Every country wants to increase economic growth on a consistent basis, but many people are unaware of how economic growth is achieved.
Economic growth, in simple terms, is really an increase in the real value of what a country produces this year relative to last year.
The year 2018 is one of the endless possibilities for many countries that are desperate to increase economic growth, maintain stability, reduce poverty and reduce income inequality. Despite many attempts over the last four decades by many developing as well as developed countries, income inequality remains high.
Last week, the Department of Economics at the University of West Indies, Mona, held its usual policy forum to demystify the national budget for the 2018-2019 fiscal year. Speakers included Mrs. Helene Davis-White, who gave the trade union point of view, Dr. Damien King, who gave an assessment of the important long-term trends in the budget, and me.
All governments are involved in the provision of goods and services. There is no reason why some of these should be produced by public enterprises because market forces on their own would provide them. Others, however, need the government if they are to be adequately provided. These include public goods and goods with positive externalities.
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Our 7 faculties and 12 professional schools offer more than 200 programmes to some 18,000 graduate, undergraduate and continuing studies students.
The UWI, Mona ranks first in Jamaica among accredited tertiary-level programmes. In 2012, the University was again one of Jamaica’s Top 100 Employers.
