Last Tuesday the DEVE511 class was treated to a whole bevy of economics by Dr. Geoff Bertram. During the course of the lecture, Dr. Bertram was telling about the terms that should have already been familiar to me having taken 18 credit units in economics back in undergraduate (18 credit units = 6 papers).
But lo and behold, even the simplest terms like supply and demand gave me a hard time during the lecture. And when the causal models of aid and development were thrown in to the picture, I actually told myself: why is economics fucking mathematics right now? Add to the picture a not-so-logical presentation of the concepts of convergence and divergence, and you get a whopping headache. Good thing towards the end of the lecture, Dr. Bertram pointed out the real mathematics behind these concepts. I completely forgot the economic concept of “in ceteris paribus” or other things held constant. Then the lecture started to make sense.
And then, Dr. Bertram started to kick in once again Rostow’s five (5) stages of economic growth, which he likes to call “A Non-Communist Manifesto” (oh puhleeze). There Dr. Bertram’s economic concepts really started making sense. But then I ask why Rostow insist that all countries will attain a steady state of progressive economics? How will this five stages of growth postulated by Rostow account for the several depressions and financial crises that hounded the world?
Here I go back to the principle of neoliberalism being a cover-up to the bankruptcy of capitalism. I stand my ground that the State should intervene in the economy otherwise when we let the market run its course, we’re all fucked up. And the masses will have no choice but to stage an uprising, a social revolution.
The State will always have a large responsibility in the realm of development.