Dear seminar participants, Dennis Palmini in his contribution noted the vast forces promoting globalisation and economic expansion. Our ability to change mind sets and have an effective impact on policy rest on our ability to gain an accurate notion of the problem and an effective change strategy.
Economic growth is an accountants figure.
When correctly used, a knowledge of economic growth statistics enables economists, business people and politicians to understand some aspects of the economy's behaviour in the same way that car drivers use the speedo or the tachometer. We could yell 'slow down'. Or, we could say go in a better direction, allowing the driver to choose the right speed to get the car to the prefered destination most effectively. We are in a similar situation with the economy. Our avalanche is unemployment, poverty, unmet human needs.