To a very great extent economics is all about unbiased observations, unprejudiced perceptions, doing away with defensive statistical justifications, cutting off camouflaging irrelevant logical fallacies, chaffing off bombastic jargon, curtailing the instinct to churn out untested or untestable theories and instead engage in interpretations of all the observed facts uninfluenced by any ideological affiliations taking into consideration various factors that impact and/or involved in these facts appropriate to the context and relevant to the region.
Life is an unmapped atlas which gets its maps based on our choices, beliefs, actions, reactions, thoughts, attitudes etc and it is our hands to make each one of these continents as great and as good as possible
A non specialist common observer’s point of view:-
In the present scenario of globalized socio-economic structures it is wise not to take pride in exclusion or suffer isolation in any domain for whatever ideological or nationalistic reasons or belief systems or religious bigotry and instead it is advisable, at least, to feign to be a part of global aspirations and activities.
However, at the same time it is equally true that at present international lobbies, mafias do not exercise that much of an impact especially where the political dispensation is sane and concerned about its nation’s economic and social welfare along with its ability to contribute and its utility to international economic activities through institutional policy driven developmental activities without being xenophobic for any internal political considerations and/or for appeasing certain religious bigots.
When such a clean structured development process is in place what is vital is proper leadership in decision making authority and perfect vision with various arms of the government carrying out the vision with synergy and concomitant cooperation.
In such a situation no individual bureaucrat , much less a professional, manning any particular institution is indispensable, however great or smart or qualified or hyped or well connected he/she may be, if he/she happens to not to fit into the scheme of things and fails to operate with synergy.
Essence of progress is in policies, performances and programs and political decision making and does not hinge on one or two professionals executing them or manning them.
All professionals in various ministries and departments must remember that they are the executing arm of the policy decisions taken by the parliament or similar authorities.
It is also preferable that top posts to important institutions are decided on various factors relevant to vision and mission of the institution and the interests of the nation and its citizens; and not on personal whims or media sponsored publicity or hype [while the former is a benign cancer the latter is a malign cancer and hence both must be avoided].
Besides like life itself, modern economics is too complex and operates with multiple dimensions and myriad dynamics involving various factors and keeps changing its patterns like those of a kaleidoscope in a monkey’s hand.
So, it is possible still that any nation could be trapped into trouble equipped with all the accumulated knowledge of past patterns of operations of economics.
That’s why whatever the theoretical and technical expertise were, no one could prevent nor avoid the great recession of boom to bust from 2007 to 2009.
Awareness and alertness to welcome or ward off things that emerge from various manipulations and scheming of international politics and economics along with intra-national relationships is more important for economic stability and strength.