The Keynesian approach brought Nigeria immense economic growth from the year 2008–2013. At 2008, the United Nations kept Multi dimensional poverty at 54%. After a cumulative growth of 45% (second only to China), poverty reduced by a mere 2%. The intensity of the deprivations — economic lingo for suffering — remained at a stagnant 54%.
My point is this, even during a time of plenty, poverty was abundant. After the growth and now in a recession, poverty remains abundant.This is all due to the short term policy, an economist would say absence of economic development.
The argument that the poor would suffer if a long-term approach is implemented, is misguided at best. The data shows that when the short term has been employed, the times were as dreadful as they were. The only difference was GDP figures.
It’s a regressive argument running behind the poor, because a short term policy applied in developing nations rarely assists the poor. Better education, better standard of living have been the only reason for an economic turnaround. The Asian Tigers, Nordic nations are a testament to this.
If the poor are to receive a change in their fortunes, I reiterate we — as a community, local or global — must suffer in the short run