The pedigree of one’s education in esteemed Western institutions or extensive experience in financial institutions may not hold sway in the face of the paramount importance of comprehending the synergistic impact of science, technology, globalization, and brainpower development, collectively referred to as the 4F paradigm.
The IMF, World Bank, Asian Development Bank, and their followers often overlook a fundamental distinction between statisticians and economists. Statisticians primarily rely on manipulating data and figures related to macroeconomic indicators.
What they fail to comprehend is that economics cannot be divorced from the human beings who not only constitute a crucial factor but also for whom economics is intended.
Furthermore, many of them fail to grasp that indicators cannot be enhanced without the inclusion of all fundamental economic factors. For instance, they fail to appreciate the fundamental importance of the economic base in comparison to the tax base.
The expansion of the tax base proves inadequate unless there is a simultaneous diversification and deepening of the economic base, both horizontally and vertically, promoting inclusive development and an economy that embraces inclusivity.
Consider whether the proponents of the Fourth Industrial Revolution have delved into the intricacies of brainpower development. What is commonly understood is the term “human capital,” yet a profound distinction exists between this and the nuanced understanding of brainpower development.
Critical to grasp is the notion of brainpower development, a concept often overlooked amidst discussions of human capital. While the term “human capital” is widely recognized, it falls short in capturing the depth and qualitative essence of brainpower development.
Should policymakers, economic strategists, and administrators lack a comprehensive understanding of brainpower development and the holistic implications of the 4F framework, their educational backgrounds — be it from prestigious Western institutions or informal learning in developing nations—may pale in significance.
The 4F and Brainpower Development: A New Competency
The concept of the “4F” - Science, Technology, Globalization, and Brainpower Development - embodies a holistic comprehension of the forces that have revolutionized the world in the........