Business Day (Nigeria) : 2020-08-04

COMMENT : 11 : 11


11 BUSINESS DAY Tuesday 04 August 2020 COMMENT comment is free Send 800word comments to comment@businessda­ you can’t beat them, join them” faux “wisdom”, we should resort to diligence, focus, hard work and patience. The key insight from Michael Hunter’s 2020 book “The decline of magic: Britain in the enlightenm­ent” is its descriptio­n of how science prevailed over superstiti­ons. While the details might not be ideal for this page, the long and short of it is that science prevailed over magic because it made clear truth from error. And as Kay & King’s 2020 book “Radical Uncertaint­y” shows, even science has its biases and constraint­s owing to the human constant and its procliviti­es for stories and fantastici­sm, a dimension amply explored in Shiller’s 2019 book “Narrative Economics”. We have to give up many of our silly beliefs if we desire progress. Evidence of the progress that is possible in the aftermath can be seen in the modern comforts we enjoy today. And not until the people who invented these things jettisoned these fantastic fallacies were they able to concentrat­e their thoughts towards true magic: aeroplanes, automobile­s, mobile phones, satellites, and so on. Things that actually work wonders in the real world and in our lives. Things that do not exist only in our dreamy sleeps. ‘ So, what is the purpose of knowledge? It is a rhetorical question at this point. But at the very least, you know enough not to accept the convention­al wisdom without doing your own investigat­ions “Dr Raji is chief economist at Macroafric­aintel. He was previously an Africa Economist at Standard Chartered Bank, London, UK. (Twitter: @ DRRAFIQRAJ­I)” BISI ADEYEMI Bisi Adeyemi is the Managing Director, DCSL Corporate Services Limited. Kindly forward comments and reactions to www.businessda­­yng @Businessda­yng PRINTED AND DISTRIBUTE­D BY PRESSREADE­R Pressreade­ +1 604 278 4604 . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY . ORIGINAL COPY ORIGINAL COPY COPYRIGHT AND PROTECTED BY APPLICABLE LAW

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