Originally posted by TK_REDUX:
Originally posted by Demerara_Guy:
Originally posted by Bookman:
But I don't think it's fair to label Sase and Tarron as "cake-shop economists."
Though, from all publications, Tarron Khemraj's focus is on theory and research without practical transferable works.
Wow! GNI Plato is still not using theory. You do engineering scenarios without theory?
Don't mek meh hand fall because we might ask you to build the small/medium scale hydro when AFC gets into power. Well when I worked at BOG we used a theory called financial programming to come up with weekly reserve forecasts for the governor so they know how to manage money in Guy. Theory is practice and practice is theory. The insecure hustlers tend to want to shy away from this fact.
Correct, theory and theoretical outputs for the base line for applications. Where does anyone start, pull it out of thin air? You take the theoretical output, twist the possibilitites based of various scenarios, assess and develop an implementation based on specific desired outcomes, tuning as you go along based on reality.
D_G, et al, wasn't E=MC2 the theory behind nuke power? Isn't theoretical molecular science the base for disease treatment and cure? Isn't theoretcical physics and theroetical mathematics the base of mechanical engineering?
Now economics is not an exact science however, theoretics are very relevant, whether it be kynesian, supply side, demand side, trickle down, all have theoretcial assumptions which are tested and operationalize.
TKs and Sase's understanding of the theoretics, understanding and control of the numbers and it's implications are critical criteria to developing a viable and sustainable economic plan. Couple this with a pragmatic implementation plan, with effective measurement and feedback indicators, linking micro and macro factors and with flexibility to tune and modify as events permit are the key success factors. The overarching assumption here is good governance and the rule of law.
Personally, I don't believe there is a big shortage of theorecticians in the PPP however, execution within the context of corruption, nepotism, cronyism and lack of governance are major factors compromising optimimal implementation and maximum benefit, so Guyana remains # 2 from the bottom behind Haiti.