With the onset of vocational education and online technology today, it has been such an important ingredient towards growth.
In 1996 when we were working on the educational and cross cultural exchange programs link to the the youth for the Asia Pacific Economic Cooperation, we linked satellite centers of technology.
Through policy recommendations efficiency and productivity were a good way of dealing with unemployment and inequality. As we know, with the thousands of jobless today, we see an increase in the value towards education and change of careers.
Even during the inevitable times of 1930’s during the great depression, the environment and infrastructures were upheld. As seen today, there is much focus on the green technology for sustainability, the environmental impact as well as job creation towards infrastructure developments.
Yet the missing compenent still is the “youth”. The youth is a great potential especially for those entering the work force for the first time. This is the opportune time for them to get the right training and growth productivity.
While we are looking at all the macro economic impact of the present economic crisis, maybe the medium to long term stimuli should be youth centered.
The financial impact of the flow of money will of course jump start a sinking consumer confidence. However, as we have seen the markets’ react yesterday on the economic plans, investors thought it was too short and not very informative.
Tackling economics is very extremely complicated as it involves a complete process of short, medium and long term enactments to get the public trust anew.
For example, the Phelps plan on rewarding work productivity can be a good part of the program. It does not just give Earned Income Credit but also give the incentive for people trying to get to be working. Edmund Phelps gave an example of how employment subsidy can thereby assure the workforce to be really productive.
It is just like giving the financial bail-outs onto extending credit. The news media are even emphasizing about micro financing of small businesses but again the question which is “which bank is that” or “where are they” if ever.
Oversight is an extreme measure for the government towards regulation. However, as in any business or economic plan, why not make these banks submit the target recepients. Likewise, how are they going to accomodate credit lending when half of the nation has been now in a harsh credit reality.
Hence, when we target job creation for the enterprises that will get the bail-out, a focus on job training and productivity may just be a good pre-requisite in the plan.
As the world embraces the concept of new technology, workers and the youth have a lot of education and vocational options even online based to ensure the measure of success.
Prosperity will be hard earned in today’s reality but this is also the greatest opportunity to look into a growing breed of the next generation.