Chasm between theory and practice
Friday, 20 July 2007
IT is said when two economists meet and discuss some topical issues that concern their profession, they have three opinions. It is understandable. Economics is a social science and, thus, being not a natural science, cannot correlate cause and effect. Our mundane world is complex and here facts are indeed stranger than fiction. Hence studying economics and having a doctorate degree in the subject do not necessarily mean that we can rely upon such professionals to have the right answer to the problems that beset us in our everyday life as far as they relate to 'economic' matters.
Thus, we have heard one of the key functionaries involved in economic policy-making saying that they had also done some study of economics. But the people will judge the performance of such functionaries, belonging to the same profession, on the basis of what their policy-prescriptions mean in real actions or how the same contribute to making things better for the people. On this score, we are not much encouraged by the policies that are being formulated by some of them, holding important positions at the policy-making level.
'Theoretical' economists do tend to ignore the complexities of the real-life economic situation. And when they, being at the policy-making levels do so, they further mess up things. Meanwhile, acceptance of too much of exogenous prescriptions without caring to grasp the ground-level realities that vary from country to country in many distinctive ways lead to compounding the problems, instead of solving the same. Economists should better appreciate the fact that 'one-size-fits-all' formula or policy prescription does not work in the real life.
Raisuddin
Azimpur, Dhaka
Thus, we have heard one of the key functionaries involved in economic policy-making saying that they had also done some study of economics. But the people will judge the performance of such functionaries, belonging to the same profession, on the basis of what their policy-prescriptions mean in real actions or how the same contribute to making things better for the people. On this score, we are not much encouraged by the policies that are being formulated by some of them, holding important positions at the policy-making level.
'Theoretical' economists do tend to ignore the complexities of the real-life economic situation. And when they, being at the policy-making levels do so, they further mess up things. Meanwhile, acceptance of too much of exogenous prescriptions without caring to grasp the ground-level realities that vary from country to country in many distinctive ways lead to compounding the problems, instead of solving the same. Economists should better appreciate the fact that 'one-size-fits-all' formula or policy prescription does not work in the real life.
Raisuddin
Azimpur, Dhaka