For the next few articles, beginning with this one, I want to see if I can write a series of fictional short stories that illustrate different views of economic development. This is Part I.
All in Policy
For the next few articles, beginning with this one, I want to see if I can write a series of fictional short stories that illustrate different views of economic development. This is Part I.
Does it really matter if Malaysia — or any developing country — hits some arbitrary threshold of “high-income”? Or is it more important that we maintain steady, sustainable economic growth and economic development?
It is just that, for a middle power such as Malaysia, we may get far more bang for our buck by focusing on how well we diffuse technology broadly, as opposed to how well we invent the next big thing
Tthe countries that can address the political economy of business in Southeast Asia — historically a family affair — will be best placed to capitalise on the investment story of Southeast Asia
But the broader point is that we need more Malaysian companies whose moat goes beyond “cost advantage”
in reality, Malaysia’s main problem is not so much that costs are getting higher — this is true everywhere. Our main problem is that incomes are not rising as quickly and this is where the bulk of our attention should be
And so, here is a list of eight (completely arbitrary number) “indie” public goods that we think would make Malaysia — or in some cases, at least our immediate neighbourhoods — a better place to live for all.
As such, as the government prepares for the final round of rationalising RON95 subsidies, it would do well to make “good enough” policy decisions — which is how life and evolution work anyway — rather than technically perfect policy decisions
We must understand that trying new things means that some will fail, and that what is important is that we must fail in a way that allows us to move forward.
Taking the position as chair of Asean in 2025 requires some prioritisation of what is a national issue versus what is a regional or even global issue. Climate, electrification, food, regional geopolitical security, may be some of these issues, but what else?
Therefore, it isn’t that less bureaucracy is a good thing; we just need a high-performing bureaucracy. We really need to quit sabotaging our organisations, public and private.
That said, as mentioned, cash transfers to compensate for subsidy rationalisation address symptoms, not causes. The key challenge we need to tackle remains a cost-effective, reliable and well-connected inter- and intra-city public transport system.