Aspiration without values can lead to rent-seeking: Wahiduddin Mahmud
Policymakers say an aspirational momentum was the lynchpin for the exceptional growth story of Bangladesh
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Development gets momentum when aspiration is combined with values, according to eminent economist Wahiduddin Mahmud, as he said aspiration without values can lead to profiteering at the cost of everything.
"A person's development can inspire another individual for success. But if that aspiration to excel lacks the values, it can lead one to frauds, hooliganism and rent-seeking behaviour," he told a seminar in Dhaka on Sunday.
At the programme titled "Aspirational Momentum: Development story of Bangladesh" and organised by the Bangladesh Institute of Development Studies (BIDS), the economist said each nation has its separate cultural aspects to fuel the desire for development.
"Some of these unique cultural characteristics of Bangladesh have given impetus to the desire for development. For example, female employment, girls' education, reducing child mortality – all these have contributed to the development of Bangladesh," he commented.
He said Bangladesh's aspiration scaled up after the independence in 1971 as the poor and low-income people worked to alleviate poverty.
"Whenever they were provided with any concept related to development such as birth control, female employment or oral saline, they were able to accept it easily," said Wahiduddin Mahmud.
He observed that Bangladesh could make better progress in various indicators than India since the country does not have severe discriminations based on caste, religion and creed.
Prime Minister's Energy Advisor Tawfiq-e-Elahi Chowdhury said aspirational momentum was the lynchpin for the exceptional growth story of Bangladesh.
"The birth rate decreased, women's presence at work increased and school enrollment of girl children ticked up thanks to the aspiration of women in independent Bangladesh, especially the rural women. This aspiration helped the country outshine India and Pakistan in different indicators," he commented.
He said the national level income and prosperity is the aggregate of these families.
"Generally, the higher the aspirational momentum, the faster the national income growth. That is, even if a country initially has a low per capita income, it will be able to outperform others if the country's aspirational motivation is high," said Tawfiq-e-Elahi Chowdhury.
He noted variation in the aspirational dynamics creates the differences in development journeys by different countries.
The findings of a joint study by Tawfiq-e-Elahi Chowdhury and BIDS Research Associate Mahir A Rahman were revealed at the programme.
According to the research, Bangladesh has achieved rapid progress in many economic indicators despite some limitations. Various studies have termed Bangladesh's development trajectory as surprising and exceptional.
The Prime Minister's Economic Affairs Advisor Mashiur Rahman was the chief guest of the seminar. He said it is true aspiration has played a role in changing people's lives, and government investment has also played a major role in this change.
"Infrastructure, electricity, services and economic opportunities have fulfilled people's aspirations. If the government did not invest here, the aspirations would not be fulfilled. However, we could not perform well in employment," he said.
BIDS Director General Binayak Sen presided over the programme. Referring to the words of Rabindranath Tagore, he said the country that does not try or aspire to rise high, the country that is truly poor.
He also called for assessing whether the aspiration theory works on the middle class.
At the programme, Policy Research Institute Chairman Zaidi Sattar said, "The development of Bangladesh is often called a paradox. I think people's aspiration can offer a valuable insight to understand the country better.
He said the aspirations of people, from rural farmers to urban families, have contributed to increase the per capita income.