Still glowing in his Nobel Prize, Romer has just said, ‘any choice would be better than continued paralysis.’ (Bloomberg 18 Oct 2018)
He was referring to public investment. In a way, this is Albert Hirschman speaking. Five decades ago, the World Bank rejected Hirschman. Whatever the merits of that position, for five decades we have pretended to know the trajectory of return on investment. Can the world come to say, ‘we do not know‘ and proceed to invest? Cf.:
Article The Principle of the Hiding Hand
Preprint Public-Private Partnerships (PPP) in Africa: Harking the Holonomic
I am in strong support of the Hirschman argument, now embraced by the new Nobel laureate.
However, any investment is part of cyclical economic potentials.
Enclosed is the view of L.Nefiodov on the health sector as new economic growth engine, in global terms. The direction of investments is not so much about knowing, it is about shaping the future living conditions; this very much depends on imaginative human thought and will. The calculative function is a slave function of the human brain and should not limit the master function of imagination.
Imagination is source of knowledge and useful when it will be applied
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