BOOK REVIEW; THE TIME TRAVELLING ECONOMIST- By Prosper Ahabwe J.

 THE TIME TRAVELLING ECONOMIST

Why Education, Electricity, and Fertility rates are key to escaping Poverty.


Author: Charlie Robertson.

London, UK

Published by Palgrave Macmillan, 2022.





Review by Prosper Julian Ahabwe.

The Time Travelling Economist is a book describing the success and failure of world economies focusing on the role played by Education, Electricity, and Fertility rates in their development. The nomenclature of the title (The Time Travelling Economist) is reflected,  in that it walks through centuries, and across all nations of the globe.

 

Charlie Robertson in this book explains the undeniable importance of adult literacy as a driver to industrialization and economic development. However, he advances the argument that literacy alone is incapable of delivering economic growth in the absence of adequate electricity to run the factories. Yet, even in the presence of the two; Education and Electricity, countries still need the finances to run these industries- which finances can only be mobilized by savings that individuals deposit in the banks, which savings can only be realized when the family dependence ratio is low (fertility rates).  

Thus the question of,  “Why, in the prevalence of adult literacy, many nations are still languishing in poverty?” is answered by Charlie as he provides the back up factors; Electricity and Savings (which savings can only be assured by family size). Charlie brings up a point that has been ignored by majority of the World Political Economists; Family size (fertility rates).  

Due to high fertility rates and large families, the dependence ratio exerted on the family earnings is high, reducing the would be savings, and the in the absence of savings, banks have less to lend which pushes the interest rates high. Borrowing for investment is expensive which deters investment. Governments as well can not finance infrastructure. Industrialization and job creation is at a small scale.

Further more, Charlie’s argues that the prevalence of high fertility rates result into bigger families and less savings, countries risk a currency and debt default which further slows down the industrialization process.

 

Charlie substantially explains the cause of economic stagnation in Sub-Saharan Africa and South Asian countries, while at the same time prescribing the necessary interventions.

Unlike other Economists who are more philosophical than factual, Charlie backs up his arguments with rich historical and reliable statistical data from different states to arrive at conclusions.

The Time Travelling Economist helps an entrepreneur to determine where to invest, and at what time, based on the ease and costs of production, and access to the market. The book is also a good resource for policy makers in state governments to determine which policies to pursue, and can serve well for predicting the state of world economies in the next 20 years.

Criticism.

Charlie seems to downplay the role of institutions, which I personally think would quickly accelerate the rise of savings, electricity consumption, and literacy rates. This is because properly crafted institutions can survive the political changes in delivering on an agenda. Thus even in a change of government, the policy towards boosting savings by reducing family rates, increasing literacy rates and electricity consumption can prevail.

I happened to meet up with Charlie in Kampala, and we had the same argument. I still hold the view that these three factors for development (Education, Electricity, and family size) can be pursued positively with the help of proper systems and institutions adopted by states. 


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