gvA Update

To bring the Nigeria we want. The problem we have in Nigeria today is that the people are unnecessarily poor. How could we be so poor, with the vast amounts of natural and human resources at our disposal? If you go to our universities today you will find economics professors not incorrectly telling their students that the four factors of production are land, Labor, capital and entrepreneurship. Land they will say involves all natural resources, labor involves human resources, capital would be our tools or man-made resources and entrepreneurship would be the ability to bring the other factors together for production. So is that it? Where is politics in all of this? This why I like to talk of the political economy of a nation. We need a smooth combination of economics and politics for any nation to succeed. It is in this that we can come up with policies and strategies to be globally competitive in producing goods and services. It also means that we will be able to design our economic, political and administrative structures to optimally produce the policies we want. So, what do people want? They an environment that promotes innovations. And to kick start it, they want the freedom to exercise their property rights. With properly rights protected a society will be able to produce larger quantities of goods and services that they can sell locally and internationally. And this is why people are talking about restructuring. Folks the structure matters. What sector of the economy should we promote more? How do we ensure that there is equal opportunity for all and that the rule of law assures equity and fairness in the distribution of income and wealth. You must have the right structures in your political economy if the processes are to be made optimal for the production of goods and services. The Nigeria we want will have structures and processes that can make the nation more globally competitive. I am Magnus Kpakol and that's my view.

 

Posted: Nov 7th, 2018 @ 08:46:46 AM