Thursday, November 6, 2008

The another big flop

There is Commission on Growth and Development. This commission has published a report on ‘Growth and Development’ according to the economist William Easterly who is professor of economics, New York University, said that this report represents the final collapse of the “development expert” paradigm that has governed the west’s approach to poor countries since the Second World War”.

Quite convincingly he quoted this that “There are some general principles and they do not require experts. Another Nobel laureate gave the crucial insight a long time ago – the answer is freedom for multitudinous individuals to figure out their own answers. Friedrich Hayek said: “Liberty is essential to leave room for the unforeseeable and unpredictable; we want it because we have learned to expect from it the opportunity of realising many of our aims. It is because every individual knows so little and ... because we rarely know which of us knows best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it.”

Now, to tackle the present financial crisis the UN has also appointed a Task Force under “Dr Joseph Stiglitz, Nobel Laureate in Economics, to make recommendations on the structural reforms of international financial institutions, and to identify longer-term measures that go beyond protection of banks, stabilisation of credit markets and reassurances for big investors.

What kind of collapse he is going to produce….?

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