All in Economics
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.
But as the ESG movement grows, and as calls for transition become ever louder, we need to be clear about what is most appropriate for Malaysia and not simply follow a view or an ideology that was crafted and propagated by folks in richer, more advanced nations.
The release of the dinosaurs into the world is very much akin to the massive monetary expansion from quantitative easing in developed countries, particularly the US, the eurozone nations and Japan, since the global financial crisis.
We need to be comprehensive of the mountains of potential data that we have lying all around us. Researchers have used tomb epitaphs, folklore stories and naming conventions from the past — can we challenge ourselves to be as creative and, more so, to digitise our data accordingly?
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?
Historical discrimination can have serious contemporary consequences via arcane laws or outdated organisations. We need to be more critical of institutions, however “fair” they may purport to be.
The academic field of political economy has made a resurgence and is at the forefront of cutting-edge social science research. A major part of this resurgence is due to the recently departed Alberto Alesina.
Approaches to tackling inequality need to take into account the larger picture of national development. We cannot miss the forest for the trees.
The history of our universe and of our Earth is also a history of having avoided extreme scenarios. For life to have developed on Earth, we needed the so-called ‘Goldilocks’ conditions – not too hot, but not too cold, just right.
Once something is ‘conventional wisdom’ or a ‘norm,’ and if that something manages to persist over time, it can be extremely difficult to break from that norm. It is why change is so difficult.
There is no magic silver bullet that will solve inequality of income or opportunity. Instead, we should be prepared to invest in a holistic way to address inequality in society.