KOFI ANOKYE OWUSU-DARKO (BLOG2)

  INTRODUCTION My favourite definition of economics is that by Lionel Robbins. According to Robbins, economics is “a science that studies human behaviour as a relationship between ends and scarce means that have alternative uses”.   Microeconomics on the other hand relates to the study of choices made by individuals and households (consumers) or firms (producers) with respect to changes in general prices of allocated goods and services as well as economic determinants such as inflation, exchange rate, interest rate and monetary policy rate. Human behaviour is dynamic and unpredictable so economists must make theoretical assumptions using what is known in economics parlance as “ceteris paribus” that is “all things being equal”. Practically all things can never be equal with human behaviour but a getaway caveat the economists use should their predictions not work. Like the fake prophet who tells you, you will get a promotion only “if” you pray hard. If you get the promotion, ...

  INTRODUCTION H.E. John Mahama has envisioned in his next government a system where there will be a 3-shift working environment making it a 24-hour economy. This is where there is distribution of goods, services and capital, supported by technology to keep economic players (Government, Private Sector Producers and Consumers) continuously engaged 24/7. This is not novel in the world but of course will be a novelty in Ghana since it will be the first time any government will be purposively introducing a policy intervention to support businesses and companies to operate round the clock. This he envisages will promote internal productivity, enhance international competitiveness of local businesses and most of all create jobs for the youth to tackle youth unemployment in a more planned way. The concept is said to come with incentives for the private sector, mostly those in industry, construction, financial services, retail centres, transportation service, leisure and hospitality ...