Economic efficiency
In last week’s column I concluded the series of columns commemorating the 30th anniversary of the Third World Debt Crisis (TWDC) and addressing the performance of Guyana’s public indebtedness since then. The focus has been on the period since 2006, for the reasons previously given. I also took the opportunity last week to introduce the test for economic efficiency that should be used when evaluating the soundness of government policies, programmes, or investments (projects). The example I used to illustrate this was the Delta Airlines’ pull-out from the Guyana market, and the authorities’ public response to it. I urged for efficiency’s sake that the standard of the best possible alternate use of Guyana’s resources ought to underline all government spending.
Surprisingly that column has evoked numerous requests for me to amplify.
