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.
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.
In any case, the Covid-19 pandemic has shone a light on many of our society’s strengths and, if we are to be honest with ourselves, society’s weaknesses as well.
A CRISIS OF SUCH MAGNITUDE IS BOUND TO HAVE SOME DEEP-LASTING CONSEQUENCES TO SOCIETAL BEHAVIOUR. THIS IMPACTS OUR CULTURES AND NORMS, WHICH THEN IMPACTS THE WAY OUR COLLECTIVE BRAIN FUNCTIONS.
“YOU CAN’T EVER WIN BUT THE FIGHT IS WORTH FIGHTING.” SIMILARLY, THE STRUGGLE FOR A MALAYSIA THAT WE CAN BE PROUD OF IS A NEVER-ENDING ONE. OVERCOME ONE CHALLENGE AND THERE WILL BE ANOTHER HILL AHEAD.
THE TWO MAIN PROBLEMS WITH “STAKEHOLDER CAPITALISM” IS ITS PLACEMENT OF THE COMPANY AS “TRUSTEES OF SOCIETY” AND “THE BEST RESPONSE” TO TODAY’S MULTI-FACETED CHALLENGES. GENEROSITY IS NOT JUSTICE.
AUTOMATION THAT DISRUPTS EMPLOYMENT WITHOUT A CORRESPONDING BOOST IN PRODUCTIVITY ARE LABELED AS ‘SO-SO’ TECHNOLOGIES. AS WE CONSIDER WHAT FORMS OF TECHNOLOGY WE WANT TO SUPPORT AND PUSH FOR, WE NEED TO BE MORE NUANCED.
All this is important as we embark on the new wave of economic policymaking. Either go big or stay home.
Culture clearly matters and, unfortunately, culture is something that is super difficult to change overnight, especially a culture of tradition.
Are we prepared to handle the inevitable social fallout from greater automation, as well as the difficult decisions arising from creative destruction?
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.