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Bawumia, Tony Aidoo debate merits of using theory to draft economic policy
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- Parent Category: Our Country
- Category: Elections & Governance
- Created on Friday, 21 September 2012 10:03
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Bawumia, Tony Aidoo debate merits of using theory to draft economic policy
NPP Vice Presidential candidate Mahamudu Bawumia has defended the practice of allowing economic theories to inform policy and expressed doubts that anyone could successfully manage an economy without some theoretical grounding.
Bawumia responded to attacks against his reliance on theory by saying that professionals should accept the conventional knowledge in their fields.
He said that if a doctor graduates medical school and vows not to apply the things he learned there to his practice, then people will not take him seriously once his patients begin to die. He drew an analogy between such a doctor and the present administration, accusing them of rejecting economic theory while presiding over an economy that he characterized as faltering.
Dr. Tony Aidoo, representing the NDC position, responded that the application of theoretical knowledge is usually more fruitful in physical sciences like medicine, but that in the social sciences, differences in context can make theories a lot harder to apply.Bawumia agreed, but added that even in economics, certain laws are essentially set in stone, a point he emphasized by saying “you cannot make water flow upwards.”
Dr. Aidoo was not convinced, and retorted that economic models cannot be successfully applied unless the conditions under which the theory was devised are replicated.
Bawumia responded by reiterating that certain economic laws are fundamental. He also pointed to his own experience authoring a textbook on economic practice and helping to establish the Bank of Ghana’s Monetary Policy Committee, which he said combines theory and practice effectively, to suggest that he brings to the table a thorough mix of practice and theory.
He concluded his contributions to the debate with a barb against the current administration, saying that if someone in charge of the economy does not recognize the value of textbooks, they should scrap their research department.
Dr. Aidoo closed by cautioning people to bear in mind that theoretical knowledge provides nothing more than the paradigm within which we understand the real world dynamics on the ground.
From:Adam Reese Ghana/Myjoyonline.com
