Dear Editor,
Please permit me to comment on the letter written by Dr Gampat that was published, on 12 November 2024, in Stabroek News under the caption, “The idea that Guyanese are rich is an erroneous arithmetic idea.”
Dr. Gampat postulates that Guyana’s per capita non-oil income would [in 2024] be about $10,000 USD. However, with the oil sector, per capita GPD is about $25,000 UDS. The thrust of his argument is that the difference of $15,000 is fantasy and that the lives of Guyanese should be better with a GDP of $25,000 USD. His letter is predicated on an introductory macro-economic model: GDP=C+I+G+X-M. The model is static and rudimentary. A blogger [Radar21reformed] suggested that Guyanese should ask whether they are better off today than in 2019. Dr Gampat’s response was characteristic of someone who has never had their thesis subjected to rigorous examination. He went into a tirade, “That’s a stupid question!”
The impression that Dr. Gampat want to portray that there is an oligarch, and the population is not benefiting from the bonanza. No one disputes that GDP has grown. And even with a growing income gap, his analysis is woefully inadequate because it ignores the factors on the ground: Construction is booming, the middle class is growing, road and infra-structure are being built by the government. Look around: housing schemes, road, hospitals are being built, hotels are sprouting up. People are buying cars, motorcycles and e-bikes. Well-stocked supermarkets proliferate, and shoppers are buying. Guyanese are better off!
His letter reminded of a scene in the well-known American comedy “Animal House”; 3 nerds were calculating how many sheets there are in a roll of toilet paper. Similarly, Dr. Gampat’s arithmetic is an exercise in “nothingness.”
Sincerely,
Roger Ally
Fort Lauderdale
