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Nigerians, Are We Getting It Right? “economics” Or “eco-nonsense”? by Boyeseth(m): 8:21pm On May 25, 2016 |
Introduction Is it not appalling to be asking the meaning of economics from the society of elites? As we have already known from the acceptable definition of economics, in the event of time, like Nigeria, it requires another conceptual understanding of the concept, particularly polish the Robins definition. Without missing words, the caption of this article suggests that we first understand the basic concepts. What is Economics? And what is Eco- nonsense? Has Economics changed to Eco- nonsense in the political institutions? How will the Obasuyi Econoremedy Model play an important role in Nigerian economic development? Firstly, Economics helps to understand human activities and provide rational conclusions to solve economic downturn in scarce and abundant resource environment of a given economy. On the other hand, Eco-nonsense is an activity put in place by an institution (Political class, Rich class or Capitalist class) to harm the economic life of the people in order to increase the wealth of the rich and deplete the wealth of the poor such that the poor is left with nothing. Let us peruse the Inverse U-Shaped Kuznet Curve on economic growth and income inequality. It explains that inequality of a given economy should be allowed to rise until it gets to the pick and later falls (Kuznets, 1955 ). Since the advent of oil boom, a small portion enjoys the proceeds of the oil. Income inequality remains over several years waiting for the inverse U-Shaped Kuznet Curve prediction to come true. But for how long should the inequality rises before it begins to fall? The Nigeria experience, a developing economy, shows that the rich class disallows the U-Shaped Curve to take its cause over the years (Stewart & Samman, 2014 ). No wonder that the geography of poverty is in Africa especially Nigeria the largest economy of the region with 61% poverty rate ( Hulme, 2014).This article proposes to unravel the condition of Nigerians, what is left for them and what Nigerians should do to avert the evils of Eco-nonsense policies. Reality: Nigeria Economy versus Household Though I am struggling to be an economist, but I wonder why economic policies of Africa, which I named as “Eco-nonsense” have no human face. I wonder that our economic behavior is always dependent. As such, I wonder why two most influential variables (Oil subsidy removal and deregulation) were implemented simultaneously in a depleted economy. Nothing remains for the people in Nigeria again. My concern is, since IMF had been deregulating our currency, has it yielded meaningful development to Nigeria or Africa where such policy was implemented? What does the poor derive from deregulation in return? I begin to ask: What actually are we benefiting from the tax we are paying to the political class, the so called government or another way, the rich class? No regular electricity supply (in some places, none). Roads are dead trapped. People provided their own water by digging a borehole (no power to pump the water). The price of fuel goes up to #145.00 from #87.00, thereby no longer affordable for the poor nor for the average Nigerians (To researchers in development, there is work for you on Fuel Poverty in Nigeria). Since the past six months ago, no salary as a government worker. No other job to supplement the income. Internet services are on the high side price and most times not available. No good physical environment provided to think off our troubles. The market economy has collapsed. The financial market is deadly. Unemployment rate is high among the youths and so on. Currently, the National Assembly (NA) is using all its might to attack Lecturers of the tertiary institutions in Nigeria proposing in a bill that they should be put to jail on a trivial matter of what I called “Matter of Consent”. Sex or hunger to death, what order of ranking in a scale of preference? Is the order Economics or Eco- nonsense? (Read: http://educhats.com.ng/re- nigerian-senate-moves-to-criminalize-lecturers- students-sexual-relations-plans-5-year-jail- term/ ). Sad, the NA refused to come up with a sound model(s) that would provide food for the people of their constituency that are dying of hunger. Why is it that African leaders are still sleeping in governance? Why are they always playing the role of spectator in the world economic movement? Why is it elusive to make provision for model that would provide good life for the poor people? Why do they find it difficult to develop their own suitable model for development? Why is it that we quickly subject ourselves to the West in dictating how we should live our lives? Can’t we imitate the Asians that are developing their own models of living, the emulation theory of Reinert? Or are we still living in what I named as “Modern slavery or Modern Colonization?” These questions are paradoxes to human perception about Africa Governments, particularly Nigeria. Currently, in Nigeria, the academicians (the “ojogbons” – Professors) have no place in governance. The research institutes are having no recognition. My worry is: Can we rule out Research and Development (R&), one of the models of the developed economies, in our dear country? To be precise, any country without R& can never be developed. Any government or country that neglects the learned can never get it right. Why? It is because they have the tool to get systematic and scientific discovery and arrive at suitable conclusions in a well-researched phenomenon. They have the rules of innovation and creativity. It was noted that US used to recover its economic problems at a point in time with R& (Reinert, 2008). US had been listening to the voices of Harvard University Dons to formulate policies carry out her economic activities. After US independence in 1776, the philosophical thought of Adam Smith, the learned, was used to recuperate her market economy from the evils of the British Colonization ( Reinert, 2008). Thereafter, they developed their own model of two edged sword, one reserved to promote her economic activities while the other side of the sword was prohibition against competitiveness. US does spend billions of dollars annually to support private companies despite Washington Consensus of free enterprise economy and globalization agreement ( Reinert, 2008). At this point, Nigeria government is missing the point of development. Rather they are enjoying misplacement of priority. Since the poor households have little power to harness their pains to the ruling class (the rich class), let us wait and see whether the subsidy removal policy would save people from hunger. Currently, government implementing these policies should never forget that 70% of Nigeria workers in the public sector have not received salary for minimum of 5 months now. The consequence of the removal is that the price of basket of goods (and services) would multilaterally go up resulting to an increase in 12% inflation rate of March 2016. No salary, how will a household cope with the rising prices of goods and services? It’s a cruel behaviour of the time, we guess. Again, let us wait and see whether the deregulation evils of IMF .would turn to opportunity to Nigerians this time. Let us wait and see whether the implemented currency deregulation policy of May 2016 would bring the Nigeria poverty rate down from 61% to appreciable rate at the end of this current administration without constructing our own model for development. (Malaysia poverty rate is 0.6%). (We shall publish a comparative analysis of poverty and its dimensions in our next article). 1 Like |
Re: Nigerians, Are We Getting It Right? “economics” Or “eco-nonsense”? by Boyeseth(m): 8:24pm On May 25, 2016 |
CONTINUATION Nigerians, what should YOU Do? In concluding this ruminating exercise, the poor are seriously at the mercy of the political class. The Functionality Theory would break-off leaving Conflict Theory of Karl Marx to regulate the economy. First, conflict theory does not explain preparation for war. No, not even carrying gun and be killing ourselves is sufficient. That is where the true Economics comes in. Now, why should we apply conflict theory? We are seeing that the gap between the rich and the poor would be widened with the subsidy removal and the deregulation of Nigeria currency. The life of the poor would become wretched the more. This is because nothing is left for them again by the rich or political class. Even the so called averaged people would be vulnerable to fall back to poverty very soon. We equally observe that the country is toiling with security problem in the future because of the teaming unemployed youths where over 70% of parents working at the public offices receive no salary for six months and without three times meal to keep the soul (I am not talking of balanced diet but unbalanced. Just to eat. We are used to that). How are we sure that our society would not become a dead-trap of criminals because of no salary, no food, wages constant, fuel price increased with an increased aggression? In so doing, as a matter of fact and in the interim, it would be appropriate for Nigerians to look critically the below Obasuyi Econoremedy Model. Econoremedy Model. This is a model which explains how the poor and the averaged Nigerians could suppress the harshness of economic policies of May 2016 Subsidy removal and IMF Currency Deregulation implemented in Nigeria. This will help the poor keep pace with good life suggested by ( Sen, 1999) and by tackling the multidimensional poverty symptoms developed by United Nations Development Programme (UNDP). The Obasuyi Econoremedy Model assumes that at a point where economy offers no benefit to the poor, the poor and the averaged people themselves should prioritize or rank their living activities to keep pace with good living and put the living cost at minimal level. In so doing, the worries of the poor would be minimized and keep living for a good life. Facing the reality, adopting the Econoremedy Model would allow keeping ‘peace of mind’ for oneself and keeping peace with members of the society. It will allow for critical thinking of minimizing lifestyle so as to eat food three or two times daily- though may be unbalanced sometimes because of the economic harshness. To conserve and protect good health, mobility is a necessity of life. The people with mobility are faster to participate fully in the market economy and reduce the stress of walking thereby protecting them from over-walk stress of the road. However, we beg your pardon if the Econoremedy Model will be offensive to you. Nevertheless, we won’t keep shut to suggest that, as warming economist, the poor and average people should begin to order their priorities in all their facets of life, in this era of misplacement of priorities of the government. Practically, the Econoremedy Model assumes that in a society where two strong variables – subsidy removal and currency deregulation – are simultaneously implemented, without consideration for the living standard of the poor, the poor and averaged people themselves should begin to purchase new bicycle and motorcycle as means of transport if one wants to live a life of satisfaction in this episode of PMB Economic Recovery. Truly, it can’t be an easy life to cope with those economic episodes of PMB. Even the writer of this article is not an exemption, so to say. As a matter of fact, buy yours before the price of these products (Bicycle and Motorcycle) goes up beyond your financial capacity and capability. The bicycle would enhance your good health like in those days when you were riding it. The motorcycle would enhance your movement in a relative distance and to enjoy your social interactions with associates in a relative gathering place to your home destination. It is fuel efficient. If you have big cars and you cannot maintain it because of fuel subsidy removal, don’t be ashamed to export and sell it to neighbouring countries where fuel price is friendly. Use the sellable amount of the old car to buy a small car that can move you and your family around. Rank your movement around the city and outside the city. I mean, prioritize or order the places where you should go daily. Choose event you should attend at a particular time to minimize the cost of transportation or fueling. Make use of Social networks that provides free services so that you maintain your social connections and consciousness at optimum level. These social networks would help to minimize the cost of moving around. Secondly, don’t be too big or shy to go back to the fertile land that you left several years ago to begin with subsistence farming (farming that will provide agricultural outputs such as yam, maize, cassava, varieties of vegetables, okra, wheat, plantain and so on, for your family consumption). The suggestion of this Econoremedy model of eating lifestyle would rescue the household from been vulnerable to extreme hunger. It will enhance the family feeding behavior before one escape this sinful and hopeless world. Though this model is bond to have criticism from the religious perspective, especially where acquisition of wealth is the brain-box of sermon, the reality of the social environment explains that mobility and food is the strong anchor for human development. That is, you eat food to get strength and later proceed to search or walk about to get additional food for the next meal. The food may be at distant place. Hence, mobility (Bicycle and Motorcycle) would come to rescue one from the stress of walking long distance thereby protect the person from been vulnerable to health hazards. However, if one religious affiliation rebuke this practical model for living, in abeyance for elusive acquisition of wealth where there is no job, no salary syndrome, and deliberately act otherwise, the proposition of this model is that in a shot distant time, the same government (the rich or political class) that inflicted hard economic life on the people will equally arrest, prosecute and put to jail or sentence to death the violators of societal rules. So, it is better to adopt a simple model of Obasuyi Econoremedy provided in this article. It will enable the poor life expectancy improve from 51 to a life of 70 or 80 as the Creator promises. |
Re: Nigerians, Are We Getting It Right? “economics” Or “eco-nonsense”? by plaetton: 8:29pm On May 25, 2016 |
Good stuff. Unfortunately,Nigerians don't read articles that are this long. |
Re: Nigerians, Are We Getting It Right? “economics” Or “eco-nonsense”? by Boyeseth(m): 8:31pm On May 25, 2016 |
BY NIGERIANS, ARE WE GETTING IT RIGHT? “ECONOMICS” OR “ECO-NONSENSE”? ‘OBASUYI ECONOREMEDY MODEL’ – THE SUBSTITUTE Folorunso Obayemi Temitope, Obasuyi Department of Economics, College of Education, Ikere Ekiti. |
Re: Nigerians, Are We Getting It Right? “economics” Or “eco-nonsense”? by Nobody: 11:15pm On May 25, 2016 |
Thanks to my main Man Plaetton, I actually enjoyed this stuff very much. Even kept a copy for myself. 1 Like |
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