May 5, 2009
While I think it is un-avoidable that government will have control over most of our economic policy, I think that a great deal of this power must be removed from them. Given the mess the current government has gotten us into, I should imagine a drastic change in economic management over the longer term is needed.
Given this, I would suggest that the implementation of our economic policy be delegated to the National Competitiveness Council. Every year the Council releases its Annual Competitiveness Report detailing all the major indicators of the Irish economy, providing comparisons with our neighbours near and far.
Using this data to chart a strategic economic plan, with the help of our leading economists, our best and brightest could lead us on a sustainable road to economic well-being in the long run. Politically fueled property bubbles would thus not be allowed to occur and we could focus on long term issue such as how to increase our exports, become more competitive and become a more efficient economy.
The politics must be taken out of the economics here and the sooner this occurs the better for all of us!