Showing posts from January, 2015

Economics is more difficult than "Rocket Science!"

Here everybody is an economist!

Everyone carries their shopping list of what needs to be done. I often get long lectures from opinionated people who obviously use the same ideas at dinner parties and official meetings (why are they called to official meetings and allowed to hold forth?).In a loud voice and with full conviction they argue “it is not rocket science!” All we need is “Get the basics right!” As if these are arguments. But no matter the audience (especially arrogant officialdom) buys their line.

My question “what are the basics?”is often drowned out! We all know what the basics are without actually talking about it. This is how economics is done in Pakistan.
After much effort, I find out what the basics are in the minds of these philosophers. I learn that their basis are mere wishes for in increase in revenues, exports and growth.
Makes it easy! Does it not!
We wish all the good things and call it economics.
For sixty years Plan after Plan as wished for these good things, increa…