Economics Ignorance of Malaysians?

Without knowledge, there will be no freedom. For one's that doesn't know the value of freedom, will never truly appreciate it.



Often a times, when i read current affairs news related from Malaysia, that has slight relevant to the economics of the country, somehow, I got the feeling that Malaysian public is generally economically-ignorance. That is to put it kindly. I would like to say our general public (and the politicians!) are absolutely stupid and retarded in terms of basic economics.

An easy example is the shortage crisis of essential items during festive seasons. By imposing a ceiling price on many essential items such as sugar and meat, the government effectively limits the economics incentive for the supplies to import more of these items. Consequently, we ALWAYS, i repeat, ALWAYS encounter a shortage in the supplies of these so-called controlled items. While it's important to ensure that the suppliers and retailers didn't take advantage of the consumers, we really ought to let the market to price itself.

Ohter notable examples, which I don't have time to describe in details are:

a) existence of monopolistic firms (e.g. indah waters?, syabas? tenaga? tv3?)
b) conflict of interest of government controlled "privatised" companies
c) level of involvement of the state in supposedly private investments (thru khazanah, epf, tabung haji etc).
d) lack of market mechanism and the presence of market failure in many areas.

Well, recently, a blogger-businessman turned politician, Tony organized a Coffee Talk session , which focus is to clarify basic economics issues to the general public. Hopefully more of these sessions will be held, and perhaps someday, the education ministry will engligthen itself, and began compulsory economic lesson to high school students (rather than some stupid pendidikan moral).