real people that form the centre of our preparations towards more frequent tail events.
The implementation of vaccine distribution will make or break our vaccination strategy and will have important consequences for our more macroeconomic outcomes such as GDP growth and employment rates.
The underlying reason behind Malaysia’s vulnerability to a halt in production — via measures such as the Movement Control Order — is because large chunks of its jobs do not lend themselves to the possibility of working from home.