Cardoso and Edun: A Nobel Prize in Economics Loading
How many of you readers read O.A. Lawal or Ayo Teriba in school? Those were classic economics textbooks that you would have read if you were in secondary schools in the 80s. Well, for the first time since I left school, I went in search of those books when I saw the naira hit N1,450 against the dollar. It looks like the present managers of our economy have written a new economics textbook to replace those classics. My people, what we are seeing today defies all economic logic - a statement ascribed to former President Babangida when he threw it all at the economy and the thing was responding one kind. What we now have is a new economic textbook authored by Cardoso and Edun and it contains very new theories on the economy. In their world, the official market has now surpassed the parallel market in exchange. This is the first time ever anywhere in the world where this is happening. If you continue reading their textbook, you will see that fuel subsidy has been removed and fuel is now brought in through forces of demand and supply but guess what, according to Cardoso and Edun, as the naira keeps falling on a daily, the international spot price of fuel keeps going up, the landing cost keeps going up but pump price remains the same and yet subsidy has been removed. This is what Fela used to call
“Government magic.” Now if you read further in the textbook, you will also see that nothing is being said or written about the supply side of the economy. Our authors keep struggling with the management of a continuously depleting trough of forex complementing it with debts instead of pushing their influence to see how we can earn more. Well, the results are there for everyone to see, no need to rehash them here again. The results are apparent and very glaring and the consequences are dire. It’s looking like these two authors have just written one of the most useless books ever on economics and anybody who studies this book for WAEC or NECO, na F9 straight I tell you. Na wa.