I came across this excellent video on YouTube that gives an overview of economic principles.
Considering the state of T&T’s economy, I got an okay idea of what has been happening and how we’ve been going wrong.
The video ends with 3 Rules of Thumb for a good economy.
- Don’t have debt rise faster than income. Otherwise you debt burdens will crush you.
- Don’t have income rise faster than productivity. You will eventually become uncompetitive.
- Do all you can to raise your productivity. In the long run, this is what matters most.
You’ll agree with me that this is good advice even for individuals and households. I just wish out policy makers can understand this.
Check out the entire video yourself.