My definition of economic development is economic growth.
Fiscal decentralisation does not lead to higher economic growth because economic growth is much more driven by factors other than taxes and spending, e.g. increases in technological progress and improved human capital.
The growth model China has relied on for the last 30 years - one predicated on low-cost exports to the rest of the world and investment in resource intensive heavy manufacturing - is unlikely to serve it well in the next 30 years.
Afghanistan fortunately is one of the richest countries in terms of water, mineral resources, location and human capital.
People are the greatest asset class.
It's my job to build the people who are going to build the company.
The New Labour doctrine that skills training was the responsibility of employers was flawed. The idea that employers should take on a bigger role ignores the reality that employers have no incentive to train staff to leave. We can hardly expect Tesco to train checkout staff to become dental nurses.
Well-trained and dedicated employees are the only sustainable source of competitive strength.
SBI Caps has a distinct advantage because most of our people are market recruits. We have a public sector heritage. Our challenge is to bring the best of both - public sector heritage and private sector talent - and provide a unique offering.
As digitalisation and the ageing population trends advance, international mobility and the development of employable skills are crucial to balance demographic gaps and surpluses as well as the deficit of skills across the world.
As Chile gets closer to the income levels of developed countries, the challenge become more complicated, and we can’t grow along the same path. The drivers for growth will be different tomorrow than they were yesterday.
As the new endogenous growth theory suggests, TFP growth is closely related to accumulation of the intangible capitals, such as human capital and research and development.
