gvA Update

For the nation to be first, the people must be first. The most important resource of any nation is its people. When everybody recognizes this, they are thinking of the Nation first. Investment in people is therefore the most important investment any nation needs to undertake. The land and all its resources like crude oil, minerals and crops, or capital like machines and infrastructure can never be more important than the people and their human capital that must process the material resources needed for economic growth and development. So it is easy to see that the more we develop our human capital, the better we will be in speeding the rate of producing the goods and services needed for a higher level of living. It is human capital that you need to develop the other factors of production such as land and capital. When the factors of production are rising in quantity we are said to have economic growth. Typically, people just consider the rise in real output as economic growth. However, a rise in real output or real gdp is unlikely to come without increases in technology and the factors of production. So folks, when we say Nigeria First I hope we mean putting Nigerians First and targeting their overall well being. Therefore in politics and governance we need to choose the people that know how to and want to efficiently and effectively allocate our scarce resources to sustainably raise the level of living. Last time, we discussed how economists are more and more spending time looking at how to influence behavior in order to achieve better results for society. University of a Chicago professor, Richard Thaler in his nudge economics has just won the Nobel prize in economics by showing how humans can be subtly guided toward beneficial behaviors without significant compulsion. So let us try to see if we can nudge our leaders, potential leaders and all our citizens to put Nigeria First by valuing the people more. It would be a good thing. I am Magnus Kpakol and that's my view.

 

Posted: Oct 31st, 2017 @ 03:38:53 AM