The choice of what economic activities to pursue – and therefore, what things to export – is the domain of Industrial Policy.
We can either create a thriving Malaysia for our descendants 110 years from now, or we can let them go the way of Dawson City after the end of the Klondike Gold Rush.
Approaches to tackling inequality need to take into account the larger picture of national development. We cannot miss the forest for the trees.
After 61 years of institutional, cultural, economic, societal and political path dependence, surely there was going to be a J-curve for the new government.
What if the outcome most preferred by the median voter is a poor outcome? Say, Brexit.
If this policy really does take place, it will, in my view, be one of the most consequential reforms to the Malaysian education system in Malaysian history.
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.
We are not magnificent and the more we recognise that – in our personal lives, in our economy, in business, and, perhaps most of all, in politics, the better our societies can be.
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.
If the people of a nation aren’t known for their competitiveness, how competitive can that nation really be?