Dear Editor,
Relativity in economic development theory and praxis is important. So are Maslow’s hierarchy of basic needs of safety and security, shelter, food, clothing, and minimization of systemic societal corruption, etc., etc. So also is the total congruent engagement of Monetary, Fiscal, and Commercial Discipline.
Per the Introduction by Jose Antonio de Aguirre of the book “Monetary nationalism and international stability” by F. Hayek, edited by Ediciones Aosta: “Everything seems to indicate that the most urgent task in the coming years will be to probe how we can reestablish the three pillars of economic policy that were subverted by scientific and (political (my insertion)) optimism of these years, these being: a) Monetary discipline, b) fiscal discipline, and c) commercial discipline. This is a congruent totality that survives as a whole when its three elements are engaged or inevitably collapses when anyone of them is disengaged”.
Guyana needs to pay more refined intelligent attention to fiscal, commercial, and monetary discipline. Not to do so could result in future financial and economic adversities for Guyana.
Sincerely,
Fernando Balkaran
Lecturer (Former)
Cave Hill Campus
UWI, Barbados, and
UG, Turkeyen Campus, Guyana