It’s the economy, again

There is a report in the Lankadeepa of 30 September, 2023 that thousands (‘dahas ganang’) of university graduates in biotechnology (and engineering technology) languish without employment. There is a comment that even if all of them were employed as teachers in state schools (in fact, there is no money to do so), the pool of unemployed graduates in biotechnology, which is filled yearly,

would not dry up; not dissimilarly (the reporter comments) from the fate of graduates in Arts. That graduates in biotechnology are unemployable in this economy as graduates in Arts are, validates a position that I have repeatedly brought up in these pages: university graduates and other young people are unemployed in this economy because this economy is arid and sterile and not because the education system, at whatever level, is fundamentally flawed.

The moment they land in a vigorously growing economy, they become the output of an excellent education system. Not that the education system (school and university) cannot be improved: Cambridge University has improved since 1215; Harvard University continues to improve since 1635. China (Mainland and Taiwan), Malaysia and many other economies did not await reforms in their education systems to grow rapidly as during the last several decades. It is a bit like the truism about savings and investment in the total economy: you don’t have to save to invest; if you invest savings will accommodate investment. It might be apt to say, ‘it is the economy stupid’.

The report in the Lankadipa highlighted that it was Dr. Bandula Gunawardhena, who, when he was the Minister of Education in 2012, with great enthusiasm, installed these branches of learning in schools and universities. And, he earned a Ph.D. degree in Economics!

Our erudite president of the republic, who goes around the world from one conference to another, preaching to the rest of the world, shows great enthusiasm about digitizing this economy. He is falling into the same trap as Dr. Gunewardhena fell into. You digitize a growing economy, not a moribund and bankrupt one.

It is the economy, again.

Usvatte-aratchi