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.
If successful innovation in nature comes from repurposing existing things to new functions, then we need to have as many “existing things” as possible.
Historical discrimination can have serious contemporary consequences via arcane laws or outdated organisations.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.
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?