A Storytelling Coach More details here: https://www.linkedin.com/in/ravishankar-iyer/
Among other criticisms, there are two primary ills that advocates of free-market economic policies have to contend with:
- Crony capitalism (regulatory capture)
- Dominance of big business houses
But how do we know a society is suffering from a particularly acute case of the above two ills?
We use the right metrics for the job.
A recent Economist article on the state of the Indian economy dealt with this issue (I reviewed the piece in my recent Saturday email).
In the article, the writer initially talks about how large business houses in India have massive investment plans:
Naturally if there is talk about big business, there is the attendant risk of cronyism and dominance by large players (which may crowd out smaller players).
The article addresses that in the next two paras in a nifty manner (emphasis mine):
What The Economist does here:
- Clearly defines a metric ('ratio of profits to GDP') to measure a concept that is usually discussed in an abstract manner
- Uses the right norm (comparing it with the same metric for the US)
- Implies another norm when it says "government seems happy with big business, given its high reinvestment rates". The implication: In a lot of such cases of dominance, firms tend to distribute profits as dividend, instead of reinvesting in growth.
When dealing with abstract issues, try to quantify it with the most appropriate metric and then look for the right norms to compare that metric with.
#SOTD 72
Ravi
PS: Here is the context for #SOTD and the 'Ultimate Guide to Storytelling Techniques' framework I use - in case you joined this series late! Here is the archive of previous posts. Click here to subscribe.
A Storytelling Coach More details here: https://www.linkedin.com/in/ravishankar-iyer/
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