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On any given day the economic discourse in this country revolves around idiotic shibboleths, which include:
1/ Interest rates have no bearing on inflation
2/ Pakistani govt can print money ad infinitum for real growth
3/ Protective tariffs will result in rapid industrialisation
1/ Interest rates have no bearing on inflation
2/ Pakistani govt can print money ad infinitum for real growth
3/ Protective tariffs will result in rapid industrialisation
It’s spouted with moronic certitude & the assertion that long established ideas of monetary policy & trade economics are not applicable to Pakistan. The coup de grâce for these geniuses is usually to close the discussion with “its not Econ 101” as if they’re masters of Econ 999
It would all be quite droll were it not for the fact that some of these self appointed experts might actually have some influence in policy making of a poor country that has already worked on the basis of aforementioned fallacies and the wretched masses suffer its consequences
Many of such geniuses regularly appear on the idiot box to rile up the people against SBP, IMF, or anyone else who might suggest difficult but necessary reforms that have to be undertaken if the people of this country are to have any hope of sustained betterment.
While undermining sound economic principles the same group of Nobel aspirants talk about some obtuse mumbo jumbo of ‘Meesaq e Maeshat’. Maybe give economic fundamentals Arabic pseudo religious nomenclature makes it more palatable for this lot to reconcile contradictory ideas
