Four Sri Lankans on global economics blog

September 20, 2013 at 5:29 pm
Sep 19, 2013 (LBO) – Future Development: Economics to End Poverty, a blog to create a discussion on global development issues has been launched, led by World Bank economist Shanta Devaranjan in which four Sri Lankans are included.
            Saman Kelegama, head of Sri Lanka’s Institute of Policy Studies; Harsha De Silva, an economist and legislator, Harsha Aturapane, Senior Economist, World Bank and Paikiasothy Saravanamuttu, head of Center for Policy Alternatives are among the bloggers. Academics from top universities, policy researchers and advisors to governments and national leaders are among the bloggers.

Some in the list also specialize in ‘development economics’.

Development economics, which shot to prominence after the Second World War has however attracted criticism for legitimizing the heavy interventionism practised by an elected ruling class and bureaucrats against their citizens through the coercive power of the state.

Heavy taxation and unsound money, had denied citizens of ‘developing’ countries basic foundations and economic freedoms that would have kept them from being dragged deep into poverty and allowed them to prosper and blossom in freedom and happiness some critics say.

The liberty of having sound money was robbed and capital was destroyed inflation and currency depreciation both to finance ruler income redistribution desires and for ‘export promotion’.

Other interventionist tools included income redistribution partly done with import duties that hurt the poor the most and directed credit that deny citizens access to funds to meet aspirations that did not match the whims of an elected ruling class with a limited imagination.

Basic tools of mobility that helped improve living standards and productivity in ‘developed countries’ such as cars and even motor cycles have been denied through heavy taxation by those schooled in ‘development economics’.

Extreme forms on development economics include the dehumanization of citizens and non-citizens through economic nationalism and autarky.

The origins of development economics is considered to be Mercantilism.