Economic Affairs & National Development

The youth of today exhibit a constant worry about the future of the labor market and the digital workforce that they will be entering, and with good reason, for we are witnessing stark changes brought about by AI, robotics, and other technologies advancing at breakneck speed. The economy of the future is one that leaves bewildering permutations open, and so as an economist, I am asked by the youth about what skills they should invest in to “future-proof” themselves and be ready for the decades ahead.
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As with any commodity, or commoditised corpus, knowledge too can be squeezed into the neoliberal matrix of microeconomic analysis, where knowledge is framed as a function of supply and demand. If one proceeds from this constraining prism, then one might surmise that the developing world as a whole, and a country such as Pakistan more specifically, suffers from a supply of knowledge. One may deduce this from the low literacy and numeracy rates, from low rankings of universities on international tables, from the percentage of GDP accorded to public and private education or R&D.
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Whether democracy is a precondition for development is a debate that continues to stimulate scholarly reflection till the present day. While this intellectual reflection is praiseworthy, the discussion could have been settled long ago when Amartya Sen redefined the concept of ‘development’ as ‘freedom’– a notion that strongly resonates with the human spirit.
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The 2024 election in Pakistan deserves praise for three reasons: the spirited participation of the people, including women and young voters; the largely secure environment in which voters gathered; and the confirmation of the people’s commitment to a democratic process. What is also worth noting, however, is the technologically primitive nature of the electoral process, as if we were voting in 1924 rather than in 2024.
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2023 began on a dismal note for Pakistan’s economy, as foreign exchange reserves were fast-depleting, remittances and exports were declining, the rupee was depreciating, industrial production was decreasing, and inflation surged – resulting from a confluence of multiple internal and external factors. In the months leading up to June, newspaper and media headlines continued to warn that the country’s economic crisis could soon morph into a sovereign default without a bailout loan from the International Monetary Fund (IMF).
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