SA’s economy must become people-driven and not government driven
Armenia — GDP per capita grew from $2,913 to $14,318.th spot was$4,022 in 24 years . GDP growth per capita has been extremely low, almost static compared to the average growth of $475.20 per capita achieved by Armenia.
These results send a clear message to South Africans to change course. The policies that are currently being followed are not working for the benefit of the people. What the country is currently experiencing is a transfer of resources among the population, not economic growth.The economy must become people-driven and not government driven. Freed to peacefully pursue their own interests, South Africans can improve their own lives by improving the lives of others.
“It is not from the benevolence of the butcher, the brewer or the baker that we expect our dinner, but from their regard to their own interest.” For SA to become thoroughly people-driven it is imperative that barriers to entry into the labour market be removed. One of the serious barriers to entry is the minimum wage law, which prevents unemployed people from entering into employment contracts on mutually agreeable terms with employers.
The minimum wage law is probably the legislation that has the cruellest outcomes for the most vulnerable and needy people. An aspect that does not receive enough attention is the disparity of incomes between urban and rural people. The result of the imposition of the same minimum wage across an entire country is that more rural than urban people will be kept out of jobs by the labour laws.
The EFW analysis focuses on biases in the laws of countries that have depressing effects on their economies. Removal of those depressive effects are shown to lead to an improvement in the lives of the inhabitants. The first Georgian ambassador to SA revealed that when his country became independent the government took over a police force that was not serving the public. The government encouraged the police force to improve its service by building new police stations.
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