To move from a linear to a parabolic (or exponential) economic growth, one thing MUST happen in every nation. Today, Nigeria is not even making any effort on that – and that means, you cannot expect a huge economic growth in the nation. That thing is catalytic and until it is done, nothing will change. Check the marks (see plot) and read the national histories of the nations; the marked inflection points in the USA and China happened because the “one thing” came to pass.
Prof Robbins defines economics as a social science which studies human behaviour as a relationship between ends and scarce means which has alternative uses [check every chapter 1 of WAEC recommended economics textbook, that is the safe definition to memorize!]. He is right but when you move into development, you will notice that economics has one core element of “certainty” that no country can ramp up development without doing that “one thing”. So, it goes beyond social science because that “one thing” brings the certainty of natural philosophy in economic development.
I have studied many countries on how developments come (I won a Book of the Year award chronicling it: “IGI Global Announces Winner of 2010 Excellence in Technology Research ‘Book of the Year’ Award”) and I can write that Nigeria’s development paradigm has not started. Yes, we are way off because that “one thing” is inexistent.
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I am also using this to announce a new work coming out in Harvard Business Review which looks at industrialization, development and urbanization in sub-Saharan Africa. You are going to like it; expect it in August.
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