Whenever we diminish equality of opportunity, it means that we are not using some of our most valuable assets – our people – in the most productive way possible. Many of the distortions that lead to inequality – such as those associated with monopoly power and preferential tax treatment for special interests – undermine the efficiency of the economy. This new inequality goes on to create new distortions, undermining efficiency even further.
Finally, perhaps the most powerful argument that the Chinese employed in shunning the MPT was that a modern economy requires “collective action”. It means that not only should the government invest in infrastructure, education and technology, but also in institutions that can work independently without political-cum-social pressures and corruption to carry out consistent economic policies over a long haul. Whereas when it comes to Pakistan, trust these very elements of independence, transparency and consistency tend to be the principal weaknesses in our economic management today!
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