The Need for African Economics

The current set of economic theories are not applicable to the African situation. Allow me to make references;

In economic theory when aggregate demand is low...the government should engage in deficit spending to increase aggregate demand to attain full employment level of income.
This theory exist on the assumption of a vibrant industrial base that would increase aggregate supply to meet increased aggregate demand.

In Africa such an increase in government spending would result to inflation...which of course is a persistent economic nightmare for most African States.

Therefore we need an African economics that is in tandem with the African economic condition.

What's your take.....

Itz cool...I prefer The need for Africas Philosophy tho...b4 economics...We need to realise our identity once more

more tractors more industrial parks less grammar

yes i concur with you Op! The problem is with the way we teach economics. We teach the principles of Economics like dogma and leave out the role of creativity.

I was told by a Nigerian PhD student that in thesis writing you are not permitted to design your own theory rather you amend, modify or enhance an existing theory.

Can you imagine that!?

That means there's no room for creative thinking, seminal ideas and path breaking research as far as Nigerian economic research is concerned...

That's tragic!!!

Instead of just doling out huge cash in increased expenditure to contractors as well as, sharing monies to legislators, judges and security forces, why can't the government just use that money to provide an enabling environment for business. I think, with an efficient provision of infrastructure say, power or electricity, the cost of doing business will be low. In reality, most manufacturers still provide their own power, water, roads, funding, etc. which really eats into their profits.

I wonder how African economics will see the light of day if we keep regurgitating the western theories of economics hook line and sinker without formulating theories that explain the unique economic phenomena in our society!