Straight from the Specialists
(The views expressed in this column are the author’s own and do not represent those of Reuters)
Have you wondered why it is that Asians, even the ones who are affluent, seem to have a lower quality of life than the average guy from the developed world? Now why would that be so?
Critics might say that this is due to bad infrastructure, population being very high, etc. implying that the services available need to be shared by many. But the fact is that all our lives we save and save for a better tomorrow — but a better tomorrow for whom?
Going by textbook economics, savings is the best thing that would lead to long-term economic growth, right? Refer back to the oft used equation: Savings (S) = Investment (I). Although I have tried to be an ardent economics student, apart from mugging this up for exams, I have never really understood its practical implications.