If someone asks what an economist is, people would probably think that it is all about the data-savvy individuals who solely compute the Gross Domestic Product (GDP), interest rates, exchange rates, or inflation rates–but being an economist is beyond these. They can also be found in various fields such as education, development, health, and the environment. Thus, it underscores that the world is already surrounded by economists–led by economists yet regardless if the world is ruled by economists or any individuals with different expertise and good character, the world will remain the same under the rigged system of capitalism, which only values things that generate profit at the expense of the welfare of the humanity.
Economists are multifaceted and can penetrate different industries–business, financial services, government, law, research, urban planning, etc. They can handle micro and macro dilemmas of the society from local communities, entire nations, and even global perspectives. For instance, in the Philippines, the government has National Economic Development Authority (NEDA), the country’s socioeconomic planning body; Department of Budget and Management (DBM), which formulates and implements the National Budget; and the Department of Finance (DOF), the government’s steward of sound fiscal policy–there are still a lot of agencies, Local Government Units (LGUs), and even different branches of government graced by the presence of economists in the Philippines and the similar situation can be deemed identical with other countries.
In addition, economics is composed of various definitions–wealth definition by Adam Smith, welfare definition by Alfred Marshall, scarcity definition by Lionel Charles Robbins, and growth definition by Paul Samuelson–the large-scale definition of economics per se justify the wide scope of this career path that it encompasses and needed to address–the versatility of this expertise make it easier to spot on economists in various fields.
Then why does the world remain the same despite the presence of economists in various fields and industries?
Economics often collaborates with politics. It serves the interest of the few, the efficient allocation of scarce resources do not reflect the current situation of the world–as billionaires unethically hoard money and accumulate capital, there are people who are suffering in hunger, absence of shelter, and inaccessible social services–trickle-down economics happening in reverse funneling the resources of majority only to be monopolized by the few.
Moreover, bad economists who perpetuate anti-poor policies and show no empathy exist as well. As people live their day-to-day life, regressive tax system embraces them as they buy their basic commodities–no better example than the Tax Reform for Acceleration and Inclusion (TRAIN) Law of the Philippines which pass on the burden of taxes on lower-income families –as farmers put food on the table for the majority of the population, rice self-sufficiency is becoming more like just as a dream, Rice Tariffication Law crippled massive farmers due to its mandate to import rice in the Philippines.
Even if the world is led by good economists, it will yield almost the same outcome under the rigid system of capitalism. As communities are surrounded and led by economists or even by people with different expertise, crafting ideas and plans for a better world should no longer make one individual better off while making another one worse off. A system where individuals are being pitted against each other to attain a liveable life should no longer be called a system–a true genuine system treats all human beings with fairness, justice, and understanding. As humans come into existence, they deserve to receive a fair share of “scarce resources” of this world–something that they can use for a lifetime.
A true world led by economists will uphold the only solution to address the basic problem of economics–efficiently allocate scarce resources to satisfy the needs of the people around the world–while necessitating people to participate in the production to satisfy what they want.
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Written by: Jennifer Balgos
Layout and Design by: Dan Kurt Buenaventura
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