Pakistan is going through an economic crisis, with some fearing if it would go down the path of Sri Lanka. The issue is of dwindling reserves of dollars for importing fuel, medicines, and food. While this could be remedied by exporting more to allow for an influx of dollars, there are power shortages that impede the running of factories. To remedy this chronic power shortage, Pakistan had pursued Chinese plants under CPEC, which have come to a halt as Pakistan has failed to pay China. This sounds like a Catch 22 situation. We need dollars to import fuel, but to get dollars through exports, we need fuel.
The issue is compounded by the rising food inflation and the political situation that is exacerbated by Pakistani politicians composed of the dynastic Sharifs and Bhuttos, and the populist Khan whose appeal is strong with the burgher class. The games of the politicians have contributed to the depreciation of the Pakistani rupee, which further distances the dollar from the country’s grasp.
All of them have the luxury to play political games, electricity generators for non-stop air conditioning to escape the sweltering heat, and both resources and options to flee the country should the situation turn chaotic and implosive. The establishment, having taken the nation to war four times with a country seven times its size and multiple times its economic and financial resources, and having stoked militant groups for its strategic goals, continues to usurp the lion’s share of Pakistan’s resources.
The politicians continue to play their games, with some harping on the intractable issue of Kashmir when the insurgency in Balochistan requires far greater attention. On the other hand, instead of getting their fair share of Pakistani resources, the poor citizens remain dependent on the largesse of the ostentatious elite for food, necessities, and education for their children hoping for some upward social mobility.
Highly educated and brilliant Pakistanis have offered their input on Pakistan’s economic woes. Dr Atif Mian has tweeted on politics, religious inclusivity, unproductive real estate sector, and need for delegating responsibility to qualified personnel. Responding to Mian’s tweets, Dr Asim Ijaz Khwaja has tweeted on productivity. In terms of high-profile academic names in economics, it does not get any better than this.
In terms of alternatives to the prescriptions based on mainstream economics, Dr Taimur Rahman has offered his viewpoints that rest on Marxian economics. Similarly, we have Dr Asad Zaman, with his contributions to furthering Islamic Economics.
We have so much talent in mainstream economics and in heterodox economics perspectives, and many experts who are offering their input in the marketplace of ideas. Yet, each one of them is only offering viewpoints that are shaped by their unique life experiences, personal inclinations, and orientations.
But does the solution really rest on mainstream economics buzzwords, Marxian revolutions, or the ever-utopian Islamisation?
What is missing in all these analyses are the voices of the ordinary citizens of Pakistan, for economics (like our politics) should not be the playground of those imbued with the privilege of degrees, class, professional status, and “expertise”. This much has been made clear by students who pushed against specialised economics jargon, called for democratisation of economics, and pushed back with the message in “Chapter 6: Economics is for everyone”, in their book, The Econocracy: The perils of leaving economics to the experts.
In essence, the voices of the people of Pakistan should be at the forefront of the issues that ail our economy. They are the major stakeholders in the country, for they get to face the brunt of devastating economic and political forces, where politicians, the burgher class, and the establishment remain firmly ensconced with their privileges.
Yet, the people have been used as pawns in the self-serving games of Pakistani politicians or given empty slogans to chant for one cause or another including the obsession with intractable issues like Kashmir.
All the people really want is a dignified life that rests on the rich paying their fair due (instead of charity) and the privileged assuming greater responsibility for the current economic woes. In a nutshell, the voices of Pakistani citizens should be amplified and heard.
The issue is compounded by the rising food inflation and the political situation that is exacerbated by Pakistani politicians composed of the dynastic Sharifs and Bhuttos, and the populist Khan whose appeal is strong with the burgher class. The games of the politicians have contributed to the depreciation of the Pakistani rupee, which further distances the dollar from the country’s grasp.
All of them have the luxury to play political games, electricity generators for non-stop air conditioning to escape the sweltering heat, and both resources and options to flee the country should the situation turn chaotic and implosive. The establishment, having taken the nation to war four times with a country seven times its size and multiple times its economic and financial resources, and having stoked militant groups for its strategic goals, continues to usurp the lion’s share of Pakistan’s resources.
The politicians continue to play their games, with some harping on the intractable issue of Kashmir when the insurgency in Balochistan requires far greater attention. On the other hand, instead of getting their fair share of Pakistani resources, the poor citizens remain dependent on the largesse of the ostentatious elite for food, necessities, and education for their children hoping for some upward social mobility.
But does the solution really rest on mainstream economics buzzwords, Marxian revolutions, or the ever-utopian Islamisation?
Highly educated and brilliant Pakistanis have offered their input on Pakistan’s economic woes. Dr Atif Mian has tweeted on politics, religious inclusivity, unproductive real estate sector, and need for delegating responsibility to qualified personnel. Responding to Mian’s tweets, Dr Asim Ijaz Khwaja has tweeted on productivity. In terms of high-profile academic names in economics, it does not get any better than this.
In terms of alternatives to the prescriptions based on mainstream economics, Dr Taimur Rahman has offered his viewpoints that rest on Marxian economics. Similarly, we have Dr Asad Zaman, with his contributions to furthering Islamic Economics.
We have so much talent in mainstream economics and in heterodox economics perspectives, and many experts who are offering their input in the marketplace of ideas. Yet, each one of them is only offering viewpoints that are shaped by their unique life experiences, personal inclinations, and orientations.
But does the solution really rest on mainstream economics buzzwords, Marxian revolutions, or the ever-utopian Islamisation?
All the people really want is a dignified life that rests on the rich paying their fair due (instead of charity) and the privileged assuming greater responsibility for the current economic woes.
What is missing in all these analyses are the voices of the ordinary citizens of Pakistan, for economics (like our politics) should not be the playground of those imbued with the privilege of degrees, class, professional status, and “expertise”. This much has been made clear by students who pushed against specialised economics jargon, called for democratisation of economics, and pushed back with the message in “Chapter 6: Economics is for everyone”, in their book, The Econocracy: The perils of leaving economics to the experts.
In essence, the voices of the people of Pakistan should be at the forefront of the issues that ail our economy. They are the major stakeholders in the country, for they get to face the brunt of devastating economic and political forces, where politicians, the burgher class, and the establishment remain firmly ensconced with their privileges.
Yet, the people have been used as pawns in the self-serving games of Pakistani politicians or given empty slogans to chant for one cause or another including the obsession with intractable issues like Kashmir.
All the people really want is a dignified life that rests on the rich paying their fair due (instead of charity) and the privileged assuming greater responsibility for the current economic woes. In a nutshell, the voices of Pakistani citizens should be amplified and heard.