Seminar on Myanmar’s Economic Transition: Issues and options UMFCCI Yangon, 30th Nov 2014 Video Message from Professor Dr.Hla Myint Emeritus Professor of Economics, London School of Economics Rector of Rangoon University (1958-1962) Good Morning Everyone. It is a great pleasure to send you my message of goodwill on the occasion of 50th anniversary of the founding of the Yangon Economic Institute and the 90th year of the establishment of the Department of economics of Yangon University. I sincerely hope that the Yangon Economic Institute will develop into a center of learning and research, compared to the best in the South east Asian region. At the present juncture in Myanmar, we are concerned not only with economic transition towards a sustainable long run economic growth but also possible political transition towards the greater degree of Democracy based on the parliamentary system. These two transition movements are interdependent. The choice of appropriate long term economic policies which will benefit the country as a whole and not a narrow section of it , required a broad based democracy supported by electorate reasonably well informed in economic matters. On the other hand , we need economic growth to raise living standards , health and education of the people, to build up well informed electorate. I believe that economists in Myanmar especially those in the Economic Institute, have the double role to play. In addition to their technocratic function of formulating appropriate economic policies, they have a further educative function of explaining to the general public ,in an objective, nonpartisan manner ,the relative merit or demerit of various economic policies put forward before them. Importance of educative function will be appreciated with the approach of the general election in the country. Here, various political parties, including the party representing the ruling government ,will come under temptation to put forward populist policies to catch votes, which while favoring one section of the people might severely harm the rest of the country. Amidst the hurly-burly of electioneering, we need a calm, neutral, nonpartisan voice of the economists to explain to the general public the costs and benefits of the rival economic policies put forward by them. Economic development involves changes which bring gains and losses to different groups of people. This can be seen whether we think about infrastructure projects like the hydroelectric dam or the opening of new mines on agricultural land .Theoretically, if those who gain from these changes could fully compensate those who lose from them, and still be left with a net gain, the change is considered to be desirable. But, in practice, even leaving aside important problem of administrating the compensation, promptly and to the right people, there are many problems about estimating advantages of gains and losses themselves. This is since the gains and losses switch over a period of time and may also involve external affects such as environmental changes. Apart from some clear cases, where there is consensus about the desirability or otherwise of the change, there would be a broadband of intermediate cases where opinions can differ. Here, economists will have to strike a balance between writing about legitimate grievances of those who lose or to be paralyzed from taking any action at all for fear of raucous mass protest. These are some of the challenges which face younger members of the Economic Institute for the next 50 years for its existence as Institute .I wish them the best of luck at this important juncture.
Posted on: Wed, 03 Dec 2014 05:38:35 +0000
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